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If one went from always paying in full on their monthly CC bill to paying the
Posted on 10/6/17 at 5:49 pm
Posted on 10/6/17 at 5:49 pm
minimum (or a little more), would it hurt one's credit score much?
I will start paying in full again by the first of the new year.
I will start paying in full again by the first of the new year.
2
Posted on 10/6/17 at 6:48 pm to cypressbrake3
If you carry a high balance in relation to the total credit limit, yes you will hurt your score.
Paying the minimum doesn't in itself lower your score. As long as you pay on time.
If you have a $10,000 limit, but carry a $500 balance and pay the minimum $25 payment, you will be fine.
but if you have a $10,000 limit, and charge $3000 per month and pay the minimum, you will hurt your score.
Just depends on how much you carry.
Paying the minimum doesn't in itself lower your score. As long as you pay on time.
If you have a $10,000 limit, but carry a $500 balance and pay the minimum $25 payment, you will be fine.
but if you have a $10,000 limit, and charge $3000 per month and pay the minimum, you will hurt your score.
Just depends on how much you carry.
Posted on 10/6/17 at 6:52 pm to Taffeta
Thanks, I have 3k outstanding against total credit limit of 22k. My credit scores have run in high 700s and lower 800s for some time.
This post was edited on 10/6/17 at 6:54 pm
Posted on 10/6/17 at 8:20 pm to cypressbrake3
That shouldn't affect your credit much. If you have good credit, it may be worth it to sign up for a no interest CC to carry the balance until the end of the year.
Posted on 10/6/17 at 9:35 pm to cypressbrake3
quote:
minimum (or a little more), would it hurt one's credit score much?
Only temporarily. When you pay the card off it will have no lingering effect
Posted on 10/7/17 at 12:39 pm to LSU1018
quote:
If you have good credit, it may be worth it to sign up for a no interest CC to carry the balance until the end of the year.
^^This^^
with that kind of credit score you should be able to qualify for a card with a low interest or 0% promo interest rate. Then you can transfer the balance, but watch out for the transfer fee. Make sure you compare those been shopping around for cards
Posted on 10/7/17 at 2:17 pm to tiger09
quote:
with that kind of credit score you should be able to qualify for a card with a low interest or 0% promo interest rate. Then you can transfer the balance, but watch out for the transfer fee. Make sure you compare those been shopping around for cards
BofA currently has a 0% interest, $0 transfer fee card option. Others may as well.
Posted on 10/9/17 at 9:12 am to Jag_Warrior
Chase Slate is almost always the best choice for this situation. $0 transfer fee and 0% interest for 15 months for any transfers done within the first 60 days of the account being opened.
Posted on 10/9/17 at 11:14 am to VABuckeye
Chase Slate is good. But the BofA offer that I received offers 0% for 12 months ($0 fee) and a $150 bonus after $500 is spent in the first three months. Just a question of whether the balance can be paid off in 12 or 15 months, and whether the $150 bonus would be worth giving up 3 months of 0%.
Also, I think Chase maintains their offer over time. The BofA offer is for a limited time.
Also, I think Chase maintains their offer over time. The BofA offer is for a limited time.
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