BE VERY CAREFUL PEOPLE...some PAY PAL are PURCHASES...some are CASH ADVANCES!!! There was a LIST here about which banks are charged as "PURCHASE"
I will add as you give 'em to me....please continue to share! Tip #1 - Stop charging new items to credit cards. Tip #2A - Charge on LOWEST rate card...pay as much as you can towards the HIGHEST rateâ?¦ OR Tip #2B â?? Charge on another card to pay on your LOWEST balance firstâ?¦. THEN Tip 2A-B (cont) â?? Apply the monthly payment you have saved by paying off the card to another card (either next highest rate or next lowest balance, depending on your preference). Continue through this process until you have them all paid. Tip #3 â?? Consider the type of loans you have and prioritize revolving over installment. Tip #4 â?? Try to make two minimum payments per month to a card instead of one. Tip #5 - For maximum score improvement, figure out who is reporting to CRAâ??s and prioritize them. Some CC's don't report. Tip #6 â?? Find out when your CC is reporting to the CRA and get your payment in before this date. Tip #7 - The CC reports the balance at the close of the billing cycle to your credit bureau. If you make sure that the balance is $0 right before the statement closes, then your reports appear to have $0 revolving debt. Do a balance transfer from one card to another so that your cards always report $0 debt. This will skyrocket your score if you have no negatives. Revolving debt is a big negative. So once your score is higher after doing this for one month, then apply for one of those cards with 0% for 12 months. Balance transfer everything to that new card at 0%. Then all of your payments are paying off principle. Tip #8 â?? Don't have much willpower? Freeze your cardsâ?¦literally. Put them in a plastic sandwich bag, then in another sandwich bag filled with water, and put the whole thing in the freezer. Tip #9 â?? To find some extra money, see Kristyâ??s earlier post in this thread for some money-saving ideas. Then, use your extra money to pay some extra to your CC. Tip #10 â?? To get money from your CC to pay towards another CC, find out if your card will transfer to Paypal as a purchase, not a higher-interest cash advance. Then, use that card to get your money and pay down your other card. (See PayPal for details.)
Hey NanaC! The comment referred to really wasn't mine, BUT, we have found that all of our cc's report based on the statement balance on the closing date EXCEPT Household. We were shocked to discover they reported based on the balance as of the 30th of the month. Someone here on CN explained it after I posted asking about it. There may be others. I don't know. We actually monitored all of our accounts for a few months to find out that they do in fact use the statement closing balance. Hope this helps. DemPooches
While paying the highest rate card first, don't forget to try the obvious as well: Call the credit card issuer and ask for a lower rate. Tell them you want a rate consession without a hard inquiry. If that's unsuccessful, ask to speak to someone in retention because you're considering the closure of your account, but you want to weigh your options. Of course, you're just bluffing. But, see what it does for you. Good luck.
------------------------------------------------------------------------- Tell them you want a rate consession without a hard inquiry. ------------------------------------------------------------------------- How can they JUSTIFY a "HARD" for an interest rate DECREASE...higher limit maybe...BUT INTEREST RATE??? That is ILLOGICAL I assumed she already asked for a LOWER interest rate...
More specifically, how does this work? I understand the first part, but how can one pay a CC with PayPal? -Cliff
Ok, I have a debit card from PayPal. So, I transfer the money, then withdraw from my debit card. Or, you can then transfer the funds to your checking account and then pay your CC.
Re: Best Tipsaying CC Off When Ti If by "transfer", you mean using the "add funds" option, it would only let you add them from a bank account, not from a credit card. Saar
Re: Best Tipsaying CC Off When Ti Saar, let me be clearer. I have a business account at Paypal and a personal one. I send money to my business account (for example) from my personal account. When they ask for a funding source, I choose my credit card. Then, I send it to my business account where I can then withdraw it and put it on the card balance in question. A few notes on this: you can only put a credit card on one PayPal account so I have to take into consideration which cards are linked to my PayPal business and which are linked to my personal account. Also, business accounts have a small fee connected with them for receipt of money so that needs to be considered.
Re: Best Tipsaying CC Off When Ti Here's PayPal's response to whether or not the sending of funds via credit card will be a cash advance. "No, you will not be charged a cash advance fee if you send money for a "Service," "Goods - Auction," or "Goods - Non-Auction" transaction. For these transaction types, PayPal charges your credit card the same way a business does, and you will only be charged for the transaction amount. If you send money for a "Quasi-Cash" transaction and pay with a credit card, your credit card issuer may treat the transaction as a cash advance and charge you cash advance fees. PayPal has no control over this. If you send money for a "Quasi-Cash" transaction, you may want to use a payment method other than your credit card (e.g., your bank account) to avoid potential fees" Another thing I'm doing, though not a big thing, is rounding payment amounts up to nearest 10's. So, if the payment is $41, I'm paying $50. Figure every little bit helps! One final question, I have enough on a 9.9% plat to pay off a 15.5% but it will max the plat...should I???
