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Thread: Should I pay off my VS bill in increments?

  1. #1
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    Default Should I pay off my VS bill in increments?

    I want to bring my credit score up should I pay off my Victorias Secret credit card (my one and only card) in one lump sum or in increments? or does it not even matter to your credit score? thanks ladies

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    God/dess anomar's Avatar
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    Default Re: Should I pay off my VS bill in increments?

    Just pay it all off. What matters is not being behind on payment and keeping the account open. What will make it negative is missing a payment. If you pay it all off and your balance is at zero, then you do not have to risk forgetting or being out of town.

    Here is a diagram of what counts toward a good credit score.

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    God/dess LuckyOne's Avatar
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    Default Re: Should I pay off my VS bill in increments?

    The sooner the better. Unpaid debt actually counts against you and every month that the balance is zero, it still counts as an on-time payment.

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    God/dess anomar's Avatar
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    Default Re: Should I pay off my VS bill in increments?

    Quote Originally Posted by LuckyOne View Post
    The sooner the better. Unpaid debt actually counts against you and every month that the balance is zero, it still counts as an on-time payment.
    Yeah. It's really nice to have a zero balance too, because every month I get my card statements and they say "Your balance is $0.00 including all charges and fees." Makes me

  5. #5
    AudreyLeigh
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    Default Re: Should I pay off my VS bill in increments?

    The way you make your payments has no impact on FICO.... Ive heard its best to have a small balance which shows you can carry a balance without going overboard and make your payments.

    But in my case that was becomming a PITA so I just paid em off...

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    Default Re: Should I pay off my VS bill in increments?

    ^^^ actually, I have been told by people in the industry that AudreyLeigh is correct about credit customers who carry a small balance while making regular payments receiving a more desireable credit rating than credit customers who pay off their card in full. I'm not sure whether this officially affects FICO, but it IS a criteria used by banks. The idea of course is that banks don't earn money from customers who carry a zero balance. And while banks risk losses from customers who carry a maxxed out balance, there is little risk of loss but a good potential for profit from customers who carry balances that are 20-30% of their credit limit but make regular monthly principal and interest payments.

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    Default Re: Should I pay off my VS bill in increments?

    thankyou for the advice you guys
    i had other regular credit cards but they were a hassel so i just paid them all off and cancelled them all. i prefer to deal in cash only except with VS i like the convenience of the card with them.
    so when i cancelled my other cards with a zero balance that counted against my credit score?

  8. #8
    AudreyLeigh
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    Default Re: Should I pay off my VS bill in increments?

    Oh yea it did. Big time. Never cancel a card. Put it away and use it a couple times a year and pay in full. The amount of available revolving credit, balances, age of cards, amount of cards (best to have 4 ive heard), types of cards, etc etc all play into your FICO.

    According to FICO the best is to have 1 store card, 2 CCs and an installment (like car). I have lots of CCs but theyre all paid off and sitting in a drawer.

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    Default Re: Should I pay off my VS bill in increments?

    Yeah I did not know that at all it was a few years ago when I did it. I was worried if i left them open and paid off they might get identity theft/fraud crap again.
    Someone put 2,000 in charges at a restaurant in Italy on my Cap.one card.

  10. #10
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    Default Re: Should I pay off my VS bill in increments?

    ^^^I would reduce the credit limit of cards you don't intend to use.
    Come bid on my first eBay auction!!!!
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  11. #11
    AudreyLeigh
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    Default Re: Should I pay off my VS bill in increments?

    ^^ May as well close them. Low limits arent good. The point is to have a low DTI. With very low limits you "max out" your cards quite easily.

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    God/dess VegasPrincess's Avatar
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    Default Re: Should I pay off my VS bill in increments?

    Pay it off but don't do it at the store!

    I paid on my VS card at the store, lost my recipet and the money never ended up on my account and there was fuck all I could do about it... GRRR....
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

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    Default Re: Should I pay off my VS bill in increments?

    Oh man VegasPrincess that fucking sucks! I all ways worry about that happening.
    Were you out a lot of cash? Yeah sometimes they have some real nitwits working in there.

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