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Enigma Soul | Credit card debt paying method...Please help.? |
Hi...I have 2 credit cards. One I owe 400 dollars and the other one I own 1000 dollars. Currently I have 800 dollars to pay off. I heard if you pay your debt off, your credit would go down. So I'm thinking to pay off around 375 dollars for the $400 that I owe, leaving around 25 to 50 dollars in there. I'll pay off the rest to the other account. What do you guys think? What is the best way to pay them off? Thanks. |
 |
 
PK
 |
Your credit does not go down if you pay off your balance in full. It may actually increase if you are increasing your available balance considerably. You should pay off the $400 balance in full, but keep the card open, just DON'T use it anymore. Next, pay the remaining $400 toward the $1000 balance and keep paying off until you aren't carrying a balance anymore. Try just to purchase with cash and/or pay off your card in full each month. |
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Gary
 |
I have met a few people who placed everything on their credit card and when the bill comes in they are able to pay off the balance every month. You are better off to pay it off. |
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mister ed
 |
well at least you have some money to pay -- great work -- no your credit score will not go down -- pay the most money against the one that has the highest interest at the same time pay the minimum on the other one and once you get the one paid off work on the other one -- just keep up the good work!!! |
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Smilin'Bob_ The Enzyte Guy
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You pay the highest ineterest card rate the MOST, and FIRST until you pay it off... then work on the next one... paying them off does NOT NOT NOT whack your FICO score....
What it WILL do.. though... is save you $$$ in interest charges... |
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soltar1976
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Your credit score will not go down and may actually increase if you lower the amount you owe on the cards you already have. As far as which one to pay off, look at your monthly statements and see which one you are paying the highest interest on. Whichever one has the highest interest rate, is the one you should work to pay off first, making only the minimum payment on the other until the one is paid off. Then, concentrate on the other. |
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Spock (rhp)
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pay off the small one asap and keep it paid off.
if you need to charge something the month after, use this one, BUT always pay it off in full.
then go after the bigger one.
***
leaving a small balance won't affect your FICO score at all. You need to stop paying interest, it is eating your wallet.
You especially need to stop paying interest on the ordinary things you charge semi-regularly. {my wife tends to charge food at the grocery -- we've eaten it before the bill even comes and then if we can't pay it off immediately, we're paying interest on food we ate last month?? that is stupid.}
GL |
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Rick B
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Why are you so worried about your credit score? Quit worshipping the almight FICO.
Just pay your bills ontime everytime. Use credit when you need to and then pay it off as quickly as possible.
I pay my bills off every month except my car and mortgage and have an 850 credit score. |
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~LoVe~
 |
the reason that credit card lenders give you credit and the reason that its not good to pay it off at once is because they want to see if you are reliable, meaning anyone could buy something and pay it off - they want to see if you can be accountable month to month to make those payment.. and on time (which companies like mortgage companies look at before they lend you money to buy a house or a car)
My suggestion pay about $100 at time on the $400 you owe.. then as you get down to $0 use the card again and start the process all over. If you dont use it after you pay it off its pointless because your not building credit anymore.
This is what I do and I have PERFECT credit.. I get like 4 credit card offers a day! but dont get anymore credit card.. two is enough! |
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Cindy M
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In my opinion, (the way I do it), at after Christmas I owed $800 on one of my credit cards. I paid the minimum payment until Febuary when I got my tax refund and paid the whole thing off. Even, if you're tax return isn't that much--you can knock a hunk of change off what you owe.
Also, just paying $10-20.00 more every month will get it paid fast..because you're paying on the principle and not just the interest. (Interest IS your minimum payment every month). Hope this helps! Good luck!!!!!!! |
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