Is this a very bad thing or is it something to worry a little?
2007-07-18 17:13:39 · 7 answers · asked by Josh Muller 1 in Business & Finance ➔ Credit
and also i stop using my credit card too
2007-07-18 17:15:30 · update #1
This is a very good thing and it will help to improve your credit score quickly. The item you don't mention is what your credit limit is. If you owe over 50% of your maximum limit, then you need to get your balance below 50% and preferably down to 20 or 30 percent to realize the maximum credit score benefits. Best of luck to you. Here are a couple of links below that explain credit and credit scoring in more detail.
2007-07-18 17:21:24 · answer #1 · answered by dzwreck 4 · 1⤊ 0⤋
Nope, it's not a bad thing. In fact, creditors like to see that you have a little bit of a balance and are paying on time each month. I'd pay it off in full as soon as possible. Since the line of credit is high, keep the card once you've paid it off and it will add point to your FICO score.
2007-07-19 00:18:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
what will happen if you stop or cut way back on using your credit card is the credit card company will raise your credit limit in order to bait you into using your card more. getting out of credit card dept is a good think. i just paid off the 2 credit cards i have and cut way back on using them. it would be good for your credit report if you use the card once in a while to buy something you can payoff the next billing.
2007-07-19 00:21:41 · answer #3 · answered by oldguy 6 · 0⤊ 0⤋
If you continue to pay on time and more than the monthly minimum, it should be Okay. as long as you are not still charging,. If you only pay the minimum it is like you pay the interest rates forever and never get ahead or paid off. Keep paying a little extra each month and you will be paid off in no time!
2007-07-19 00:21:45 · answer #4 · answered by firedup 6 · 0⤊ 0⤋
I think its a very bad thing. how much interest are you paying each month for nothing. Bring back all the items you bought with the credit cards. Cut those cards up.
You cant get yourself out of a hole by digging.
2007-07-19 00:38:11 · answer #5 · answered by rockystartz 2 · 0⤊ 1⤋
I'm not sure what the question is, but it looks like you are handling things well. Don't use the card, always pay more than your minimum, and never pay late.
2007-07-19 00:21:34 · answer #6 · answered by Rachel M 4 · 0⤊ 0⤋
You have nothing to worry about. Lenders love to see someone who is responsible with their money.
2007-07-19 17:58:06 · answer #7 · answered by Dewey K 2 · 0⤊ 0⤋