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Credit cards - pay in lump sum or partially?

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MarineVietVet
Moderator Emeritus

Re: Credit cards - pay in lump sum or partially?

 


@Anonymous wrote:

Woow... I had no idea.

 

So would this work ok?

 

Lets say the statement is cut on th 30th of each month.

And this is a card with $2,800 credit limit

 

1st of the month - start with $0 balance & rack up about $500

10th of the month - pay off the $500

15th of the month - rack up another $750

25th of the month pay off the $750

28th of the month - rack up $100

30th the statement is cut with $100 balance

5th of the next month, pay off the $100 and start the process again

 

 

 


That would work but it doesn't really matter what system you use. The key is to make sure the balance that reports on your statement each month is within that 1-9% utilization that most people here recommend. Then pay the statement balance in full before the due date to avoid any finance charges.

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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