r3mix3r

Im still new to the whole Credit Card game so cut me some slack...

I have 3 Credit Cards...

Bank of America
American Express Blue Card
and MBNA

I like having 3 different cards, but I seem to be overwhelmed by all the payments dates. Are the due dates the same every month? It seems to change every month for each of my cards. I always thought it was a certain day and then 30 days later the next month. Is there any program/webpage to help organize, so I dont end up missing a payment? I've never had any problems because I always load the pages when I'm online and just look. Alot of times I seem to get confused because I make my payment BEFORE the due date, and then it says 0.00 due and I get confused.

Also I was wondering if there is any way (with no damage to credit) to make sure I never missed a payment, or had a late payment. I always make my payments whether minimum or full, but I just want to make sure I never had a late payment.

Is there anyway you guys can help me get organized with my Credit Cards?

Total Minimum Payment: $15.00 due 06/18/2005
Next Statement Closing Date: June 23, 2005

Does this mean next month, my payments will be due 7/23/05?

Also is it bad to have a card sit without a balance, and make no payments?

Sorry to sound dumb I'm just trying to keep my credit / fico score as good as possible to help out my future. I'm sitting here watching SUZE ORMAN show on CNBC and I learned alot of cool stuff from people calling and asking questions.

r3mix3r

Also I was wondering about www.myfico.com

It states

"Safe to Get Here
You can’t hurt your FICO scores by checking them frequently on myFICO.com!"

Is that true? I think it would be great to monitor my scores, without affecting them...anyone have any input?

Slimey

The closing date is the date your credit card cycles, that is, if you have a charge posted after the closing date, it'll show up on the next months statement.

The statement due date is just that. It's the day the bill is due -- if the bill is paid following this it is considered a late payment.

The time between the closing date and the due date will vary by the card. AMEX cards tend to have a billing date closer to the closing date then other cards.

The dates do not change month to month.

In your example the payment is due on the 18th of the month. The credit card cycles it's billing period on the 23rd of the month. When you pay by the 18th, you are paying last months bill that cycled on the 23rd of the month before.


If you have a card without a balance it's no problem. Some cards will generate a bill with 0.00 due, others only generate a bill only if something is due.

Words of advice: Don't pay minimum payments, that's for chumps. Use the credit card as a cash forwarding device -- buy only things that you can otherwise afford with cash that you have in the bank or will get with your paycheck.

I don't understand the point of checking one's credit score for the fun of it. You should have an idea of your credit history based on the activity you do. Don't pay bills late or miss payments. You'll get a print out of your FICO (and other measures) when you apply for a real loan. For instance: I've never paid a bill late, have repaid several small (auto) loans successfully, am paying off student loans successfully. When I applied for a mortgage my FICO was >800. A shock? No, not at all.

Slimey

Oh, look at the total balance on the statement and pay that (assuming you follow my advice). The payment due listed often is the MINIMUM due. If they say 0.00 is due, but you have a balance, the bank will charge you interest to that balance and your total balance will increase.

I get pissed off at the cards that make the actual total balance hard to find on the statement. I think AMEX used to do this and actually faced legal action because of this and had to change their statements to make the total balance easier to find.

doopstr

Call your CC companies and see if you can get them to all have the same monthly closing dates. Some CC companies will do this. Other will tell you to go f yourself.

Rock2534

yeah never just pay the $15 minimum, if that is all you can afford to pay(not saying this is the case), then don't buy anything. Plus you can make it easier if you don't spread out your purchases over the 3 cards. Just use one if you can.

optiq

do yourself a favor, cut them all up.

scl23

No need to have 3 credit cards really. I have 2 but for business purposes. If you really want to improve your FICO. Keep the 3 but cut up 2 of them and just use the 1 w/ best rate, perks, etc. Really, physically cut it up so you can't use it. Then you will only have 1 to keep track of. Completely pay off the other 2. It will serve to raise your FICO by having the credit but not using it. Maybe use it once a year online or something just to keep it active.

Also, if you can't pay for a credit card balance each and every month, then you have a spending problem. NO ONE SHOULD EVER CARRY A BALANCE ON A CREDIT CARD!!! They charge 20%+ for you to borrow money from them (carry a balance.) If you're watching Suze Orman, you should have learned to spend less and never carry a balance. I hear about people taking vacations on their credit cards and it makes me sad. That's why some people never get out of the living month to month lifestyle.

DJDZ

See if you can consolidate all balances to one credit card and apply for a pay by phone feature. I have all my balances on my AMEX Optima. It is so convenient. I can call right up to the due date on my bill and by touch tone, it gives me a feature of paying the minimum, the total balance, or another amount. There are no fees to do this also. It is very convenient. The payment is deducted from my checking acct. within 1 to 2 days.

