Is it bad to pay off your credit cards in full?

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ArtSorr0w
 
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Is it bad to pay off your credit cards in full?

Postby ArtSorr0w » Mon Jan 18, 2010 9:34 am

I recently got a settlement from my insurance company that would allow me to pay off some of my credit cards which are very near their maximum. I heard it was a bad thing to pay off your credit cards with one payment and that this might even hurt my credit. Does anyone have any information about this?


jeffysdad
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No, there's nothing wrong with paying off your cards

Postby jeffysdad » Tue Jan 19, 2010 6:25 am

with one payment. Go ahead and do it today, and then cut them up.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Cucumber
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Postby Cucumber » Fri Jan 22, 2010 3:09 am

Why cut it up :confused:

Even if you don't wanna use credit cards it's still good for your credit record to have them open.
OBAMA
Stop talking crap about him!

jeffysdad
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you're right...

Postby jeffysdad » Fri Jan 22, 2010 6:49 am

I was thinking mostly metaphorically about "cutting up." However, we may be doing that if cards start charging "inactivity fees."
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

creditcardhelp
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Postby creditcardhelp » Tue Jan 26, 2010 11:03 pm

Hi, what if you have "bad" credit history on the card (missed a few payments/late), would it be wise to keep paying in partial till a good credit history with this card is established? or would paying it in full right away be better.

Does this lead to an equal boost in credit rating or is one option better than the other for credit rating boost?

Thanks!



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