Monday, December 12, 2011

If I pay my credit card periodically throughout the month will it hurt my credit?

I tend to pay part of my card card off through the month multiple times. Will this hurt my credit score? Should I only pay one time at the end of the month and that is it?|||It is BEST to pay at least the specified minimum payment on or before the due date specified. Whatever other money you pay is over and above and will act to reduce the overall total amount you pay in interest as in effect, you are making early payments against the principle accruing interest which reduces the amount of interest you have to pay. The BAD thing is NOT paying at least the minimum payment by the due date. Paying less than the minimum or paying late or both is what hurts your credit.|||Do you carry a balance? If not, then this will make no difference.





If you carry a balance, I think that this can cause an issue if you are unlucky in your timings. Imagine the following: You charge $1,000 on your card and pay $900 before the end of your billing cycle. Your monthly bill will show a balance of $100. If you do not pay at least the minimum amount based on this balance, you might be in default. Crazy, I know, but I think that this is how the billing methodology works!|||Nope. As long as your making payments, you'll be fine.|||No it will not, just as long as your full payment (minimum) is received before the due date.|||No. What matters is late payment. As long as the total paid by the due date is more than the minimum it will have zero impact on your credit score.

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