The best time to pay your credit card bill: Via ForbesAdvisor
Which strategy is right for you?Before proceeding any further, there is actually one simple answer that’s true for all credit card users, no matter the circumstance: Pay in full, on time. Contrary to an enduring myth, carrying credit card debt past the end of the billing period is not good for credit scores—it’s usually the opposite. Paying what’s owed and being consistent about it are two of the most important factors on a favorable credit report.
Instead, late-cycle-payers can likely afford to take full advantage of the credit extended to them each month. Of course, the bill total will stay the same throughout a billing period, but cardholders can benefit from the “time value of money” extended to the amount owed. This value comes from the concept that there is value in simply holding a sum of money over time, based on its potential to earn.
But without knowing exactly when your balance is reported to credit bureaus, what’s there to do? A common strategy for those focused on improving their credit score is to simply pay off the credit card bill quickly with the expectation that doing so is more likely to precede reporting than if the payment was stalled.
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