Reply
Frequent Contributor
Kozmo
Posts: 320
Registered: ‎07-08-2012
0

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?
Established Contributor
Chris123nTx
Posts: 500
Registered: ‎05-11-2007
0

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.
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

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%
Community Leader
Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Paying off a balance...

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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

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. :smileyindifferent:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}