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Valued Member
meehan20
Posts: 33
Registered: ‎10-11-2008
0

Re: Pay in full or minimum paymeny

is it helpfull to go online and pay every couple of weeks in full? I used to do that back before i got into a huge credit mess with all of my car loan and cc'd... Each tiem i get paid i woud always just pay off the card. than do it again 2 weeks later.. ect.
EQUIFAX
06/30/06- 713
12/12/07- 375
10/17/08- 457
3/10/2010- 519
$13,000 worth of debt still out there in collections/charged off accounts.
Member
jamieg25
Posts: 77
Registered: ‎11-09-2008
0

Re: Pay in full or minimum paymeny

in any economy you should pay in full each month because what happens to your score if you carry a balance then lose your job

 

if you have high financial commitments each month then suddenly no income then you are more at risk of damaging your score than if you owed them nothing

 

also if you are worried about spending the money to pay in full then the solution is simple and just pay off thecards and do not use them until the economy turns around and if there isa balance and they decide to lower your limit then it could put you into over limit fees and that will damage your score also

 

so it is best to not use them right now except the occasional bill payment and then pay in full immediately

Established Contributor
woopah
Posts: 721
Registered: ‎03-15-2008

Re: Pay in full or minimum paymeny

I'm agreeing with the others.  If you can afford to PIF, PIF, regardless of how the economy is.  Never make the minimum payments when you can either, pay more or pay off completely.
4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: Pay in full or minimum paymeny


meehan20 wrote:
is it helpfull to go online and pay every couple of weeks in full? I used to do that back before i got into a huge credit mess with all of my car loan and cc'd... Each tiem i get paid i woud always just pay off the card. than do it again 2 weeks later.. ect.

I agree with this practice, as it typically does me good to see my bank account deplete with my spending on my Amex charge card.

Here we go again...
Established Contributor
MrCredit
Posts: 573
Registered: ‎11-13-2008
0

Re: Pay in full or minimum paymeny

PIF if you can afford.... normally I would say let them get some interest cause they like revenue, right now though PIF is the way to go, you will be under the radar.
Established Contributor
MrCredit
Posts: 573
Registered: ‎11-13-2008
0

Re: Pay in full or minimum paymeny

dont ever pay bare minimum you will be flagged for adverse action, CLD or an APR increase or both.

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