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Zero Interest Card Question

Member

Zero Interest Card Question

I have a chase freedom card with a low limit: $500 (first CC). I have zero interest for 15 months and just made a big purchase with it ($450). Is it better for getting a credit limit increase and better for my credit score to pay it off now in full (I have more than enough) or to send them like $100 for the next 4 months and pay it off?

Message 1 of 7
6 REPLIES
Valued Contributor

Re: Zero Interest Card Question

With the credit line maxed out you are taking a major hit on your FICO.  For that small of an amount I'd just pay it off. 

Message 2 of 7
Frequent Contributor

Re: Zero Interest Card Question

+1 not worth the hit you'll take on your score. With a low limit like that you should use it and pay it multiple times per month. Just push the payment from your banking institutions bill pay. That "might" trigger an auto CLI from chase.

Starting Score: 620 FAKO
Current Score: FICO TU 715 (wal-mart) FICO EQ 692
Goal Score: 700


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Message 3 of 7
Frequent Contributor

Re: Zero Interest Card Question


mauwow0682 wrote:
+1 not worth the hit you'll take on your score. With a low limit like that you should use it and pay it multiple times per month. Just push the payment from your banking institutions bill pay. That "might" trigger an auto CLI from chase.

Seriously? I opened my Chase card (WaMu at the time) in Aug '06, and have never gotten an auto CLI from them. Never late, either. But I always go onto their website to pay. Could it be possible that switching it to using the bill pay from my CU might trigger one? I never thought of that....interesting. I would check that out, but the balance is currently at $0.Smiley Tongue

Message 4 of 7
Valued Contributor

Re: Zero Interest Card Question


pt310 wrote:

mauwow0682 wrote:
+1 not worth the hit you'll take on your score. With a low limit like that you should use it and pay it multiple times per month. Just push the payment from your banking institutions bill pay. That "might" trigger an auto CLI from chase.

Seriously? I opened my Chase card (WaMu at the time) in Aug '06, and have never gotten an auto CLI from them. Never late, either. But I always go onto their website to pay. Could it be possible that switching it to using the bill pay from my CU might trigger one? I never thought of that....interesting. I would check that out, but the balance is currently at $0.Smiley Tongue


Don't waste your time waiting on an auto with that.  WAMU cards are second rate cards at Chase.  I've got perfect payment and FICO north of 700 and they won't drop the rate from the 29% they jacked it to when they bought the account from WAMU.  

Message 5 of 7
Frequent Contributor

Re: Zero Interest Card Question

I have the same problem....that's why it's at $0, but it's also my oldest open account so I don't want to close it.

Message 6 of 7
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Blogger

Re: Zero Interest Card Question

Chase doesn't have quite a good reputation for automatic CLI's on this board does it? Smiley Indifferent

Message 7 of 7