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exolesneakzorz
Member since: July 2010
Total Contributions: 2
Most Popular Contribution
Is it better to pay off a credit card every month or make payments toward the balance every month?
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(2 Total Contributions)Is it better to pay off a credit card every month or make payments toward the balance every month?
He's not implying it from a financial standpoint. Yes, it IS best to not owe money on your credit cards. From a credit score standpoint, (go check out the credit report card section on CK) your credit score gets lowered significanly if it shows that you owe zero dollars on your accounts. Having a $5 balance isn't going to kill anyone financially with the interest, and according to THIS SITES postings having a 1% balance on your credit card is miles better than having a 0% balance. I'm not a creditor by any means, but I did notice that myself and haven't been completely paying my CC's off each month because of it. Again, having a $5 balance isn't going to kill anyone in interest.
Response Reply posted 1 year ago
I have an account that has been in collections for about 6 years. What should I do?
I was in this situation some time ago, all you can do is pay it off ASAP. I had checked my credit for the first time about 2 years ago and was astounded, I had assumed I would have a decent credit score. Just owing $25 to sprint from about 5 years ago left me with a staggering 587 credit score. Paying that off and continuing to pay my credit cards and the likes, two years later I am now at a 709. GET COLLECTIONS ACCOUNTS PAID OFF ASAP! THEY STAY ON YOUR RECORD FOR 7 YEARS!!
Response posted 1 year ago
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He's not implying it from a financial standpoint. Yes, it IS best to not owe money on your credit cards. From a credit score standpoint, (go check out the credit report card section on CK) your credit score gets lowered significanly if it shows that you owe zero dollars on your accounts. Having a $5 balance isn't going to kill anyone financially with the interest, and according to THIS SITES postings having a 1% balance on your credit card is miles better than having a 0% balance. I'm not a creditor by any means, but I did notice that myself and haven't been completely paying my CC's off each month because of it. Again, having a $5 balance isn't going to kill anyone in interest.
Response Reply posted 1 year ago