Is it better to pay off your credit card every month or not?

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Mapper
 
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Is it better to pay off your credit card every month or not?

Postby Mapper » Mon Nov 05, 2012 8:26 am

I've never had money problems and always had fantastic credit scores. The few times I have used my credit card, I've paid it off immediately, like within 1 week.

My husband has terrible credit so anything we try to get has to be on my credit. We tried to buy a rather expensive mattress on credit and my husband was turned down for obvious reasons and I was turned down because, although my credit was good, I didn't have enough credit. I was a bit stunned by that.

Now when I use my credit card I try to pay it off over several months, however it is very hard for me to not want to pay it off immediately because I hate having to owe money even though my APR is only 6.9%.

We just bought an item for $1,800 on credit and I am wondering what is best for my credit score? I am thinking of paying it off with $200/month over 9 months. Is this a good idea? I am thinking ahead to when we go to buy a house and I want my credit to be good.


jeffysdad
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Postby jeffysdad » Mon Nov 05, 2012 1:57 pm

Pay off everything as soon as you can; don't incur interest unless absolutely necessary. Your credit will improve with time. If your credit limit is too low and you've had your account for a while, call the bank and tell them they need to raise your limit because it's not meeting your needs. If they balk, tell them to review your account history. From that it should be apparent that your limit is too low and that you pay responsibly.
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.

FutureBillionaire
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Postby FutureBillionaire » Mon Nov 05, 2012 3:25 pm

Paying interest is bad. Only carry a balance if the card has an interest free period.

I would advise your husband to take out a secure credit card/loan to help boost his payment history.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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