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Paying off a balance...

Frequent Contributor

Paying off a balance...

For an account that is close to its limit and has been for awhile: when paying it off what is the best option? My concern is if I pay it off in one shot Amex may decrease my credit line.

I've considered slow paying it down. Maybe over 2 months and while paying it down using it here and there just to have some usage on the account.


Anyone know of a better way to avoid this concern?
Message 1 of 5
4 REPLIES
Established Contributor

Re: Paying off a balance...

Pay it off. If amex was going to do anything, then there is little you can do to avoid it. Dont pay interest when you dont have to. Unless the rest of your credit is all maxed out, my guess would be they do nothing at all. If you have paid them late or have other new credit issues, then that would be a cause for concern, but not just paying them off. Just my opinion, could be wrong.
Message 2 of 5
Valued Contributor

Re: Paying off a balance...


Kozmo wrote:
For an account that is close to its limit and has been for awhile: when paying it off what is the best option? My concern is if I pay it off in one shot Amex may decrease my credit line.

I've considered slow paying it down. Maybe over 2 months and while paying it down using it here and there just to have some usage on the account.


Anyone know of a better way to avoid this concern?

I would pay if off ASAP. Amex is a charge card company and with it, a charge card mentality. They don't like you to carry balance, so PIF fast.

 

I read too many stories here about getting CLD and FR for carrying balance too long.

 

 

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Message 3 of 5
Super Contributor

Re: Paying off a balance...

Any paid off debt is good and makes you feel good about it too! Pay it off 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 5
Highlighted
Blogger

Re: Paying off a balance...


Kozmo wrote:
My concern is if I pay it off in one shot Amex may decrease my credit line.

No they will not. Smiley Indifferent

Message 5 of 5