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

ArtSorr0w · 07:34 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 · 04:25 AM

with one payment. Go ahead and do it today, and then cut them up.

Cucumber · 01:09 AM

Why cut it up

Even if you don't wanna use credit cards it's still good for your credit record to have them open.

jeffysdad · 04:49 AM

I was thinking mostly metaphorically about "cutting up." However, we may be doing that if cards start charging "inactivity fees."

creditcardhelp · 09:03 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!

07:34 AM	#1
ArtSorr0w Green Member Join Date: Jan 2010 Location: Wisconsin Posts: 1	Is it bad to pay off your credit cards in full? 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?

04:25 AM	#2
jeffysdad Platinum Member Join Date: Apr 2009 Location: Texas Posts: 96	No, there's nothing wrong with paying off your cards with one payment. Go ahead and do it today, and then cut them up.

01:09 AM	#3
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 456	Why cut it up 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 and give him a chance!

04:49 AM	#4
jeffysdad Platinum Member Join Date: Apr 2009 Location: Texas Posts: 96	you're right... I was thinking mostly metaphorically about "cutting up." However, we may be doing that if cards start charging "inactivity fees."

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09:03 PM	#5
creditcardhelp Green Member Join Date: Jan 2010 Location: Canada Posts: 5	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!