All You Need To Know About “15/3 Credit Card Payment Hack”

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15 3 credit card payment hack explained!

Get all the information about the 15/3 credit card payment hack, how it works, and is this payment hack flawed in 2022? Does this help to improve my credit score? Let Mount Shine help you make things easier for you to understand the concept of the 15/3 credit card hack.

The problem with a financial crisis is that in such a situation your credit score decreases considerably and to gain financial assistance, you need a good credit score. If you have a poor or mediocre credit score, you may always look for certain tricks or hacks that can help you elevate it. One of the most popular credit card hacks is the 15/3 Credit Card payment hack. If hundreds of people talking about it have left you in utter confusion, we can help you understand all you need to know about the 15/3 credit card payment hack.

15/3 Credit Card Payment Hack Explained [2022]

Since there is so much buzz about the 15/3 credit card hack and very little clarity about what it is, here is all you need to know. According to many netizens, following these rules would make your credit score higher within no time.

15/3 credit card payment hack explained
15/3 credit card payment hack explained

All you have to do is:

  • You need to make half a payment of your credit card bill 15 days before the due date of your credit card payment. For example, if your credit card bill payment is due on the 15th of a month, pay it on the 1st.
  • According to the 15/3 credit card hack, you need to pay the remaining half of the bill 3 days before the due date.

Another version of the 15/3 Credit Card payment hack switches the statement closing date with the payment due date. The statement closing date is around three weeks before the due date of the payment. If you target the closing date, you would have to make three payments in a cycle:

  • The first payment is made 15 days before the statement closing date. 
  • The second payment is made three days before the statement closing date.
  • And the last payment is made with whatever amount is left after the statement closing date, but before the due date, so you don’t pay late fees or interest.

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How Does 15/3 Credit Card Payment Hack Work in 2022?

The main aim of applying the 15/3 credit card payment hack is to reduce your credit utilization, which is important in determining your credit score.

15_3 credit card payment hack working
15/3 credit card payment hack working

Credit utilization is the total of all of your outstanding balances divided by your credit limits. It measures how much of your total credit limit is at use at any given time. If you have a higher credit utilization, it lowers your credit score, and you are seen at risk.

With the 15/3 credit card hack calculator, your credit utilization score is calculated using your balances noted as your statement closes. If you make a major part of your payments before your statement closes, your debt is lower, and thus, your credit utilization decreases, giving your credit score a spike.

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Why Does The 15/3 Credit Card Hack Work in 2022?

It is only possible to lower your credit utilization and increase your credit score because of how credit card companies function. When the credit card companies review your monthly report, they will notice a regular, on-time payment of your credit card bill. This implies that whatever debt you are putting in every cycle is paid off regularly. Hence, this will boost your credit score.

15 3 credit card payment hack
15 3 credit card payment hack

The catch is that credit card companies do not see that multiple payments have been made each month. What only matters is the current scenario at the time of closing.

Making extra payments for the same amount lowers your utilization and boosts your credit.

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Is 15/3 Credit Card Payment Hack Flawed?

Some experts suggest some flaws associated with the 15/3 credit card hacks.

15/3 credit card payment hack flawed
Is 15/3 credit card payment hack flawed?

The issues pointed out are:

1. The date peg is wrong:

Your credit card firm provides the credit bureau or bureaus with such info as your payment steadiness and credit restrictions. The firm does this solely as soon as a month. Since the due date comes around three weeks later, focusing on the due date does not help. If you make a payment 15 days and 3 days earlier than the credit card due date, as the credit card hack suggests, it is too late to affect that billing cycle.

2. There is a multi-cost fantasy:

You do not get further credit even if you make two payments instead of 1 or pay early.

3. Experts have observed that 15/3 is random.

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Top 10 Credit Hacks to Improve Your FICO Score FAST in 2022

If you are still skeptical about the 15/3 credit card hack, here are 10 Credit Hacks to Improve Your FICO Score FAST:

15 and 3 credit card hack
Top 10 15 and 3 credit card hack

1. Credit card users often get stuck on 1 credit card or get too many credit cards, which are harmful habits. Having 3 major credit cards is the ideal way.

2. Paying off loans is a great way to boost your credit score.

3. As mentioned earlier, you must manage your credit utilization to boost your credit score.

4. To lower your credit utilization, you can get your credit card limit up.

5. If you think there is some error with your credit score, you can use the Advanced Dispute Method to Remove those items that are pulling your score down by sorting the dispute with the credit card bureaus.

6. You can take help from a professional to remove the negatives of your credit score.

7. Some experts suggest that a mortgage loan boosts your creditworthiness instead of lowering it.

8. It is important to keep in mind to close those credit cards that have clear dues and no longer need them.

9. If you have had old debts, you can ask for a debt validation letter from your old debt collector that can help as proof.

10. If you have closed a credit card, do not apply for a new one till at least one year to prevent any hard inquiries.

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