Snowflake timing.

iVillage Member
Registered: 11-17-2007
Snowflake timing.
7
Fri, 12-12-2008 - 6:37pm

I was talking to a representative of one of my credit cards the other night And she noticed I had sent in more then a couple of payment through out the month. So she ask me why I was doing the payments this way. I was telling her I was snowflaking

iVillage Member
Registered: 07-05-2006
Fri, 12-12-2008 - 10:29pm

So to get this right...instead of paying 5 dollars one week, 10 dollars the next...you should conserve that into 15 and send it in the day after your account closes?


Abbie

iVillage Member
Registered: 06-03-2006
Fri, 12-12-2008 - 10:52pm
That's a great piece of information. Please let us know what happens with your next bill.
iVillage Member
Registered: 11-17-2007
Fri, 12-12-2008 - 11:35pm

According to her yes See the way she explained it to me is they charge interest on the average I love that word daily balance. One of my mortgage payments I know runs that way. Anyway the reason I was calling the card is I have two interest rates on this one card until I pay off the lower one no money is going to higher rate it is sitting there So I went to check what the amount was this month on the lower rate if it was low enough I was planning on getting all I could together and pay it off


It was

iVillage Member
Registered: 04-12-2007
Sat, 12-13-2008 - 7:36am

Very interesting...can't wait to see what happens when you evaluate next month's statement.


I did a balance transfer this week and made sure to do it right around statement time so that the interest would be minimal to finish off that account.


Thanks for the info!


Robyn


iVillage Member
Registered: 07-05-2006
Sat, 12-13-2008 - 8:37am

My mortgage interest is configured daily. Would this work on that? I wonder if there's a specific date that the mortgage closes though...I don't know, it's just due on the 1st. I have noticed though that since I've consistently been late with the mortgage payment, my principle hasn't seemed to go down at all!


I think that in the future I would be able to do this when I get more caught up with all my bills and free up some money. Although I only have 1 cc that actually still charges me interest and the balance on that is only 450. What if I payed my minimum payment of 25 dollars on the day after the account closed? You know I actually heard this from my aunt and uncle once. They are really good with money and they said the best time to pay a credit card is the day after the statement is ready. I bet that's what they meant.


Abbie

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 12-13-2008 - 9:04am

This is correct.

iVillage Member
Registered: 11-17-2007
Sat, 12-13-2008 - 3:12pm

The bank that has the mortgage on the house said that if I wanted to pay extra do it like on the third of the month. That way the real payment has been accredited and I would save interest on the rest of the month. But I haven't done it yet my interest is very low. on this house.


I have been adding more to credit cards to get those balances down to less then 50% of the limits All of them except one is way less