quick question

[Anonymous]

I just rec'd my bill for my Target red card. My credit card limit $200.00 as u all may know..lol..My balance on the card is $36.00..I used 163.00 of my limit..the amount due is $10.00...due on 12/30/07..Should I pay the $163.00 to avoid finance charges, or do I just pay the minimum amount of $10.00? Also how far ahead should I pay the bill?

Fico's

TU-523

EQU-463

EXP-582 

Thanks

badcredit1

[Anonymous]

If you can, I'd pay the 163.00 now.  I PIF as soon as I get my statements.

[Anonymous]

Thanks, I will do just that.

[nathan]

Never pay only the minimum especially with those high interest rates. If I were you I would pay $162 if possible, leaving a balance of $1.00. Remember the 1-9% utl rule. Fico will like to see the low utl if you want to increase your scores. Btw now that your statement is out, pay it immediatley before they report the high balance. $163 on a 200 cl is a recipe for substantial drop in scores. If I were you, I would never use more than 5.00 on that card, maybe a pack of gum once in a while?

[Anonymous]

Thanks for the advice. I have so much to learn.  

[Anonymous]

bcg, I agree with cobra. PIF. Short of that, Pay $153.00, leaving a $10.00 balance, which is the ideal utilization of 5%(in my opinion).

With a balance of $163.00 on a $200 cl card, you are at 81.5% utilization, which will really hurt your score.

In addition, NEVER pay the minimum, if at all possible. Always try your best to keep any cc you have now or in the future, below 9% util. PIF also keeps everything clean and gives you a wonderful peace of mind. And peace of mind in the credit area, is priceless, I believe.

Hope that helps.

[Anonymous]

You guys are great! I learn something new on this site everyday..before long I will hit the 700 club..

[Anonymous]

FWIW, tey and make those payments hit the day BEFORE your statement drops.  Its gonna be hard to keep uti low on that card.  It reports the statement blance so if you bring it to 0 before the statement drops, you don't have to worry about taking a uti hit.

[jackg]

badcreditone,

I don't mean to come at you hard BUT, if you haven't figured out ahead of time howyou are going to manage your credit then you are a prime candidate  for, you know what it is, come on say it with me, BK! 

The question you ask comes from a person who is going to let credit, or should I say DEBT, manage them.

To address your question however let me say this, on your statement it says amount due:$10 that means that's the minimum you must pay to avoid bad things from happening. The balance due is $163.00 and that is what you should pay.

I'm confused with your question, "Also how far ahead should I pay the bill"? Please explain.