Best date for credit card bill generation

[ramandeep]

Hi, i am thinking of Changing my all credit card bill generation to a single date, so what could be the best to have best a date for bill generation?

Also how many times and frequently we change a credit card bill generation date?

 

[insight]

Keep it at 28th of every month your cibil will improve.

Based on what reasoning/ logic?

(Keep some 1-2cards at 15th so that you've some backup)

??

 

[sid16]

Completely depends on your payment cycles. For me, I have to pay TDS/TCS before 7th every month, advance tax once a quarter before 15th of the month, GST before 20th of every month, utility bills by 20/25th of every month, insurance (life, medical, car) comes once a year at random times. If you have payment dates finalised for all your expenses, your idea should be to set bill generation date before your payment date, so that you pay the bills in the beginning of a new cycle and get maximum 40 to 50 days of interest free credit. Check your heaviest spends, their due dates and then set the bill generation date accordingly. Hope this helps.

 

[insight]

Completely depends on your payment cycles.

For me, I have to pay TDS/TCS before 7th every month,
advance tax once a quarter before 15th of the month,
utility bills by 20/25th of every month,
insurance (life, medical, car) comes once a year at random times.

If you have payment dates finalised for all your expenses, your idea should be to set bill generation date before your payment date,
so that you pay the bills in the beginning of a new cycle and get maximum 40 to 50 days of interest free credit.

Check your heaviest spends, their due dates and then set the bill generation date accordingly. Hope this helps.

Notable thought process.

 

[TheGuy]

Based on what reasoning/ logic?

Some banks report utilisation on 30th (month end, get the logic- dates maybe different- there is some post by TF himself on this), some report after bill generation, some do both.
Technically, you can arrange in such way that you prepay before bill (say bill generation is on 5th, but you pay on 1st) thereby less utilisation for CIBIL. For some banks that report in month end, if you pay on 29th- that would result in less utilisation ratio thereby improving credit.

 

[Deleted member 5552]

I set most of the cards' bill generation date as 1st of every month, specially for Axis cards to avoid reporting twice in a month to credit bureaus

 

[TheGuy]

Called Amex, they have 2nd as bill date (20th being due date), not 1st. I wanted cycle 0 as mentioned in this pdf.
Anyone with experience please chime in.

Objective was mainly to align MRCC with calendar month.