?Credit card balance paid in full? - Page 2

General » General Discussion

Site Notices

[ARCHIVED THREAD] - ?Credit card balance paid in full? (Page 2 of 2)

Posted: 3/17/2013 2:17:45 PM EDT

[#1]

Quoted:
$1500 bucks is a fart in the wind, pay in lump sum and be done with it.

+1

I work up a 2k+ debt monthly on my CC.

I pay it all off to 5 bucks. every month.

Keeps my credit score up. :)

Posted: 3/17/2013 2:29:44 PM EDT

[#2]

I use a credit card for everything. I never carry cash, only write one or two checks a year. I pay my balance off about every week or two. Never paid a dime in interest on a card in 25 years and my credit rating is near perfect as it could be. The only interest I have paid in 11 years is on mortgages, which I pay off before they are due.

Posted: 3/17/2013 2:33:45 PM EDT

[#3]

Well time to learn you guys something new.

CREDIT CARD COMPANIES REPORT YOUR BALANCE ON THE STATEMENT CLOSING DATE so there is no fucking point in carrying a balance. There are some rare exceptions but they are rare.

Which means you can still pay it by the payoff date back to zero balance with no interest paid.

This place sucks donkey balls for credit advice.

Posted: 3/17/2013 2:37:01 PM EDT

[#4]

Wow. OP there is a lot of bad advice here. Please read this on how to improve your credit and how you should handle credit card debt.

http://www.myfico.com/crediteducation/improveyourscore.aspx

Posted: 3/17/2013 2:42:12 PM EDT

[#5]

Quoted:
awesome. thanks for the feedback.

now...what to do with the rest of the refund?

Perhaps save it?

If you have cc debt now, then I presume the day you pay it off you will be simply EVEN at zero. There are lots of people living deep into positive net worth territory. Join us.

Posted: 3/17/2013 2:43:57 PM EDT

[#6]

Quoted:
what to do with the rest of your refund?

Set up an emergency fund of at least $1,000, then fully fund it over time to equal 6 months of your normal earnings.

This. Although we do it by having enough funds to cover 6 months worth of normal bills and monthly expenditures.

What if you lose your job? What if your car reaches the end of its life and dies so hard that it is cheaper to buy a new (used) one? What if you need sudden medical care?

Be prepared!

Posted: 3/17/2013 2:44:32 PM EDT

[#7]

Quoted:
$1500 bucks is a fart in the wind, pay in lump sum and be done with it.

Posted: 3/17/2013 2:45:30 PM EDT

[#8]

your doing it wrong.......

Quoted:
Everyone always says pay it of ASAP.

But, after some trial runs over the past 3-4 years, paying off in installations helped my rating more.

I'll put like $200 on a $1500 card, and just pay the minimum times 2 or 3 for a few months. Usually like $60.

Posted: 3/17/2013 2:51:46 PM EDT

[#9]

Quoted:
Pay off 95%

This keeps some balance so it looks like you're using the card.

Put a few dollars a month on, but keep the balance below $100.

That way you're basically paying hardly any interest, but it still looks like you're using the card so you build credit.

I don't know where the old wives' tale that you need to carry an interest-bearing balance on your credit cards in order to build credit history originated, but it is patently false.

Posted: 3/17/2013 2:52:46 PM EDT

[#10]

i pay off the entire balance each month on time and i have a great credit score.

i dont understand why anyone would want to pay more than they need to by letting interest accumulate

Posted: 3/17/2013 2:54:15 PM EDT

[#11]

Seeing that I'm 26, just starting off (engineering for 8 mo. now), living with my girlfriend of four years and two dogs - I'm the only one providing substantial income - I'm going to pay the debt off in full because I'll be able to without placing a burden on my situation.

I'm shitting all of my income away on rent, bills, groceries, misc useless shit and not saving a damn thing, which is something I really want to change. It's time to declare a budget and stick to it.

ETA - I plan on saving the rest of the refund for an emergency fund. I've got a smallish portfolio and, what I consider, a substantial amount from an inherited IRA that's for emergencies or future plans. Where/How to start the emergency fund? Savings acount that will be 'taxed' by the commies, keep it in cash, gold, unicorns, the moon?

Posted: 3/17/2013 2:57:47 PM EDT

[#12]

Quoted:
Well time to learn you guys something new.

CREDIT CARD COMPANIES REPORT YOUR BALANCE ON THE STATEMENT CLOSING DATE so there is no fucking point in carrying a balance. There are some rare exceptions but they are rare.

Which means you can still pay it by the payoff date back to zero balance with no interest paid.

This place sucks donkey balls for credit advice.

Ever been to Creditboards?

Lots of good advice, combined with so much fail.

I read a thread the other day where the OP was celebrating how they now had $100k worth of available credit on credit cards, as if they deserve a trophy or something.

