Paying off CC balance all at once

[Connemara]

Now that my fed refund is in hand, I can fully pay-off my credit card balance. But my question is: does a big, balance-erasing payment raise flags after I've been paying only slightly over the minimum? Or does it not matter?

 

[mm84321]

I'd pay it all off.

 

[Concordia]

What is the interest rate and what will you save by paying it off now?

Will you have any reason in the next year to worry a lot about your credit score?

Chances are pretty good that paying it all off at once is a no-brainer.

 

[the shah]

what kind of question is this anyway

 

[cross22]

Originally Posted by Connemara

Now that my fed refund is in hand, I can fully pay-off my credit card balance. But my question is: does a big, balance-erasing payment raise flags after I've been paying only slightly over the minimum? Or does it not matter?

It won't raise a flag, pay it off.

 

[WhateverYouLike]

Originally Posted by Connemara

Now that my fed refund is in hand, I can fully pay-off my credit card balance. But my question is: does a big, balance-erasing payment raise flags after I've been paying only slightly over the minimum? Or does it not matter?

Red flag is better than paying 20% interest. Not that it IS a red flag, AFAIK.

 

[imageWIS]

Originally Posted by shahanshah

what kind of question is this anyway

It's a typical conne question.

 

[mm84321]

I think it's a valid question for a young and inexperienced, yet conscious, credit card user. I've wondered the same thing myself.

 

[NAMOR]

Pay it off. Its a psychological lift knowing you are free of CC debt

 

[gort]

WHy on earth would people paying off their CC right around tax time be any sort of red flag? I'd imagine that's par for the course.

 

[Lord-Barrington]

First off, CC debt is for total suckers. I'm sure you've found that out the hard way.

Pay the thing off ASAP. Red flags (which there will be none of, btw) be damned.

 

[CunningSmeagol]

What are you worried about?

 

[Connemara]

Originally Posted by mm84321

I think it's a valid question for a young and inexperienced, yet conscious, credit card user. I've wondered the same thing myself.

Originally Posted by CunningSmeagol

What are you worried about?
I am indeed conscious. When it comes to nefarious business practices, it's hard to top credit card companies. I always check and double-check when dealing with them.

Originally Posted by NAMOR

Pay it off. Its a psychological lift knowing you are free of CC debt
I'm already excited to be debt free! (Well, except for student loans

)

 

[runsurfswim]

pay it off, and then request a credit line increase. by following this tactic, i have a concierge on my card.

 

[Piobaire]

Pay it off and never carry a balance again.