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Discussion Starter #1
The threads on CC's got me thinking... what's better? Paying off you credit card as you use it? or waiting til you get your monthly statement then paying it off?

I'm currently paying mine as i use it, the moment i charge my card, i make a payment over the internet (yay for iphones) even before the charge appears on my card, thus constant keeping a $0 balance.

Is one way better than another in regards to credit score?? or does it not matter?
 

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(yay for iphones)
qft

I can't see why it would hurt your credit to pay it off once per month on the due date. That's what I do because it's just convenient and free if not better

I've bought big ticket items on my CC, and by waiting 30 days to pay it off that can be $5-10 in interest

If it hurts my credit score I couldn't care less, people will still lend me far more money than I should accept
 

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Discussion Starter #3
more the opposite.. is it better for your score if you pay it off monthly...?

i'm guessing that if you pay it off immediately, then equifax would always get a $0 balance... would that seem like an inactive card...?
 

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I have the full balance automatically deducted by the credit card company on the bill due date. And similar to the above poster, the little effect to the credit score (if any) doesn't matter to me.
 

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Well the way credit cards are reported on your credit is R0, R1, R2, R3, R4, R5, R6, R7, R8, R9

I know that to keep all your cards at R1 you just have to pay within 30 days. I had an R0 on one card because I'd never used it which is actually bad

So AFAIK, paying it off ASAP or within 30 days is the same thing based on that system

I've also heard that paying it off on the due date is better but who knows
 

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The threads on CC's got me thinking... what's better? Paying off you credit card as you use it? or waiting til you get your monthly statement then paying it off?

I'm currently paying mine as i use it, the moment i charge my card, i make a payment over the internet (yay for iphones) even before the charge appears on my card, thus constant keeping a $0 balance.

Is one way better than another in regards to credit score?? or does it not matter?
Don't you have a debit card? Cash? :confused: Perhaps you're collecting points of some sort?

Anyway, paying once a month is fine. The payment ideally needs to be posted (to your account not at the post office, lol) by the due date.
 

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I have the full balance automatically deducted by the credit card company on the bill due
I was not aware that you could do that. Interesting. Can you configure that easily through RBC online banking or do you need to frig around with 1-800 queues and signing forms? Can you stop a payment/temporarily reduce it before it occurs? It would be nice if it would appear in the scheduled list of postdated payments. Then I could go and modify it if for some reason I don't wish to pay off the entire thing.
 
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