A few questions about credit cards... - GoFuckYourself.com

galleryseek · 09-26-2005, 02:02 PM

Finally got one (i was approved for $15k at 0% interest for a year and then around 14% after that year... with only a month of credit history but whatever)..

I use online banking and it gives me my exact balance that I can choose to pay any time...

1. Is it *best* to only make purchases on it that you can pay off within that month? and if so, does it effect your credit score positively if you can pay it off before the due date? Example: I go buy something for $200, and 3 days later I login and make the payment for $200.... opposed to just waiting for the bill to come and paying it then.

Basically I want to start building as much "positive" credit as possible, as I'm looking to move out / get married by spring / next summer.

Thanks.

KRL · 09-26-2005, 02:56 PM

The algorithm looks at the debt, ratio of debt to credit extendible, number of debt accounts, and a couple other things.

Credit card companies actually don't like people that pay off their balance though because they don't make as much money off of them.

mikesouth · 09-26-2005, 03:47 PM

you dont affect your credit one way or the other by paying you balance in full every month you do affect your pocket book

now lets say you pay your balance in full every month but you also run your card to the max every month that can affect your credit depending on when your score is pulled if you card is near the max your credit to available credit ratio is low and that adversly affects your score, if pulled when your payment was recnet your available credit to credit ration is high and that affects your score positively

hope this helps

d00t · 09-26-2005, 03:48 PM

if you're on 0% for the next year, get a cash advance on the ENTIRE amount, and go invest it...even at 3-4% you are still making money

directfiesta · 09-26-2005, 03:57 PM

Quote:

Originally Posted by d00t

if you're on 0% for the next year, get a cash advance on the ENTIRE amount, and go invest it...even at 3-4% you are still making money

LOL.. .Am sure the bank didn't think of that .... duhhhhh!

That 0% is for purchases, so the bank makes money from the merchant

thaifan99 · 09-26-2005, 04:40 PM

i pay in full every month.

d00t · 09-26-2005, 05:02 PM

Quote:

Originally Posted by directfiesta

LOL.. .Am sure the bank didn't think of that .... duhhhhh!

That 0% is for purchases, so the bank makes money from the merchant

i did exactly that with my citibank plat card in australia. got a check for the entire available balance and put it into a 5.65% monthly paying fund.
The monthly return pays for the minimum amount of the CC due each month, so it only helps my credit too ;)

free money.. why not

09-26-2005, 02:02 PM	#1
galleryseek Confirmed User Industry Role: Join Date: Mar 2002 Posts: 8,234	A few questions about credit cards... Finally got one (i was approved for $15k at 0% interest for a year and then around 14% after that year... with only a month of credit history but whatever).. I use online banking and it gives me my exact balance that I can choose to pay any time... 1. Is it best to only make purchases on it that you can pay off within that month? and if so, does it effect your credit score positively if you can pay it off before the due date? Example: I go buy something for $200, and 3 days later I login and make the payment for $200.... opposed to just waiting for the bill to come and paying it then. Basically I want to start building as much "positive" credit as possible, as I'm looking to move out / get married by spring / next summer. Thanks.

09-26-2005, 02:56 PM	#2
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	The algorithm looks at the debt, ratio of debt to credit extendible, number of debt accounts, and a couple other things. Credit card companies actually don't like people that pay off their balance though because they don't make as much money off of them. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

09-26-2005, 03:47 PM	#3
mikesouth Confirmed User Industry Role: Join Date: Jun 2003 Location: My High Horse Posts: 6,334	you dont affect your credit one way or the other by paying you balance in full every month you do affect your pocket book now lets say you pay your balance in full every month but you also run your card to the max every month that can affect your credit depending on when your score is pulled if you card is near the max your credit to available credit ratio is low and that adversly affects your score, if pulled when your payment was recnet your available credit to credit ration is high and that affects your score positively hope this helps __________________ Mike South It's No wonder I took up drugs and alcohol, it's the only way I could dumb myself down enough to cope with the morons in this biz.

09-26-2005, 04:40 PM	#6
thaifan99 Confirmed User Join Date: Jul 2003 Location: London UK Posts: 3,029	i pay in full every month. __________________ ARE YOU A FAMILY MEMBER? CLICK HERE TO FIND OUT!

09-26-2005, 03:48 PM	#4
d00t Confirmed User Industry Role: Join Date: Sep 2002 Location: In your mind Posts: 3,766	if you're on 0% for the next year, get a cash advance on the ENTIRE amount, and go invest it...even at 3-4% you are still making money