Just got a bill in mail for store charge card...

[AMISLANDER]

...that I had no balance on, but used recently to start to build back credit...

Balance is: under $100.

In order to build credit (is this possible with store cc?), should I pay minimum, more than minimum..or whole thing...?

After listening to everyone talk about the way "they" jack the %'s, you all have given me anxiety about even carrying a balance...\

Thoughts?

[Minnymouth]

Some say if you pay the card in full each month, your a "dead beat" to the cc company cause they can make no interest off you.
Basically the cc company wants to pay the minimum each month - you are covered as being paid and they get their interest.
Many will pay 3/4 of the monthly total or more, but leave a small balance to carry over, thus giving the cc a touch of interest. Still meets your obligation, they get a little interest, and cc doesn't consider you a deadbeat...... when it comes to reporting to credit bureau.....

I've always carried around a $50 balance on usually one card to consider it revolving....... the others I always paid in full.

Before financial problems (medical, funeral, etc) I had an excellent credit score considered Class A+.......

Hope that helps.....

[SinkingFast]

Maybe pay 1/3 to half this month and finish out the remainder next month or in the next 2 months. That's minimum of 2-3 months of Pays as Agreed comments on your Credit Reports.

Just a suggestion. Depends on if you plan to shop on the card again soon or not.

Many Store cards do report as tradelines.

[AMISLANDER]

Just more confused than ever thankyouverymuch!!!!

See...years ago, when married...we had all the cards, paid the balances in full & got huge (up to $25K lines of credit...)...I then thought that was good; maybe it was just an "increase the credit line thing?"

Ok...I have a balance of $75...should I pay just a bit to show ability to pay or if I pay it off...does that then count for nothing...(ripping up my check as I type...

[SinkingFast]

Well, Amis,............

People who pay in full each month are referred to in the Credit biz as "Dead Beats" or "Dead Heads". The creditors don't make any money off of them.

People who carry a balance are "Revolvers" and Creditors love "Revolvers". "Revolvers" are their bread and butter of the trade. Always a balance so the Creditor is always making interest money.

How much interest can they charge on $75?? If you pay half the balance this month and the remainder next month, it'll add maybe an extra $2-$3 total??

It comes down to what's "Pays as Agreed" worth to you and what are your plans with that card.

If you're gonna buy a new outfit again next month, then pay it off. If you don't plan to shop on the card for a couple of months, pay half now and half next month.

I have 2 store cards that I've always used and just paid in full when the bill came. Did that to have the line of credits available in case we needed to run out and buy funeral clothes suddenly or something like that. Post BK, if those LOC's survive, you can bet, I'll pay a bit one month and the rest the next month. Now I need more than just to keep the LOC open. I need positive tradeline reporting.

[AMISLANDER]

Thank you both!!!!

Well, Amis,............

People who pay in full each month are referred to in the Credit biz as "Dead Beats" or "Dead Heads". The creditors don't make any money off of them.

People who carry a balance are "Revolvers" and Creditors love "Revolvers". "Revolvers" are their bread and butter of the trade. Always a balance so the Creditor is always making interest money.

How much interest can they charge on $75?? If you pay half the balance this month and the remainder next month, it'll add maybe an extra $2-$3 total??

It comes down to what's "Pays as Agreed" worth to you and what are your plans with that card.

If you're gonna buy a new outfit again next month, then pay it off. If you don't plan to shop on the card for a couple of months, pay half now and half next month.

I have 2 store cards that I've always used and just paid in full when the bill came. Did that to have the line of credits available in case we needed to run out and buy funeral clothes suddenly or something like that. Post BK, if those LOC's survive, you can bet, I'll pay a bit one month and the rest the next month. Now I need more than just to keep the LOC open. I need positive tradeline reporting.

I don't need to buy another outfit "there" next month...thank god...as I thought the current selection was lacking...but the store in another county or at another mall may be much better...

however, since this LOC did survive the bk...I'd like to use it for gaining a little more standing somewhere down the line on my credit report so I"ll pay 1/2 and try to build some trustworthyness back..