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? asked in Business & FinanceCredit · 8 months ago

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

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  • Anonymous
    8 months ago
    Favorite 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.

  • Anonymous
    8 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.

  • Erik
    Lv 7
    8 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.

  • 8 months ago

    Paying off the full total balance of your credit card would be a good idea.

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  • 8 months ago

    It is always a good idea.

  • 8 months ago

    Good idea.  And it would not hurt your credit.  It would help your credit.

  • Anonymous
    8 months ago

    good idea and you should ASAP. Dont want for the due date.

  • Rick B
    Lv 7
    8 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.

  • ?
    Lv 7
    8 months ago

    You already had a debt so it’s better to pay everything off all at once 

  • 8 months ago

    It will save you a ton of interest if you pay it off. 

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