topic Re: May be a silly question. Paying over the amount due? in General Credit Topics

May be a silly question. Paying over the amount due?

Anonymous — Mon, 11 Mar 2013 01:31:16 GMT

My balance on my Wells Fargo card was 403, limit is 500, I paid 405 by mistake n now my balance is -2 dollars. Will paying more have a higher impact on my credit? It was hurting me being almost maxed but now it's paid actually more than owed. Thanks!

Re: May be a silly question. Paying over the amount due?

Anonymous — Mon, 11 Mar 2013 01:32:45 GMT

No, it won't hurt you. You'll just have a $2 credit next statement.

Re: May be a silly question. Paying over the amount due?

llecs — Mon, 11 Mar 2013 01:33:16 GMT

It won't hurt anything or help any extra above and beyond $0. It'll report as $0.

Re: May be a silly question. Paying over the amount due?

Anonymous — Mon, 11 Mar 2013 01:51:03 GMT

Is it better to have a 0 balance or charge like 25 bucks and be at 5% util?

Re: May be a silly question. Paying over the amount due?

llecs — Mon, 11 Mar 2013 01:57:44 GMT

For max points, pay all CCs to $0 except one and get one to report a balance of under 9% of the CL. IMO, util isn't too important until you app for something. While keeping higher balances over time is bad in the eyes of creditors, just make sure util gets in check before apping for anything. FICO has no memory of util.

Re: May be a silly question. Paying over the amount due?

Anonymous — Mon, 11 Mar 2013 01:59:23 GMT

Ok so since this is my only credit card, I want it under 9% or at 0?

Re: May be a silly question. Paying over the amount due?

llecs — Mon, 11 Mar 2013 02:05:29 GMT

For max points, under 9% [for your one CC]. YMMV on that level. It might be 1%, 2%, 5%, etc. You'll have to tinker with it, but at that point you're only micromanaging a point here or there.