Payment date and Credit Score

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I'm a Participant Level 1
I'm a Participant Level 1

Payment date and Credit Score

My payments are due on Jan 16 every month. By paying the full amount a day or 2 before the due be enough to keep my credit score intact ? 

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Re: Payment date and Credit Score

Hey @taal2020

 

I just wanted to jump in here and clarify that, unless registered for pre-authorized payment, which will withdraw your automatic payments 14 days after the close of your previous billing cycle, your due date for your paments will always be a few days before the end of your current billing cycle. This 

date can fluctuate by a day or two each month thus it's always a good idea to check your bill to make sure you have your exact due date. 

 

Avoiding late payments will depend entirely on the method of payment with which you choose to make your payments. 

 

KAPABLE-K is correct that payments made in a Fido store are posted to your account within 24 hours, however, credit card payments are applied immediately. The same applies when making your payment via INTERAC online. Payments made through online banking, telebanking or with a teller can take up to 5 days and payments made at an ATM can take up to 10 days to be posted to your account. 

 

Hope this helps!

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Re: Payment date and Credit Score

Hello @taal2020,

 

Welcome to the community!

 

Usually we have 14 days after our billing cycle to make a payment. Paying by credit card or in person at a Fido store means the payment is processed in a day or less. You can also setup pre-authorised payments and then you never have to worry about missing your payment. If you pay through your bank then it can take up to 7 business days before Fido receives the payments so that's the only one that can work against you. 

 

If you want to pay your bill before your billing cycle that's fine also you just don't want to be missing the due dates as that will make your incur late payment fees and can have an impact on your credit score.



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Re: Payment date and Credit Score

Hey @taal2020

 

I just wanted to jump in here and clarify that, unless registered for pre-authorized payment, which will withdraw your automatic payments 14 days after the close of your previous billing cycle, your due date for your paments will always be a few days before the end of your current billing cycle. This 

date can fluctuate by a day or two each month thus it's always a good idea to check your bill to make sure you have your exact due date. 

 

Avoiding late payments will depend entirely on the method of payment with which you choose to make your payments. 

 

KAPABLE-K is correct that payments made in a Fido store are posted to your account within 24 hours, however, credit card payments are applied immediately. The same applies when making your payment via INTERAC online. Payments made through online banking, telebanking or with a teller can take up to 5 days and payments made at an ATM can take up to 10 days to be posted to your account. 

 

Hope this helps!



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I'm a Participant Level 2
I'm a Participant Level 2

Re: Payment date and Credit Score

I found that regardless weither you pay 15 days before due date or 2 makes no difference fido kills your credit score one way or another.

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Re: Payment date and Credit Score

Hey @Genusx!

 

Like Amanda mentioned, as long as we receive your payment before your due-date, your credit score will not be impacted. 

 

Some methods of payment can have a delay (Online banking can take up to 5 business days) and some are immediate (credit card, visa-debit). We recommend to pay at least 5 business days before your due-date just to make sure. 

 

I hope this clarifies. 



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I'm a Participant Level 2
I'm a Participant Level 2

Re: Payment date and Credit Score

Well I do pay with credit card and the same day I receive my bill. Fido has affected my score dramatically.

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Re: Payment date and Credit Score

Hey @Genusx! Philippe here. I hope you're doing well. Smiley

 

If that's the case, that would explain why your payment is late. We actually need to receive your payment by the date indicated on your invoice, not when you receive the new one.

 

You can find more information about that here and here.



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I'm a Participant Level 2
I'm a Participant Level 2

Re: Payment date and Credit Score

I believe you misunderstand dear chum...I receive email telling me my invoice is ready 20 days before due date which I pay instantly again 20DAYS before due date.  I understand you guys work for fido and defend it but since day one my score lost 100 points just by applying for the service and my bill is paid many days BEFORE it's due I'm not a simpleton and know how to pay Bills end of conversation.

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Re: Payment date and Credit Score

My apologies! I was not implying that in the slightest.

 

If you're paying your current invoice immediately after receiving it via credit card, your credit score would not be affected in any negative way whatsoever, so long as the payment went through.

 

In order to confirm this, we would have to check your account directly. To do that, you would need to contact us here or request a PM from the community.



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