Pay Your Bills on Time

Imagine the idea that paying your bills on time can help you improve your credit scores! Yes…that was sarcastic, but you need to be mindful about just how important this concept is.

  • Consider Automatic Payments – Setup for each vendor to have access to your payment account as your bills are due. Typically they do a draft of the required payment monthly to ensure you aren’t late.
  • Setup Auto-pay to a Credit Card – If you don’t want the vendors to have access to your personal accounts, setup monthly payments to a credit card. This accomplishes the same purpose of auto-payments, but doesn’t grant access to personal bank accounts. DON’T do this unless you are able to pay off the card monthly. Best practice is to use this on bills with lower balances.
  • Online Bill Payment Works for You – Setup online bill pay which allows you to make payments through your bank or financial management website.
  • Pay Your Bills When they Come In and Don’t Let Them Sit – Establish a process where you pay your bills upon receipt. This will solve the dilemma of forgetting to pay an outstanding bill.

Category: Credit, Tips

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