Poll: is it best to pay you're balance in full every month?  explain

yes
- 6 (100%)
no
- 0 (0%)

Total Members Voted: 6

Voting closed: July 05, 2014, 08:02:19 pm


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  • #1 by Guinness Snout on 28 Jun 2014
  • I was recently appoved for a credit card and I was wondering if it was best to pay the balance in full every month or carry a small balance.  I've seen conflicting answers so I just want evryone's opinion here.  I would think it would be best to pay off the balance every month and on time to avoid interest charges.
  • #2 by hog.goblin on 28 Jun 2014
  • Pay it off every month.  You don't need to carry balances to increase your credit score.
  • #3 by Guinness Snout on 28 Jun 2014
  • Thanks that's kinda what I was thinking just wanted some opinions
  • #4 by HawgWild on 29 Jun 2014
  • Pay it off every month.  You don't need to carry balances to increase your credit score.

    Ditto
  • #5 by kodiakisland on 01 Jul 2014
  • Yep.  Pay it off.  Just realize how easy it is to tell yourself you will pay half this month and the rest next month.  Before you know it you have that thing maxed out.  Most people never intend to run up their cards with no way to pay them off, but it happens.
  • #6 by Old Tusk on 01 Jul 2014
  • The first month you don't pay in full, cut the card up.
  • #7 by Guinness Snout on 01 Jul 2014
  • Thanks for the advice guys.
  • #8 by husker71 on 11 Jul 2014
  • yep only way to go and like others I found out the hard way finally just put back enough to pay the whole thing off and have not used it in over a year.  I got my bill today with a $39 payment   it was for their yearly fee   I called them and told them I did not want to be charged that fee anymore and they told me (after a few minutes) they could waive it   If I had a big balance that would have never happened IMHO
  • #9 by hawgrunner on 27 Nov 2014
  • The first month you don't pay in full, cut the card up.

    Cut it up anyways, you don't need a credit card to build credit.

    Who needs a credit score anyway if you always pay cash??
  • #10 by HawgWild on 27 Nov 2014
  • Who needs a credit score anyway if you always pay cash??

    Insurance companies look at credit scores to determine rates and insurability; regardless of whether or not you've got the cash in hand. Same for landlords before offering a rental/lease agreement.
  • #11 by hog.goblin on 27 Nov 2014
  • Cut it up anyways, you don't need a credit card to build credit.

    Who needs a credit score anyway if you always pay cash??

    Insurance companies look at credit scores to determine rates and insurability; regardless of whether or not you've got the cash in hand. Same for landlords before offering a rental/lease agreement.

    As do employers
  • #12 by hawgrunner on 27 Nov 2014
  • So to get a job and insurance to need credit card debt?
  • #13 by hog.goblin on 27 Nov 2014
  • So to get a job and insurance to need credit card debt?

    Who said debt? 
  • #14 by hawgrunner on 27 Nov 2014
  • Ok, so it's just having the credit card and charging it gives you a credit score?

    But there has to be other ways right??
  • #15 by sevenof400 on 27 Nov 2014
  • A credit score is a function of how well you use credit.  There is no one method to improving your credit score but in general there are things you can do to improve your credit score.

    Paying your balances in full each month is an excellent practice.
    If you don't pay the balance in full, try to pay as much over the minimum as you can afford.
    If you do carry a balance on a card for a couple of months, try to pay the card off as soon as you can .... Try to pay more than the minimum.
    if you can, let the card sit idle for a month (no charges).

    In general, you are better off with one card and managing it well) as opposed to holding three or four cards (and managing them not so well).

    Avoid store cards (Sears, Wal Mart, etc) unless the bulk of your shopping is at that store.  Too many people open several store credit cards due to some promotion or giveaway that really isn't worth that much but store cards effect your credit score as well. 

    Having too many credit cards can be a problem. 

    Just a few thoughts...
  • #16 by hog.goblin on 27 Nov 2014
  • Ok, so it's just having the credit card and charging it gives you a credit score?

    But there has to be other ways right??

    Correct, having open accounts with little to no activity is great.

    Good advice from seven.
  • #17 by hawgrunner on 27 Nov 2014
  • I guess then all followers of Dave Ramsey will one day be hurting big time with no credit cards.
  • #18 by hog.goblin on 27 Nov 2014
  • I guess then all followers of Dave Ramsey will one day be hurting big time with no credit cards.

    Only if they need financing.  Dave misses the boat on this issue, though I think it's because he knows people struggle not using credit cards.
  • #19 by hawgrunner on 27 Nov 2014
  • Only if they need financing.  Dave misses the boat on this issue, though I think it's because he knows people struggle not using credit cards.

    Yes, Dave thinks everyone will pay cash for everything even a house.
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