Ok well Ima be getting a loan and some of the moeny is gonna go to my credit cards....

I was wondering what would benefit me....paying them off in one payment or do it gradually..maybe within3-4 months?

I hope I sence......I had heard b4 that paying them off bit by bit is better..

any feeback is greatly appreciated!!!!

 

i always pay the entire amount at once

 

me too, I get like 70-80 balance and then pay off.
so far (three months) they've raised my limit.

In about a year I'm going to apply for more. credit credit credit!!!


I would do it all at once. IMO

 

yup also depends on the amounts....i get bout 500$ a month and always pay off no matter what i don't want anything outstanding

now if u talkin about thousands of dollars then yeah diff. story

 

pay it off sooner...that way you give them less $$ for money you spent.. other wise intrest rates will eat you up

 

i would leave a small balance, i was told by the bank when i got my car loan that its better to have a balance no matter how small then to pay the whole thing off. I wanted to pay off all our cards, but ended up leaving about 100.00 on each one. Then make the minimum payment plus 30%or so. It helps your credit rate. call your bank and ask what they suggest.

 

^^ everyone has a different take on that

 

It's been my experience(just from looking into my credit rating and such) that it really does depend on how much you owe, and what your limits are.

When I was looking into getting a new car I spent $30 or so on my credit score/rating info and I was able to look through it as it changed for about a month. I had 4 cards(store specific or credit) and owed on all of them.

If you owe a small amount, i.e. a few hundred on a card with a $5k limit, pay it all off as soon as the bill comes in if not sooner.

If you have a high limit card with a substantial amount owed on it(Id say 30% of allowance), make a large payment when the bill is due, but don't pay it off right away. Maybe divide it up into about 3 months or so and pay it off within that time.

Most companies like to see that you will pay your bills a few days early or on time, but remember, they make money on that full 30 days.

Scratch their back, and they'll scratch yours. And by scratch I mean increase, and by back I mean credit limit.

 

Leave a small balance...less than $100 at the very most... The only way the agencies can rate your credit is if you actually have open credit... you pay off all the balances and they don't know if you are serious about your credit or dead. Either way, they don't care....But pay them off with that small balance and be sure to keep that loan active and your score will go way up. I owed nothing, and had a crappy credit score, got a loan or 2 and now I have some pretty good numbers.....Go figure...

 

^^ couldn't have said it better (madzozs)

 

ok thanks for the suggestion

I have one that I owe about 3500 another about 800 and the last one with 1100

Im just gonna pay them like oldmanatee said

 

Now, want me to invest your 401K money????

 

lol...sure why not

 

Always pay off credit cards Slowly NEVER Max out and never have a ZERO balance.

Try to keep your balance at approx 30% of the total available limit of your cards.

Yes, you pay interest for it, but that's what credit card companies LIKE and when you do things that they like, they tend to tell their friends about you.

 

This is the first I have ever heard about not having a zero balance on your CC.

 

If you let a card go dormant, you are opening yourself to a hassle when you go to use it... Maybe not, but it makes the card company watch you.

 

yeah
if i need to borrow money i'm gonna go to my family
no need to waste my money on interest rates

 

It never hurts to leave a small balance on each credit card. At least you know your plastic is still working if/when you decide to use it.

Oh, and i'd pay as much of the balance off as you can. Interest rates are murder. And remember not to run up those debts again!

 

doesn't make any sense to me

 

doesn't make any sense to me