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Paying full balance on credit card?
I’m finally in a good financial spot and want to get rid of some credit card debt. Would paying off the full total balance of my credit card be a good idea?
Ex. I owe $600 for my Ulta credit card and my monthly payments are $35. Would it hurt my credit to pay the full $600 I owe in the following month?
10 Answers
- Anonymous8 months agoFavorite Answer
It doesn't hurt your credit to pay a credit card quicker than they would like you to. They don't want you to pay it early because that means less interest for them but it's just a want and they can't send a negative remark to your file if you pay more than they ask for as a minimum. Also, if you want to pay it off and not use the card again, don't close the account and instead just cut the card up. If you close the account they send the same remark as if you closed it or they closed it.
- Anonymous8 months ago
Contrary to false rumors, paying off current debt is always good for credit score. Closing accounts could have a negative effect. You save on interest payments, so it's a good thing.
- ErikLv 78 months ago
I was going to say "Yes, it's a great idea", but with such a small balance, it won't make much difference. No, it won't hurt your credit.
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- StephenWeinsteinLv 78 months ago
Good idea. And it would not hurt your credit. It would help your credit.
- Anonymous8 months ago
good idea and you should ASAP. Dont want for the due date.
- Rick BLv 78 months ago
Of course it is a good idea to pay off debt. Don't worry about your credit score, worry about doing the right thing for your finances. I always pay my bill in full when it arrives and have excellent credit.