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Additional Details
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NT | Should I pay my credit cards in full or just the minimum?? |
I've heard very different responses from many people and I don't know which one is true. My dad said to not constantly pay in full and others are telling me to pay in full every month. Should I listen to my dad if I want to build my credit or should I listen to others?
I'm interested in purchasing a house in a few years and I need a good credit score. Thanks! |
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ekibitz
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Paying on time is more important to your credit score. It might be better to have it paid off when it's time to purchase your house.
Why not pay a fixed amount each month that will pay off the card within a few years? Then your Debt Ratio will be lower and you can qualify a little easier and for a little more expensive home. Most lenders like to see your total debt ratio at less than 36% and your housing debt ratio less than 28%.
Here's a Mortgage Qualification calculator so you can see the affect.
http://mortgage.bizcalcs.com/Calculator.asp?Calc=Mortgage-Qualification
Here's just a Debt Ratio calculator...
http://mortgage.bizcalcs.com/Calculator.asp?Calc=Debt-Ratio
And here's a calculator that can help you figure out how much to pay each month to get your credit card paid off in a certain time you choose...
http://creditcard.bizcalcs.com/Calculator.asp?Calc=Credit-Card-Equal-Payment-Payoff
Be disciplined in using and paying your credit cards and you should be fine when it's time to buy a house. |
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John W
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Pay them in full. You spend less money over time by paying them in full every period v. making the minimum payment and allowing interest to accrue.
One thing I find works to my benefit is overpaying, which gives a negative balance (so they technically owe you money). At that point you can make a purchase, and it goes into your credit history, but your balance remains below -- or at least very close -- to zero. Make sure your credit provider doesn't penalize for that kind of stuff before attempting it, though. |
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SDD
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Paying your bills on time-- whether you pay them in full or in part -- is the best indicator of being a good credit risk. Since credit cards charge you a lot for carrying a balance, financially you don't want to do so if you can avoid it. |
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Richard
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Guess what pineapple, they are both correct!!! Lets take your dad's answer first.
If you pay your payments on time each and every month your credit score will raise. This will be based on how many months you have had the card, how many months you have paid on time, and the balance of your card. I say balance because if you raise your card to the maximum your score will decrease. The assumption here is that if you raise all your cards to the maximum limit you are having trouble financially and living on credit. However, if you maintain 50% of your maximum balance your rate will increase. That doesnt mean you can go out and get several cards because then it would affect your debt to income limit which once again may be assumed you are living on credit. If you maintain a reseasonable number of cards with reasonable balances you will be okay.
Part two, are others correct? Yes they are. Once again if you maintain a reasonable amount of credit cards and pay them off every month when they are due, you will still maintain your credit score. However, yes there is a however to this one. If you decide to pay a credit card in full and cancel it, down the road it could affect you buying a home because once you pay it totally off and cancel by consumers request, then it will have no affect on your credit either good or bad. So now you have another question come to mind, so what? If that is the only card you have then you have no open credit card and it could affect your credit score. Credit cards have a definite affect on your credit score as does mortgage payments and installment loans. All these have definite impacts on your credit scores.
My answer to you would be to keep a minimal amount of credit cards with minimal balances. This way you are not weighted down by heavy credit card bills that would affect your debt to income when applying for a mortgage loan. Make sure your balances are no more than 50% of the maximum approval of your card. By credit cards Im talking about cards like Visa, Master Card, Lowes credit cards, Sears, Pennys etc. You dont need a credit card for every store in the country. That is what gets people in trouble. Keep your cards to a minimum and use them only. It forces you to pay them down quicker, you dont get over your maximum balances allowed, and makes you more aware of what you do have. You can keep better control. If you dont need something right then, dont charge it just because you have money left on your card, especially if you are going 50% over your balances. Remember, your optimum credit score for a decent interest rate for a mortgage will be at the 640 mark. You can get a loan at 620 but the rate wont be as good. I hope this has answered your question. |
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isibingo
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Top 10 Hidden Dangers of Credit Cards
But knowledge is power, and if you want to avoid getting squeezed, you should be aware of the top 10 money-grabbing tricks credit card companies have up their sleeves:
1. The universal default penalties. Card issuers regularly check their customers' credit reports for late payments on any of their bills. Any late payment can be used as an excuse to trigger a hike in your credit card's interest rate, even if you have never made a late payment to the card issuer.
2. Bait-and-switch card offers. Direct mail offers generally advertise the issuer's premium card at an eye-popping low interest rate, while the fine print says the company can issue a more costly non-premium card with a higher annual percentage rate if you fail to qualify for the premium card. Just because you apply for a card with a low rate doesn't mean the card that shows up in the mail actually carries that low rate.
3. Shrinking grace periods. Historically, grace periods -- the time during which your transactions don't accrue interest -- were 30 days long. They now average 23 days, and some issuers have whittled the grace period to 20 days. Some cards have no grace period at all.
4. Two-cycle billing. While most card issuers use the standard one-month method to calculate interest charges, some use a method that calculates interest on two previous months' balances. Companies compute interest charges on your average daily balance by adding each day's balance and then dividing that total by the number of days in the billing cycle. Some do it on a monthly basis, but others use the average daily balance over the last two billing periods. If you carry a balance this usually means that you've lost any grace period on your new purchases. Unless you pay off your balance for two months in a row, the two-cycle method will include the prior cycle's average balance in calculating your finance costs even though you paid off that cycle's balance in full. You don't face that expense with a single-cycle card.
5. Inactivity charges. Credit card companies don't make money if you don't use your cards. Keeping your card in your wallet could incur a hefty fee, as much as $15 if you haven't swiped your card in six months, but charges may be incurred for shorter intervals. |
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scoochypup
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as much as possible, I wouldn't be to worried about it, I did a search and found this site that explains in detail about this same issue, check it out http://www.mintcreditrepair.com , excellent articles also. |
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SPIFIMAN1
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For building score you should leave a small balance every month. Like 10% or so.
After you have your score established, it's better to pay in full but you need that good long payment history first to establish a good score. |
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beauty s
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in full, cause if something happened u don't have to worrie about paying your bills.. |
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nanizm
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always keep your balance low because your credit score takes into account the balance you owe on credit cards and its available balance. It needs to be low in order to help your credit score. Credit Card company's are looking at usage. If you use your credit card all the time and payoff at the end of the month they will look at increasing your limit since they figure you need more. This will increase your buying power and have more resources to build your credit. |
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xxviixxvii
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Best practice - don't use them, if so why would you want to pay interest on your purchase - Do you want to pay more for the purchases - be wise and don't create debt. |
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Karan
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If you want to pay some interest pay the minimum, if you want to avoid interest and use the cards the way they are supposed to, they pay in full. Paying the minimum is playing the game by the bank's rules, which you can't win anyway.
A good credit rating will show you paid on time, whether it was the full amount or just the minimum. |
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$m¤¤v¥ £¤¢¤
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Being a former credit analyst/underwriter, from what I've seen that works the best is to pay significantly more than just the minimum payment. I'll give you an example let's say that your balance is $300 and your minimum payment is $10. While it's completely ok to just pay the $10 to keep the account current, and just as well to pay the whole $300, Paying $250-275 would be perfect becuase it not only satisfies the minimum payment, but it also it allows continual activity on the account which allows to be reported. There's an unwritten rule of thumb that you want to use no more than 30% of your total available credit. Paying it this way takes care of the balance to where it shows that you're using the account, but you're making substantial payments as well. |
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