GoFuckYourself.com - Adult Webmaster Forum - View Single Post - is it a bad idea to pay back a large part of my credit card debt in order to..

Sly · 07-16-2006, 12:51 PM

Quote:

Originally Posted by nap

I did something similiar to that when I bought my MacBook and my credit score dropped by 12 points.

I put a 1600 dollar purchase on a credit card that had a 2500 dollar limit. My other 2 credit cards 1k/900 both had 0 dollar balances on them.

5 days after buying the laptop I dropped 800 bucks on the balance and brought it down to a little over 1k (I bought some other stuff with the card).

I checked my credit score and I went from a 682 to a 670!

I would recomend breaking the purchase up by using 2 cards so your credit doesn't take a huge hit like mine did.

I have 30 points to make up so that I reach my goal of being in the 700's by years end.

You're hurting your score by checking it often. From what I understand, your score takes a hit every time its accessed, though I think you get one freebie a year.

Also, having 2 credit cards with a 0 balance is hurting you, not helping. Creditors want to know you're responsible and pay your bills, you show them this by using credit and being responsible with it. By not using your credit, they assume you cut up the card or you don't think you're responsible enough to carry credit.

You shouldn't cancel the 2 cards either, as that will also go against you. Put some small monthly items on them, don't pay them totally off, carry a balance. Yes, you will be charged for interest and you'll have to pay it, but thats how credit is developed.