Reddly9007

3 credit cards and your 19? geez that doesn't sound like a good start. I could be wrong you could be great with paying off your debt but that sounds like to much to have at your age. why do you have 3? whats wrong with 1? consolidate onto one card and have one payment, most cards will transfer for no charge.

kensteele

Maybe you can keep the AMEX...but cut them up.

I wish I were you when I was nineteen, with just 3 cards...I would have cut them all up. Why do you need so many at nineteen?

I you have just the one card and you pay the balance in full as soon as you get the statement, you don't have to worrry about 1) conflicting dates and when then are due or not and when/if it is late and 2) about your credit score so much.

kensteele

It brings a tear to my eye to see so many young people (as noted in this thread) who understand the evil with credit cards....because I didn't know this when I was young(er) and at one point had almost 2 dozen major and store cards with balances so high....I actually spent money as though I had it. So that's over now and it was a hard lesson...but you will probably keep these cards so here's my advice:

Get rid of the paper statements, they can be confusion. Go to completely electronic. Your credit card should offer your statement online, a way to pay online, and some type of notification when statement rec'd/payment due/payment nearly late/payment rec'd email notification. My AMEX Blue does.....

Go completely online. Take your banking checking/savings account and setup a recurring payment to one or more of these. If your bank doesn't offer a way to pay bills online, switch to one that does....like Bank of America. Pay your bills thru your bank online. You can setup to pay the entire balance (recommended) or pay minimum or pay some fixed amount. Set it up recurring and you can fire and forget. If you work with this a few month, you can have it so that you will never pay late AND you get your bills paid with very little intervention. I recommend the recurring payment in full automatically method (not manual) because that will force you to know that when you spend the money, it will automatically be taken out of your checking account eventually.

Did I say you should cut up two of those cards and close one of the ones that you cut up?

Good luck!

Savio

If you're 19 and you already have 3 credit cards...you're screwed!

zamo

Use only one credit card. The other ones just leave them in 0 balance.

r3mix3r

Thanks!

Disway

When I had all those cards while at college (a while ago), I thought it was cool to have AMEX, Visa and MasterCard. And now, I wished I didn't. I had a pretty big total balance and felt I was never gonna be able to pay them off. I even went to one of those credit consolidation places but they were screwing me after all (yeah, don't bother to go there). Being fed up, I went to the bank and asked if they could give me a loan to cover the CC balance (self consolidation if you want to call it) and to my surprise they granted my request. So at the end I got rid of all those cards and only needed to make one monthly (more it's up to you) payment to the bank via the web. It was simple, in control and I get charged less (interest). I was paying everything in cash and got the loan paid off in a lot less time then if other wise. Now I only carry Discover and the bank card (check card), because they both have cash back feature. So...like the others have said, use 1 and put the other 2 away (don't cancel them yet) and try to get the payment under control. And start paying everything in cash (check card)!!! And try to take advantage of the low interest balance transfer offers (do read the info carefully though) and use those cards for that purpose only! It is true, bad credit will fxck you big time down the road.

Disway

.....and don't forget to call the CC company (the ones you have already) stop sending you those blank checks in the mail. They will only screw you more and give you more junk in the mailbox.

zamo

I guess there is not enough common sense. Those checks that arrive via regular mail are usually considered as CASH ADVANCE. And of course they charge you an arm and leg starting from the day its cashed/deposited.

There should be a class in high school that helps on finances and avoid possible credit card problems in the future. A credit card should be used as credit ONLY for emergencies. Then pay in full when using it.

I never let the credit card companies charge me interest. I always wait for my cash-back tho; so call it negative interest. I use 2 credit cards, although I have 4. It is better to use 2 or 1 only.

r3mix3r

Thanks for all your advice...Ya they send me those dumb checks all the time. It says "Summer time is the time for barbeques and blah blah" and they have a check made out for $1,500 lol. I just through them out.

Ya they should really have a class like that, alot more pratcical then PE.

scl23

Everyone should read a book called "Richest Man in Babylon" It's a primer for financial management and spending control. The 2 best lessons are 1) spending will always increase to meet pay raises if you don't have financial control, 2) always pay yourself first (save money into a separate account like 401k or IRA). You will find that no matter how little you make, you'll adjust your lifestyle to meet the new reduced income. It's amazing how true the 2nd rule is. If you just saved 15% a month you'll be amazed that you didn't really need it to live. You'll just spend less on stupid stuff.

Russdaddy

I agree. Always, always pay yourself first. You'll be glad you did!!

Disway

I'd shred those offers just in case....