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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: CC debt? Poll...
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
ITA!
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Posted 5/29/07 12:40 PM  |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: CC debt? Poll...
Posted by Beth1210
QUOTE]
I think it depends on the point of view. The CC reports are for CC companies who don't want you to pay off the balance. Of course you're rating is higher when you carry a balance and make on time payments. BUT IMO if you are managing your credit you are more proficient at it if you pay off you balance.
this is great in theory and makes sense- but credit reporting agencies who give you your score- love people who have balances and pay them off over time
I have great credit and normally carry a balance- then pay off a HUGE chuck
In theory it does make sense but unfortunately not the way it works. Your score is higher if you do not pay off your debt but use somewhere between 35-50% of your available credit per month. Its called debt utilization and makes up a LOT of your score
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| Posted 5/29/07 1:58 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: CC debt? Poll...
Posted by CoopersMom01
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
I don't necessarily agree. I carried quite a large cc debt but I had (and still have) phenomenal credit. By not paying your cc in full each month it shows that you can MANAGE debt which looks good on a credit report.
Living with that debt though, that's a whole other story 
I agree. I carry a relatively high balance right now and my credit score is 790 and all of my interest rates remain low because of this.
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| Posted 5/29/07 2:04 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: CC debt? Poll...
[:
I agree. I carry a relatively high balance right now and my credit score is 790 and all of my interest rates remain low because of this.
that's actualy how I got into this mess- everyone wants to give me credit- b/c I always pay on time and more then the minium
I am using it to my advantage to pay it off- balance transfers and stuff like that
they are about to lose a good customer!
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| Posted 5/29/07 2:13 PM |
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