Current Events > Is it myth that paying off your credit cards hurts your credit sorce?

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Perascamin 02/28/21 6:47:46 PM #51:	NoxObscuras posted... Unless you have 0% interest on those cards because they're new accounts, you definitely get charged interest. That's how banks make their money and how some people end up taking years to pay down their credit cards. "To see the impact of paying off a credit card with minimum payments only, consider a credit card balance of $5,000, at the current average APR of 21.21% (as of January 2020), and minimum payment as 2% of your credit card balance. Making minimum payments only, it would take you over 30 years and $21,643.83 in finance charges to pay off this debt. That doesn't include any fees you might pay over the life of the credit card balance." Source: https://www.thebalance.com/how-long-to-pay-off-balance-with-minimum-payments-961120 Yeah that's my mistake I forgot to mention introductory benefits on cards --- I've grown. <cite>Perascamin posted [p:951192778] in Is it myth... [t:79319793]...</cite> <quote>NoxObscuras posted... </cite> <quote>Unless you have 0% interest on those cards because they're new accounts, you definitely get charged interest. That's how banks make their money and how some people end up taking years to pay down their credit cards. "To see the impact of paying off a credit card with minimum payments only, consider a credit card balance of $5,000, at the current average APR of 21.21% (as of January 2020), and minimum payment as 2% of your credit card balance. Making minimum payments only, it would take you over 30 years and $21,643.83 in finance charges to pay off this debt. That doesn't include any fees you might pay over the life of the credit card balance." Source: https://www.thebalance.com/how-long-to-pay-off-balance-with-minimum-payments-961120</quote>Yeah that's my mistake I forgot to mention introductory benefits on cards </quote> ... Copied to Clipboard!
pojr 02/28/21 11:36:34 PM #52:	CE is still pretty split on this --- pojr I summon it. You spell it. <cite>pojr posted [p:951201780] in Is it myth... [t:79319793]...</cite> <quote>CE is still pretty split on this</quote> ... Copied to Clipboard!
Solid Snake07 03/03/21 3:28:21 AM #53:	Yes. Most of your credit score is just based off of whether you make payments on time or if you if you're outstanding balances on your credit lines are consistently almost maxed out. Other things like a deep credit history pull can make temporary small dings. But missing payments is really the only thing you have control over that's going to hurt your credit score in a big way --- "People incapable of guilt usually do have a good time" -Detective Rust Cohle <cite>Solid Snake07 posted [p:951281780] in Is it myth... [t:79319793]...</cite> <quote>Yes. Most of your credit score is just based off of whether you make payments on time or if you if you're outstanding balances on your credit lines are consistently almost maxed out. Other things like a deep credit history pull can make temporary small dings. But missing payments is really the only thing you have control over that's going to hurt your credit score in a big way </quote> ... Copied to Clipboard!
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