opinions on credit card payment(s)

Discussion in 'The Okie Corral' started by Glock Noob, Jan 17, 2010.

  1. Glock Noob

    Glock Noob

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    So I have one of those "90 days same as cash" type of CC I've paying for a long while now. My balance on one card is around $530 and below the line of credit. Sometimes I get letters in the mail from a debt collector giving me options to pay an amount that is 40% off the balance... option 1: $320 & be done with it... 2: 6 monthly payments... 3: set amount of monthly payments. I have the money to pay it off but I like having extra cash just in case. Should I call them and make sure my credit line goes back to the full amount & not use the card at all?
     
  2. Glockdude1

    Glockdude1 Federal Member CLM

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  3. FullClip

    FullClip NRA Benefactor CLM

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    Pay it off and be done with it. If debt collectors are sending letters you've ignored it too long already. Don't be a dead-beat. Doesn't do any good for your credit rating or speak very highly of you as a person if you have the money to settle your bills.:upeyes:
     
  4. MattHappyTrails

    MattHappyTrails

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    The other thought is, if you are not behind in payments -- are the offers you are receiving legitimate? Be sure they are.
     
  5. MO's Dink

    MO's Dink Giant Member

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    Definitely pay it off! Just by reading your post I'm guessing you should close the account when it's paid off.
     
  6. Tru7h

    Tru7h

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    Pay it off. Unless you're using the money from the credit card on something that gains way more interest than you're paying, you've got the trash end of the deal.
     
  7. Diesel_Bomber

    Diesel_Bomber

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    Always this.

    Even if you're not getting charged interest for 90 days, having more than 1/3rd of your credit limit used and carried month to month looks bad on a credit report. (Source: My banker. YEMV.)
     
  8. john58

    john58 BHO is a LIAR!

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    Pay it off. No sense giving yourself the aggrevation.
     
  9. Swiper

    Swiper

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    Don't deal with the debt collector. Insist on doing business with the original creditor instead. Settling with the debt collector can seriously mess up your credit report. You might want to ask the question on a forum dedicated to consumer credit issues, i.e. http://consumers.creditnet.com/Discussions/index.php
     
  10. skeeter1959

    skeeter1959

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    Pay what you owe and cut up any credit cards you have. Don't let a $530 CC ruin your credit.
     
  11. FLIPPER 348

    FLIPPER 348 Bigfoot enthusiast enthusiast

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    If you are getting calls from collectors you should not be using credit at all.
     
  12. Gary W Trott

    Gary W Trott Prickley Fan

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    What the heck is a "90 days same as cash" credit card? Is that some sort of account you get through a merchant of some kind to buy their products or is it a Visa, MasterCard, Amex, Discover, etc...?
     
  13. Adjuster

    Adjuster

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    Yeh somethings not right with this story. Unless he has been paying like 500 days on his 90 day card??? I don't get it. He also state he is below his line of credit??? Why would debt collectors be calling him???
     
  14. Swiper

    Swiper

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    He has probably failed to pay the minimum required payments on the debt for some time now. Hence the creditor has hired a debt collector (on commission) to collect as much as they can.
     
  15. Swiper

    Swiper

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    "90 days same as cash" is usually a store credit card, i.e. Sears, Best Buy, etc. You will not get any financial charges if you pay it off within 90 days of the purchase. But if you fail to do so you get slapped with the full interest for the 90 days. A good deal if you are temporary short of cash but know for sure that you can pay in full next month.
     
  16. chasethetale

    chasethetale A1 a**hole

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  17. 3glkdog

    3glkdog

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    Pay it off but don't close the account. Closing it will hurt your credit score.
     
  18. 1811guy

    1811guy Formerly1811guy2

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  19. Wolfgang

    Wolfgang Millennium Member

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    have you made a payment in the last 90 days?
     
  20. RWBlue

    RWBlue Mr. CISSP, CISA CLM

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    I am thinking these guys are correct.