i recently got a credit card on feb and my first bill is due on march. how much should i give minimum or more like half or almost all of the balance. for example lets say i got a credit card of 500 and i got out 250 and i want to pay 200 should i pay less, what do you suggest. i myself want to give the 200 if i do will i get anything set against me...just curious. also, awhile back i was going to register for balley total fitness and i decided to cancel it within the five day period. well i send the letter on the fifth day the last day to send it ( i remeber because everyone was sending their taxes). so, i sent it and i got the form it went thru, but recently i checked my credit and it appeared on my credit history and it gave me bad %26#039;points%26#039; i guess so should i call and ask them why they did it/ and take it off my history or what should i do???
thanks for any advice. highly appreciated.
Credit Cards: Should i pay the minimum or more?
Paying off all of your debts immediately does not help you with improving your credit. Because you should show lenders that you are a good BORROWER. Your existing report shows lender that you pay your payments in full once you have money and you don閳ユ獩 when you are financially in trouble. Therefore you are not a good borrower to a lender (you are risky and they don閳ユ獩 make money out of you). So here some stuffs I suggest to do to polish improve your credit:
1) Do not spend more than 1/3 of your limit. That%26#039;s a rule. Say you have $500 credit limit. So do not spend more than $150 with your credit.
2) Do not pay your existing credit balance in full every month. Pay more than minimum payment but do not pay full. Say your minimum due is $10. I suggest you to pay like $50-$70 each month. Yes you should pay some interest but that%26#039;s a price to improve your credit.
3) There are lots of articles here which you can find useful to boost your credit.
http://www.howtoestablishgoodcredit.com/...
Credit Cards: Should i pay the minimum or more?
just for good measure and security for future use,pay more than the min.paying half or more is good.
Remember-this will appear on your credit report.KEEP IT GOOD.
Credit Cards: Should i pay the minimum or more?
Pay as much as you can. As for the Balleys on your credit, get that off if you can. You will probably need the letter that you canceled (dated probably). You can have them show you proof that it was your memebership in writing, they have 30 days, if they don%26#039;t then file with the 3 credit bureaus. That will stay on your credit 7 years and it looks very bad.
Credit Cards: Should i pay the minimum or more?
did you graduate from high school?? Why not go get an interest only loan on a house. You will be paying for some CEO%26#039;s millions in compensation packages until you die!!
Credit Cards: Should i pay the minimum or more?
You should pay the credit card balance as soon as you can. Credit cards are bad news, you can go into debt very quick and it is very hard to get out, the interest rates are very high and you wind up paying double for whatever you buy. The best thing to do is save your money and pay for it cash even if it takes a little longer. I guess they messed up your credit rating because they received your cancellation notice late. I am surprised they gave you five days instead of the usual 72 hours. Write to them and find out why they did it.
Credit Cards: Should i pay the minimum or more?
Unfortunately, the Bally%26#039;s may remain on your credit for up to 2 years. I would suggest paying the bal in full on the credit cards, because what is happening now is you pay interest on the whole balance not the difference. here is what I mean.
You make the charge in Jan, get the bill in Feb and it is due in March. The bal is $100. you pay $50. so the interest should only be on the $50. No way. you pay the interest on the average daily balance (ADB) which would be around $75-80. Unfair but practiced alto.Don%26#039;t give money away that you don%26#039;t have to.
Credit Cards: Should i pay the minimum or more?
Regarding payment, it%26#039;s always best (for you not the credit card company) to pay off your entire balance at the end of every month. Next to that is paying of more than the minimum, then if don%26#039;t have much, you can pay the minimum.
Visit http://www.cheap-credit-cards.org for more information
No comments:
Post a Comment