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New Member
atlantacredit
Posts: 4
Registered: ‎08-03-2007
0

Furniture Purchase: Pay off Now or Later?

My wife (T 664 EX 677) is trying to increase her credit score.  She has no current credit cards as we have been hesitant to get any since I, her husband, filed a Chapter 13 Bankruptcy 1.5 years ago.
 
We were just approved for a $3500 credit card at a local furniture outlet, and made a purchase for $2200.
 
My question is
 
-Are we better off paying it off after the first month?
 
-Or over 6-12 months, etc? (no interest, etc)
 
I understand the benefits of paying it off early and have the cash on hand to pay it off.  That is not the issue
 
But from a strictly FICO score perspective, what would help her score the best?
 
PS I signed on for the ScoreWatch 30 day free trial period.  That will give me her score each week, just not her report, correct?  So I could monitor the score that way, no?  (You get one free report and each one thereafter for $10.95, right?  But you still get just the score each week?)
 
Any thoughts would be greatly appreciated....
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Furniture Purchase: Pay off Now or Later?

Whoever just got the LOC for 3500 will get a depression of FICO score initially because the utilization will be very high.  When paid off the score shoulsd rise.
 
Paying it all, or nearly all off (about 99%) is likely to give you the best immediate change in FICO score.
 
Scorewatch monitors your EQ FICO score every 5-10 days and tells you if there is a change in score.  It is very slow updating.  Also, there will obly be changes when the CCCs report balances.  So it could dake 45 days before Scorewatch notices the new credit line.
 
Is it joint or for one of you?
 
 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Member
atlantacredit
Posts: 4
Registered: ‎08-03-2007
0

Re: Furniture Purchase: Pay off Now or Later?

Just for her.
 
I cannot have any credit for 5 years.
 
 
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Furniture Purchase: Pay off Now or Later?

Well, you could pay off 99% of it before the statement date, and then the rerst after the statement date.
 
But for general progress in credit scores she need the sort of CC that can be used once a month for a small amount and paid off in full.  I am assuming you are NOT going to buying furniture every month  :smileyvery-happy:
 
There are several cards that should be available to someone with her score.  If any of the experts come on line I am sure they will suggest suitable ones.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Member
atlantacredit
Posts: 4
Registered: ‎08-03-2007
0

Re: Furniture Purchase: Pay off Now or Later?

What would be the best card?  I really just want to start with just one.  I am not looking to get into debt for my wife after my "experience"
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Furniture Purchase: Pay off Now or Later?



atlantacredit wrote:
What would be the best card?  I really just want to start with just one.  I am not looking to get into debt for my wife after my "experience"


I will leave that to the experts who will be around later (maybe tomorrow).  I am just here to make bad jokes and pick up loose women  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Member
camsnew2this
Posts: 7
Registered: ‎08-04-2007
0

Re: Furniture Purchase: Pay off Now or Later?

hello are you there right now?
New Member
camsnew2this
Posts: 7
Registered: ‎08-04-2007
0

Re: Furniture Purchase: Pay off Now or Later?

I really don't knpw what I m doing. is there someone out there reading this right now???? seriously???
 
New Member
camsnew2this
Posts: 7
Registered: ‎08-04-2007
0

Re: Furniture Purchase: Pay off Now or Later?

i have no idea how to use a forum i've never done this before....ever! I have questions about my fico can anyone help me? is there anyone even reading this????
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Furniture Purchase: Pay off Now or Later?

Ok, so you have found out how to post a message - you are on the way.
 
(There are not all that many people here at the moment, and I have to leave shortly)
 
If you go to the forum you need, then hit "new Message" you will post a new thread in that forrm.  And don't forget an informative title.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

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