@keithB wrote:
@tcbofade wrote:First, I'm going to state the obvious...making JUST the minimum payment BEFORE it's due is worlds better than making a larger payment the day AFTER it is due.
That being said, I am currently carrying LOTS of balances, and making just the minimum payments on a LOT of them. I've noticed NO decrease in score other than systematically as my util increases, my score goes down. I was aware of that going in, and will continue this way for the remainder of 2014.
We'll start off 2015 with a refinance that should eat up 75% or so of our CC debt, and spend the rest of 2015 agressively paying the balance off. Right now, we're still going deeper every month, but we ARE making at least the minimum payment on every account.
It's good to get a first hand testimonial. I really like your signature, "Zero percent financing is where the devil lives..."
Have you had any decrease in CLs due to minimum payments? Also, are you worried that some CLs may be decreased in 2015 when you refinance? I have 4 accounts with over 12 months of 0% but just the idea of carrying any balance makes me cringe. Even if it's a small balance, I find myself getting upset that I didn't pay it off before the statement close date. My AMEX recently closed with a $25 balance andit bothered me that I didn't pay it down to $0 =P
+1, yes indeed.
@Bman70 wrote:Credit Card Minimum Payment Ever Really Okay?!?Sure why not? It's the minimum payment set by the bank. I made minimum payments frequently over the last two years on my BofA, since I was focusing on paying off other cards. I kept it near 90% most of that time. Then I changed my habits (gasp) and began to make huge payments. Now it's at 0 balance and they love me. Theyre sending me reams of BT checks every week lol. And prequals for new cards. Going for a CLI soon too. Not sure I understand all the paranoia around credit cards, I swear I've never had a single adverse feedback and I've just used my cards as I wanted to. Carrying high balances, radical pattern shifts, sudden payoffs, everything. Just CLIs and love.
lol. I guess it shows its def YMMV......
@abundancejones wrote:If you are only going to pay the minimum...don't continue to charge on the card as it will decrease the chances of a credit limit decrease. In addition, it would help if you did not have any other balances on your other cards. I think no more than 3 months of this is safe...anything else and you are playing roll the dice. In addition, don't make a BIG payment to wipe out the debt--cc issuers view this as risky behavior. Instead, pay around 25 percent of the balance each month until you clear it.
It would be best to keep a credit union card or two on hand to put a balance on. They are generally never going to CLD you!
+ 1
I had put on about $900 onto my discover card and had 0% APR and planned to carry the balance but I always paid around $60-$100 a month onto it and sometimes around $200+. I put all my other charges onto my Amex and PIF those. I did this for like 5 months and with no issues.
