kaliraksha
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1. Pay at least the minimum.
2. Understand you will pay more interest unless you have a 60 day grace period like some Discover Cards do.
3. Credit Agencies list "Paid minimum", "Paid more than minimum", and "Paid in full". Obviously one is good, one is better and one is the best.
4. In the end the only way it can directly effect the FICO score number is when it comes to credit to debt ratio. Which means how much credit is offered to you compared to what you owe. If total you have 1000 dollars available for you to charge and you owe nothing your percentage is 0% which is great. If you have 900 dollars charge and your available credit is 1000 dollars your percentage is 90% which is not so great. |
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bdancer222
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As long as you make at least the minimum payment by the due date, your credit it will be fine. Credit cards only report if you paid on time or not. There is no indication of how much you paid.
However, if you do not pay the entire balance in full, you will incur interest based on the average balance. The faster you pay the account off, the less interest you have to pay.
The best way to handle your credit card is to only charge what you can afford to pay in full each month. This will build a good payment history, avoid interest, and keep you out of debt. |
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Blessed
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That is perfectly fine..you can pay it off but just don't close the account and use it ever so often...Closing the account would be bad...but go ahead and pay it off |
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ILoveMySon
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as long as you want so long yu pay the minimum payment each month |
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Kay
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It's preferred to pay down 90 to 100% of your credit card bill regularly on time in order for you to maintain the high credit score. If you can pay off, don't wait but when money is tight, pay more than minimum (1/2 is okay if more than the minimum) and pay the remainder the following month. Until the balance is paid in full, it would help if you don't add any more purchases on your credit card. Try to keep your balances to zero whenever you can. Why split your bill in half if you don't have to. You do it only when it's absolutely necessary. |
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Alli*LOVES*Artie*Lange
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it's not bad to pay it off in two months, it will just cost you more in interest. |
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harvestsmiles
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Pay at least your minimum payment each month!
If you pay the amount off as soon as you get your bill you will still be adding to your credit. I thought you had to pay it off in seperate amounts to have it show as good credit but you can pay it off in one lump sum and it will still add to your good credit score. |
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FedUp
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It doesn't matter how many months it takes to pay off your credit card.
Creditors actually like to see a good standing history of payments. What makes a difference on your score is your balance vs. your credit limit. If you can keep your balance to less than 50% of your credit limit, your score will not be affected negatively. |
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shell27
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The faster you can pay off that credit card, the better off you will be.
You go, girl! |
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candyapplecat
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Credit companies like it when you charge and then pay off the next month. You can really improve your credit rating that way. Sometimes I have a balance over an additional month and haven't noticed my credit score harmed. So my guess is 2 months max. |
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cc
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Actually - to the person who said that companies like you to pay off the card in 1 month - totally incorrect - cc companies like you to pay it off over time - that is how they make their money by charging you ridiculous anounts of interest.
I pay all of my credit cards off each month except interest free ones and my credit score stays around 700. The only way the cc company rewards you is by increasing your limit faster - which I am sure is because they want me to spend so much that I won't be able to pay it off each month :(
I say pay as much as you can! If you need the money for an emergency later - you can use your cc! It is such a waste to carry a balance and pay interest! Look for interest free cc's for big ticket items.
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pllt404
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**** no. don't do that! That's horrible omg. |
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bearr41
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Not as long as you pay the minimum each month. If you pay only half of what is due, then it will look bad and you will likely get hit with fees and a higher interest rate. |
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