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SexxiƸ̵̡Ӝ̵̨̄ƷPrinces... | Credit cards: Is it better to pay off the full balance or make payments? |
Say you had a balance of 500$ on your credit card. When the bill came, would it be better for your credit to pay off the 500$ right away, or make above the minimum payments?
One of my teachers told me it was better to pay off the balance immediately, and one told me it looked better on your credit to make payments. (To show you are responsible and can make payments for future loans.)
Answers? |
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John H
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3 parts to your question:
A balance of $500 (assuming you put goods on during the month).
1. Repayment to attract lowest interest charge (throwing money away), depends on the term from the institution and the rate:
a. If the rate was below what interest you were getting on your money, then take the maximum time to pay.
b. If there is a honeymoon period (like 55 or 60 days to pay without interest charge), then leave the payment until the last day and clear the balance.
2. To establish a credit rating:
a. Paying off your balance without incurring any interest charge will not establish (or maintain) a credit rating
b. Paying off the balance as a regular payment will establish credit behavior and build your credit rating score.
3. serviceability:
a. the ability to meet your monthly debts, is an indication of your ability to service your level of debt
b. If you opt not to pay all of the balance, and for whatever reason (in hospital on holidays, forgot), and you missed a payment, you would be worse off, as your payment Record would show a default.
Which is best, is determined on working out, which is best for you based on your financial circumstances, and your financial intentions.
There is no right or wrong answer her, just what's best for you. |
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R T
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Pay it off completely, every month. That way, you don't pay interest.
A credit report just shows a check box for if you paid as agreed (at least the minimum and on time), the highest amount loaned, the current balance, and payment history (the check box thing) back 7 years.
They can't tell if you paid the whole thing, paid in part, paid early or paid on the day it was due. They only can see if you paid as agreed or not. So, you don't get extra "brownie points" for carrying a balance and it cost you extra money. |
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curtisports2
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It's ALWAYS better to pay the full balance, if you can. How can you be a credit risk if you always pay back what you owe? The credit card companies don't make much money from you when you pay the full balance every month, but they do not punish you for it with your credit score. The teacher that told you to throw away money on interest by carrying a balance is a fool. |
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redhairedmama75
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Pay in full every month |
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bjohn4693
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the fact that you pay in full is a payment so that voids the advice you got from someone saying to make payments. If you make payments you are losing money cause your going to pay interest.
When you look at your credit rating you want to see the following after each account" Paid as Agreed" that is what gets you a GOOD Credit Score. The more of those the more credit you'll get.
Remember not to abuse the privilege of having credit. |
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NONAME
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its always better to pay it off immediately. it boosts your credit scroe plus you save money. cuz the longer the debt stays in you account the more interest you have to pay.
hope i helped! |
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bdancer222
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Making small payments will not improve your credit more than paying in full. It just costs you interest.
The best way to build your credit is to use the credit card every month and pay it in full. This builds good payment history, avoids interest, and keeps you out of debt.
Credit cards are a convenience and are not meant to be long term financing. It is never a good idea to carry balances on credit cards. |
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Principessa
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Pay it off as soon as you can.
ALWAYS make AT LEAST the minimum payment, or your credit score will go down the toilet.
You should use your credit card once every 6 months or so to show account activity, but make sure you pay it off.
Paying just the minimum will ensure you're paying interest since you didn't pay it off fully by the due date. |
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Ra1zeN2
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It's def. cheaper if you paid off right away. The interest accumulates and adds to the balance. |
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Reena
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Pay it off in full whenever you can because not paying interest on outstanding balances is the smart way to use credit.
Also - never use more than 30% of your available credit in a month.
Irregardless of whether you pay the bill in full when it comes you are judged by how much of your credit limit you use every month.
Keep it in the "safe zone" and that is 30% or less or you will trigger a red flag and you will scare your credit card company... they consider you high risk when you use the whole credit limit every month and they probably are near hysteria until your payment comes in. |
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William M
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If your credit card balance is less than 1% of your net worth, it does not matter much if you make payments and still pay interest.
Say that your credit card balance is $500 and the interest rate is 15%. If your net worth is $50,000 and you have it all in Series I savings bonds paying 5.7% interest, do the math.Series I bonds get $2850 interest that year and your credit card balance, if you pay the minimum finance charge for 11 months and then pay the entire balance in one year gives you $75 interest cost and the monthly finance charge.
You just have to have the discipline to keep your balance no more than 1% of your net worth. If you have very little net worth, then yes, pay the entire credit card balance in one month. |
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wad963
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Depends on the interest rate and your goals. In general carrying debt isn't good, it costs you money. But if you are trying to get a credit history making monthly payments will help you. |
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curious8
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both teachers are correct - it depends on what your goal is. if you want to save money, pay it off completely & save yourself the interest payments. if you need to establish a credit history, pay it off in say 5 payments of $100 each. this way you're showing your ability to handle credit, but at the same time you'll still save some interest money by making more than the minimum payments required, which reduces your interest payments. |
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