Be Honest: Have you Carried a balance on a CC?

[BeeH11]

Hello!

1. I feel like most people on here state they PIF all/most of the time. Really? Or is that only after you found this site? Be honest.

2. Other than paying interest? Why is not PIF such a bad thing?

If you have zero to low interest and keep your utilization low, is it still considered a bad thing?

(I have avg interest and not low util so I know it's not good for me.)

3. For those of you who have read some of my prior posts, you know I have high utilization but that's about to change. Should I be worried that my credit card companies are going to close my accounts or cut my limits once I pay off the balances?

My only experience related to this is when I had a Citi student credit card. Had it for a while and would run it up for school and pay it down during the summer, then run it up next school year, etc... I graduated college right when the market went bust. I couldn't find a job for 6 months after graduating and only paid the minimum, but I always did pay and never late. After a few months, they closed my account and I paid it off ASAP.

4. I would also like to know if any of you carried a (high) balance for a while, then paid it down and the account was closed or limit cut.

(For reference, I never pay late and I always pay more than the minimum but sometimes not much more than the minimum).

Thanks guys! I'm so glad I found this sight b/c everyone's experiences have taught me so much!

[Anonymous]

I always PIF but if I get a new card with a 0% offer and I have a big purchase I might float it a few months. But I can't recall ever paying interest on a card.

[Anonymous]

I can't afford to carry a balance.

[Anonymous]

While Discover and Freedom both have 0% offers I will be switching between the two and carrying a small balance of no more than $250. After the intro period every card gets PIF. See no reason to ever pay a dime of interest. If I cant afford it with cash I dont purchase it

[Luscher]

only on 0% cards

[wacdenney]

I'm carrying a balance right now.  It is left over from a trip to Disney World.  I will have it paid of in the next week or two and then I will have another balance to carry after Christmas shopping.  I ususally carry my Christmas balance for 3 to 4 months.  Then I will have a balance to carry from vacation next summer.  Wash. rinse, repeat...

I usually put my 2 to 4 months of balance carry on a card with an intro APR or in the worse case I would use one of my CU cards.  Having a single card on which to carry a balance when needed is a part of my overall strategy.

[lg8302ch]

I always PIF but whenever I get a promo offer 0% APR for 12 months with  a 1% BT fee as an access check I take advantage of it and deposit this money into my savings account. So whenever I  would need to carry a balance I do not need to pay more than the 1% or basically it is free money if I count interest I will get on the amount.  So I have the money to PIF again for a larger item... sounds complicated ? .. it is not,,, I just get the money when they offer it to me and use it when I need it

[AvadaKedavra]

The higest balance I've left on a card is about $200. 

[eddie84]

I carry balances all the time... even on Amex cards!  I know it's blasphemy but I always pay if off sooner or later. lol   When I start carrying balances, scores wil drop but then it will bounce back up once it's paid off. 

[Anonymous]

Last year I took advantage of my Bofa Cash Rewards 0% APR for 12 months, and carried a couple pretty hefty balances for 2-4 months. An emergency came up where I needed to purchase a couple of expensive items for the house for family and ended up using it to carry around 1500 dollars both instances.

Although it's not ideal, it also isn't a bad thing to carry a balance especially when you need the funds. After all, that's what credit is all about. Borrowing and paying it back.