Posted: 3/17/2013 3:00:47 PM EDT

[#13]

Never carried a balance. Interest and finance charges are for suckers.

Always pay off every month.

Posted Via AR15.Com Mobile

Posted: 3/17/2013 3:11:11 PM EDT

[#14]

Quoted:
Did that years ago, now I use it and pay it off every month and get free shit.

This. I have a rewards card with several drafts set up on it. I pay it off monthly and get some nice perks.

Posted: 3/17/2013 3:14:29 PM EDT

[#15]

Quoted:
What credit card?

I live without them.

My moto is this: If I don't have money in my bank to spend, I don't need to spend it.

Everything else I buy cash.

I live with them , I live better with them, and I can spell "motto". I win.

Posted: 3/17/2013 3:17:03 PM EDT

[#16]

I mostly pay mine in full, been tough lately with my Panic Buying purchases since December. Will have everything paid off next month

Posted: 3/17/2013 3:23:33 PM EDT

[#17]

I have paid my credit card in full each month for like 8 years straight when I got it, never a balance. I havent had trouble buying a house, truck, cars, and forth for anything more than the minimum interest rate. So pay it off and dont worry.

Posted: 3/17/2013 3:24:47 PM EDT

[#18]

Quoted:
$1500 bucks is a fart in the wind, pay in lump sum and be done with it.

This.

Posted: 3/17/2013 3:26:41 PM EDT

[#19]

Quoted:
Pay off 95%

This keeps some balance so it looks like you're using the card.

Put a few dollars a month on, but keep the balance below $100.

That way you're basically paying hardly any interest, but it still looks like you're using the card so you build credit.

Bad advice. You build credit even without carrying any balance. Carrying a balance does NOT increase your credit score.

Posted: 3/17/2013 3:29:01 PM EDT

[#20]

Quoted:

Quoted:
Pay off 95%

This keeps some balance so it looks like you're using the card.

Put a few dollars a month on, but keep the balance below $100.

That way you're basically paying hardly any interest, but it still looks like you're using the card so you build credit.

Wrong. Utterly and completely, wrong.

That is not how reporting on revolving debt works.

Every "financial professional" I've talked to has told me something different. I've talked to people that work for credit card companies, people at the bank, loan officers, etc...

so if you have some golden nugget of knowledge, feel free to enlighten the class. Don't forget to cite your sources.

None of what those people say matters. What matters is Experian, Equifax, and Transunion. Because that is where your score will come from, and where those "financial professionals" will contact to get it.

Posted: 3/18/2013 8:09:04 AM EDT

[#21]

Quoted:

Quoted:

Did that years ago, now I use it and pay it off every month and get free shit.

This. I have a rewards card with several drafts set up on it. I pay it off monthly and get some nice perks.

Was just having this conversation with friends recently. Every bill they have is set up to be paid automatically with their CC. All their essentials every month (gas, groceries, etc) go on the card.

Once a month, they pay it all off. They like to travel and they rack up a lot of miles that way.

Posted: 3/18/2013 8:11:32 AM EDT

[#22]

Quoted:
Everyone always says pay it of ASAP.

But, after some trial runs over the past 3-4 years, paying off in installations helped my rating more.

I'll put like $200 on a $1500 card, and just pay the minimum times 2 or 3 for a few months. Usually like $60.

I'm going to have to agree with this. My wife and I both have excellent credit. Last week checked my score was higher than hers. Only difference I can tell is she pays off balances each month and I carry a balance but pay on time.

Posted: 3/18/2013 8:14:00 AM EDT

[#23]

Quoted:

Quoted:
Your score will go up because you are lowering your utilization rate, but you need to leave some kind of balance on the card, I've heard 10% is best to show that you are using credit.

Wut?

You're using credit by using a credit card.

Pay the damn thing off every month. Why pay high rates of interest for any reason?

that's pretty much it.

Posted: 3/18/2013 8:17:13 AM EDT

[#24]

Quoted:

Quoted:
Everyone always says pay it of ASAP.

But, after some trial runs over the past 3-4 years, paying off in installations helped my rating more.

I'll put like $200 on a $1500 card, and just pay the minimum times 2 or 3 for a few months. Usually like $60.

I'm going to have to agree with this. My wife and I both have excellent credit. Last week checked my score was higher than hers. Only difference I can tell is she pays off balances each month and I carry a balance but pay on time.

There can be and probably are MANY differences between you and your wife. Such as, the age of the longest credit line, the current balance at that moment on either of your revolving balances, the number of credit lines open, etc. It would be exceedingly rare for all the factors to be identical.

[ARCHIVED THREAD] - ?Credit card balance paid in full? (Page 2 of 2)

General » General Discussion

Warning

Confirm Action

About AR15.COM

Stay Connected

Newsletter

Contact Us