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I thought credit card payments come with 3% transaction fee.
What's the installment plan option and fees?
Not just kill your scores but I read recently that using CC's to pay taxes is a big no-no with some CCC's, and can cause an AA.
@haulingthescoreup wrote:
Sorry to hear about your horrible surprise!
Just in terms of FICO scores, unless you have an insanely high total CL --like $300K+ --popping $17K onto your CC's is going to kill your scores.
I'd check into an installment loan or something.
Plus as Creditaddict mentioned, the service charge for the CC will make it even worse.
Granted you will loose points, I think many on here get a little dramatic with exactly how bad it will get by slapping on the debt. how far you fall really depends where you start and rather even a 50 point decrease will cross you into a lower level of credit, like falling below 720 or below 680. but if your in 800's it's really not going to matter to fall 50 points in the big picture is it?
@Anonymous wrote:Not just kill your scores but I read recently that using CC's to pay taxes is a big no-no with some CCC's, and can cause an AA.
I think amex loves you to use there card but only if you pay it off the next month. I pay some of my employee taxes with them.
Creditaddict wrote:
Granted you will loose points, I think many on here get a little dramatic with exactly how bad it will get by slapping on the debt. how far you fall really depends where you start and rather even a 50 point decrease will cross you into a lower level of credit, like falling below 720 or below 680. but if your in 800's it's really not going to matter to fall 50 points in the big picture is it?
@haulingthescoreup wrote:
Sorry to hear about your horrible surprise!
Just in terms of FICO scores, unless you have an insanely high total CL --like $300K+ --popping $17K onto your CC's is going to kill your scores.
I'd check into an installment loan or something.
Plus as Creditaddict mentioned, the service charge for the CC will make it even worse.
The IRS payment plan is CR neutral as long as you fulfill your obligation. They do however have several fees and interest charges which might add up to a lot more that an installment loan at your CU or Bank (if you can get one nowadays).
I would suggest calling the IRS and asking them what the total fees will be. I don't know that they can tell you because their system is mysterious but it doesn't hurt to ask. I pay them what they tell me to pay them and don't understand where they get their numbers. I find this preferable to the Federal Penal System but not by much. Luckily, my goal is in sight, will be glad to end our relationship.
contractor wrote:
... I find this preferable to the Federal Penal System but not by much. Luckily, my goal is in sight, will be glad to end our relationship.