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01-11-2007, 03:26 PM
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#1
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2007 Member of the Year
Join Date: Oct 2004
Location: Seabrook, TX
Posts: 14,281
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credit card question
is it "better" credit wise to make payments in one lump sum right before the due date, or to pay a bit each week every week? Or does it not matter?
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WF=DF
Kommandant of the ACL (Anti Canadian League)
Quote:
Originally Posted by LTb1ow
Junk the pos, spend the money on beer, acquire headache.
Same result cept this headache doesnt last months.
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01-11-2007, 03:29 PM
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#2
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Fidget Lover
Join Date: Aug 2004
Location: P-town, New Jersey
Posts: 1,890
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i think as long as you pay the minimum everytime you will be fine...but every month they add interest...
__________________
-BaRb-
97 Z28- slightly modded....Back and Badder than ever!
90 Chrysler New Yorker 5th Avenue...Out of my driveway but still in my heart...
Quote:
Originally Posted by Tru2Chevy
Barb = fist pump extraordinaire
- Justin
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Quote:
Originally Posted by bubba428
just for the record...whos falus is lodged in your sfincter
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01-11-2007, 03:34 PM
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#3
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,170
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It depends on how the CC company calculates interest. By end of period balance, average daily balance, etc. Read up, it should be on the back of your bill.
Now, if you owe and are trying to dig out a bit, it can't hurt to pay weekly. That way you paid it and didn't spend the $$ elsewhere.
__________________
Vent Windows Forever!
The looser the waistband, the deeper the quicksand. Or so I have read.
Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
Hey everybody, it's good to have you on the Baba-too-da-ba-too-ba-ba-buh-doo-ga-ga-bop-a-dop
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01-11-2007, 03:35 PM
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#4
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MIR
Join Date: Jul 2005
Posts: 9,692
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i just pay it off every month, well besides that one time when i had to pay of 3k 
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01-11-2007, 03:37 PM
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#5
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Ayatollah of Rock N Rolla / Admin
Join Date: Mar 2006
Location: Parts Unknown
Posts: 12,573
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In my opinion-
Pay off your entire balance each month. Every time. If you carry a balance they will charge you interest.
Some cards will even charge you interest on all new charges as well- not just those in the month you didn't pay it off. So if you carry a balance in January and pay it all off in February, you pay interest on both Jan and Feb's charges.
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01-11-2007, 03:43 PM
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#6
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,170
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Yup.
__________________
Vent Windows Forever!
The looser the waistband, the deeper the quicksand. Or so I have read.
Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
Hey everybody, it's good to have you on the Baba-too-da-ba-too-ba-ba-buh-doo-ga-ga-bop-a-dop
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01-11-2007, 03:46 PM
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#7
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2007 Member of the Year
Join Date: Oct 2004
Location: Seabrook, TX
Posts: 14,281
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Quote:
Originally Posted by BonzoHansen
Now, if you owe and are trying to dig out a bit, it can't hurt to pay weekly. That way you paid it and didn't spend the $$ elsewhere.
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Hit the nail on the head. Thanks a lot.
__________________
WF=DF
Kommandant of the ACL (Anti Canadian League)
Quote:
Originally Posted by LTb1ow
Junk the pos, spend the money on beer, acquire headache.
Same result cept this headache doesnt last months.
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01-11-2007, 08:01 PM
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#8
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.
Join Date: Feb 2006
Posts: 1,385
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never pay the min -- always pay more could be like a buck but the fica score will kick up after 6 months of not paying min -- jz
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01-11-2007, 09:22 PM
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#9
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King of Free
Join Date: Sep 2005
Posts: 1,750
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you get a better credit score by paying off your card but retaining a balance on it. For instance:
If you have a credit card balance of 500 dollars and person A pays it off in 1 payment of 500, and another person pays it off in 3 payments of about 165 each payment, person B will have better credit.
The thing to keep in mind, good credit is NEVER free!
__________________
2001 Trans Am M6 WS6 Black on Black...on Black
PaceSetter LT's, TSP catted Y,Borla catback, SLP lid
!CAGS, Eibach pro-kit, Bilstein shocks, 5% tint all around
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01-11-2007, 09:33 PM
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#10
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Mr Fantastic
Join Date: Aug 2004
Location: West Milford NJ
Posts: 7,917
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what ryan said, ive paid mine off every month, never paid them interested..ive applied for a few other cards (like a hess card, 5% back on gas purchases) and i was denied, probably because i never keep a balance
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Matt
B18B1 FTW
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01-12-2007, 11:00 AM
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#11
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Co-Founder / Site Admin
Join Date: Jul 2004
Location: Ewing, NJ
Posts: 22,476
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Quote:
Originally Posted by Savage_Messiah
is it "better" credit wise to make payments in one lump sum right before the due date, or to pay a bit each week every week? Or does it not matter?
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Your interest costs will most likely be less if you make weekly payments. Most major credit cards calculate interest based on your average daily balance, so the more you can reduce that balance during the month, the lower your interest will be when you get your statement.
- Justin
__________________
1999 Camry - Beigemobile DD
2002 Suburban - Wife's DD
2004 Grand Cherokee - Not running / Project / Selling?
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