I have a citi credit card in Canada I was wondering if paying off my balance before they send out my statement, or paying off my balance after they send out my statement but during the grace period has any difference in its effect on my credit score in Canada.
Also, I would like to know the answer to the same question but changed to if I had a credit card in the United States.
2007-09-09 14:04:22 · 5 answers · asked by Shadow Rider 2 in Business & Finance ➔ Credit
If you are paying in full, as long as Citi receives that payment before the due date, it doesn't make a lick of difference.
I purposely make sure to pay mine a a few days just before the due date (allowing just enough time for them to post it to my account and not be late) because I take the funds out of a high savings account, and I might as well earn as much interest on the funds before I have to allocate them. Now if you weren't paying in full, timing wouldn't be as important as size of payment. Paying just the minimum over any more than 6 months and your account will be reviewed by the creditor and rates may be adjusted. It's actually very common.
As long as you never go 30 days past the due date, you will never have any "late payments" on your bureau. Even continuously missing the deadline by two weeks doesn't effect your score - it stays internal. The same credit scoring rules apply in the US, except banks have different policies you must adhere to.
2007-09-09 14:49:50 · answer #1 · answered by Katherine Says... 3 · 0⤊ 0⤋
For Canada, as long as payment is received BEFORE due date, your rating shows 30 days or less. If you pay before you even get your statement, that improves your standing with CITI but does not really affect your overall credit report.
2007-09-09 21:21:28 · answer #2 · answered by whuz007 3 · 0⤊ 0⤋
It depends on when the creditor reports to the CRA (Bureaus) -- you'd have to know when and how often they report....
there is no "law" that governs this. I've had some creditors only report every couple of months and I have another that reports MULTIPLE times per month.
2007-09-09 22:37:35 · answer #3 · answered by CactusFlower 4 · 0⤊ 0⤋
US I doubt it and who cares. Your paying off your balance monthly. . .
2007-09-09 21:41:26 · answer #4 · answered by towanda 7 · 0⤊ 0⤋
never pay. if they start calling your home get caller id and block them. if they come to to your hourse pretend your not home.
2007-09-09 22:16:27 · answer #5 · answered by kobefor3 2 · 0⤊ 1⤋