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Swoods41

Hello, new here. Thanks for having me. I have a question

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Sorry if it's been posted but I searched in the search bar and didn't come up with anything.

 

I recently got a secured cc to start repairing my credit. My question is, if I make my first payment early will that affect me positively or negatively? Thank you in advance.

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Sorry for the inconvenience.

 

If you are brand new to the forums, you will not have access to PM's. Look under your member name - if it says "newbies" your access to PM's and board email is restricted.

 

The reason we do this is the overwhelming number of solicitations and scammers who come on the board. Some people are more naive than others, for one thing, and assume that everyone here wants to help them. There are scammers here just like everywhere else. We give these newbs some time to get their feet wet before they get exposed to those bad people behind the scenes, where we can't intervene. Unfortunately newbs with credit troubles are sitting ducks here, so we do what we can within reason to provide some protection at first.

 

The other reason is to discourage the people who come here to sell something - A lot of them know they can't spam the board without getting caught, but they will spam via email or PM if they can. Once they realize they will have to participate for a while (we don't say how long), they go away and find some place that's easier to spam.

 

I know it's inconvenient, but it makes the board a better place to be overall.

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9 hours ago, Swoods41 said:

Sorry if it's been posted but I searched in the search bar and didn't come up with anything.

 

I recently got a secured cc to start repairing my credit. My question is, if I make my first payment early will that affect me positively or negatively? Thank you in advance.

When the statement closes there will be a payment due date.  Make at least the minimum payment by the due date (but of course it's best to pay the entire amount every statement cycle so you don't pay interest).

 

If you pay part of your balance before the first statement closes, make sure you are aware that there will still be a payment due after the statement closes.

 

 

 

 

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Posted (edited)
On 2/26/2019 at 6:12 AM, cv91915 said:

When the statement closes there will be a payment due date.  Make at least the minimum payment by the due date (but of course it's best to pay the entire amount every statement cycle so you don't pay interest).

 

If you pay part of your balance before the first statement closes, make sure you are aware that there will still be a payment due after the statement closes.

 

 

 

 

Thank you for your response. So my payment due date is April 2nd at $25. Will it be ok to pay that early, meaning it won't show negatively? I know credit reporting is tricky. Thank you again and I apologise if I'm asking questions that can be found. Don't know if I am searching correctly,I can't seem to find answers I'm looking for.

Edited by Swoods41
Simple error

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Making a revolving payment a bit early will not have a negative impact on your credit file(s).

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20 minutes ago, MarvBear said:

Making a revolving payment a bit early will not have a negative impact on your credit file(s).

Thank you very much. Appreciate the responses.

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33 minutes ago, Swoods41 said:

Thank you for your response. So my payment due date is April 2nd at $25. Will it be ok to pay that early, meaning it won't show negatively? I know credit reporting is tricky. Thank you again and I apologise if I'm asking questions that can be found. Don't know if I am searching correctly,I can't seem to find answers I'm looking for.

You can pay it any time on or before the due date.

 

Pay the entire balance in full every month or interest will start accruing.  

 

Get in that habit, and don't fall into the trap of only paying the minimum due.  Minimum payments are not your friend.  

 

Used to their potential, credit cards should get you money back, not cost you more than the sum of your purchases.

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44 minutes ago, cv91915 said:

You can pay it any time on or before the due date.

 

Pay the entire balance in full every month or interest will start accruing.  

 

Get in that habit, and don't fall into the trap of only paying the minimum due.  Minimum payments are not your friend.  

 

Used to their potential, credit cards should get you money back, not cost you more than the sum of your purchases.

Really appreciate it. Thank you. This board is awesome!

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Try the $2 Trick.

 

Pay your entire balance minus $2 prior to the statement date.  Once your statement is issued and you see your balance due is $2, go ahead and promptly pay that $2.  That should help you with an extra few points. Plus, it's a good habit to get into.

 

You mentioned your card is secured.  Secured cards often have rather low limits.  You didn't mention what your typical spend was on that card, but one thing you do not want at this stage of the game is having a balance report that is a significant percentage of your credit limit.  For example, it would be exceptionally unwise to have a $250 balance report on a card that has a $500 credit limit.  Take your reported debt and divide by your credit limit.  Lower percentages are better.  The lower the better.  Try the $2 Trick.

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