question about cc bills and payment

[demtenjeep]

due to kansas idiotic policies, all teachers are getting lump sum payments for June, July and August

i will pay rent 3 months at a time but if i pay 3 month of cc bills, it will only count for one month correct

[missingthebigdog]

1. Yes.

You will need to send the payments separately, each after the statement date.

[drray23]

2. yes absolutely.

Each month you need to make the minimum payment. If you make a bigger payment one month this does not allow to skip the next months.

[greyl]

3. You'll still need to make a minimum payment each month if

your CCs still have a balance on them after you pay for 3 months worth of minimum payments.

[baldguy]

4. Normally any additional amount over the minimum due will be applied to the principle.

If it doesn't pay off the entire bill, contact the credit card company to see if they'd accept a lump-sum payment for those three months. Or it may be easier just to hold it back & just pay what you normally do each month in turn.

[still_one]

5. I assume you are referring to paying the minimum amount or what amounts to a total of 3 months of

payments divided by 3.

The first question that comes to mind is why do you want to pay rent or any bill before the payment is due.

The CC payment might be justified by saying that it would save on interest, but paying rent before it is due doesn't make sense.

What you are effectively doing is giving them a 3 month interest free loan on your money.

However, if you decide to do that, you will need to contact the CC company, and ask if their was a way you could do it.

Usually on CC bills you can setup automatic payments from a checking account, but you would have to put that money into
a checking account, and they would automatically debit each month

[lunatica]

6. Yes.

Your mortgage is one set amount for each month so if you pay more it goes towards your balance for the next month.

Credit card companies just gobble up whatever you pay and happily send you another amount for the next month.

[Old Codger]

7. With a mortgage payment

In most cases you can pay extra and specify that it be applied to the principal, I have been doing that and have paid a 30 year mortgage half off in less than 10 years..

[SamKnause]

8. I sent an extra $200.00 per month for the first

5 years. All was applied to the principal.

In the first 5 years I also paid $5000.00 to get my property out of escrow.

They were late paying my property taxes and it took them 6 months to get

my payment book correct.

My 30 year mortgage will be paid in full in 20 years.

If I could have continued sending in the extra $200.00 per month it

would have been paid for much sooner then 20 years.

I became disabled, so that pretty well blew all my dreams and plans.

I am holding on by the skin of my teeth at this point.

6 more years and it will be paid for.

[Old Codger]

11. The way we did it

Was to add to the regular payment the same amount that had gone toward principal the previous month in effect making 2 payments at a time.. Now the amount that goes on principal is more than I can add each month so just add what we can each month...

[lunatica]

10. Thanks for the information

I might start doing that since my income has increased. In the past it was impossible and I even had to declare bankruptcy and started going through the foreclosure process until I was able to get a loan modification.

Actually the only reason I was able to get a loan modification was because I hadn't been able to pay and the mortgage company had started the foreclosure process. I know people who are current with their mortgage payments but they can't get anyone to give them a loan modification. I told them that if they don't pay for three months (the length of time before they can start foreclosure proceedings) they'll be able to get that loan modification. I'm probably right.

They even punish you when you're good at making all your payments on time.

[REP]

9. How can you pay 3 months of cc bills in advance?

I pay my full balance every month, but the balance is different every month. I can't make a payment larger than the balance due, so I can't make the payment plus an extra $1,000.00 towards charges I haven't made yet.

[Nye Bevan]

12. Why would you want to do that

as opposed to keeping the money in your bank account and making the monthly payments when they are due?

[demtenjeep]

13. thanks all

mostly what I figured.

I have never gotten the lump sum payments before, always choosing to just get 12 regular payments.

I was just trying to clarify.

I think I will just put the 3 checks in savings and just "pay" myself like normal.