Posted on: 03rd Oct, 2009 06:36 pm
I CONSISTENTLY MAKE MY PAYMENTS NOT ON THE DAY DUE - BUT THE DAY BEFORE THE GRACE PERIOD ENDS AND NO LATE FEES APPLY. IN OTHER WORDS - MY MORTGAGE IS DUE ON THE 1ST OF THE MONTH & NO LATE FEES ARE ASSESSED IF PAYMENT IS RECEIVED NO LATER THAN THE 16TH OF THE MONTH. AM I NEGATIVELY IMPACTING MY CREDIT SCORE BY ALWAYS PAYIN GON THE 15TH AND NOT ON THE 1ST ? I PAY MY BILLS ON LINE.
There is notnegative imapct to your credit when you pay in the grance period
Normally lenders report to the credit agenc when the paymnet is late by 30 days
Normally lenders report to the credit agenc when the paymnet is late by 30 days
And if you are paying it after grace period, you need to pay late fee. it will start immediately after 15 days (grace period) from due date
I would not suggest to do that unless you have difficulty in making payments
is there ar reason for delaying the payments, other than holding the cash in your bank for an extra two weeks? If not then by all means pay it earlier.
once you get into a habit of paying at the tail end of a grace period, it's difficult to move back into a mode of paying on the due date. you've already set your budget by that "clock." having been there, i can relate. it's always good to pay early than late, because if you're in that mode, you'll likely adjust easier if and when a hardship arises.
i used to subscribe to the theory that keeping the money in my bank account until the last minute was a valuable thing to do, but in these days of less than 1% interest on savings, it's a wasteful thing to do. you may as well pay the mortgage and any other creditor on the due date. you're not benefiting from keeping the funds on hand in any way, shape or form.
i used to subscribe to the theory that keeping the money in my bank account until the last minute was a valuable thing to do, but in these days of less than 1% interest on savings, it's a wasteful thing to do. you may as well pay the mortgage and any other creditor on the due date. you're not benefiting from keeping the funds on hand in any way, shape or form.
I toltally agree with George and I ma trying to get out of the same practise
As mentioned above, you get use to it and will take soem time to break that habit and also make changes in your life to cope up wiht those changes
Great suggestion George
As mentioned above, you get use to it and will take soem time to break that habit and also make changes in your life to cope up wiht those changes
Great suggestion George