Paying off credit

justlooking2012

Sorry if this is the wrong place but it seemed the most logical one for my question.

I have various forms of credit, im not in any trouble in fact the opposite. I could clear all the credit in one go but I normally just pay the minimum payment that stops me from paying interest if that makes sense.
For example I bought a laptop from a catalogue as that was the cheapest place I saw it believe it or not, I can get it on no interest if I pay in three instalments. Now do I pay those three instalments, do I pay them on the day its due? a few days before? or a week before?.
Or should I just logon and pay it all off now, im just wondering what is best for my credit rating?
Thanks for your help and sorry if I confused you

pvt

justlooking2012 wrote: »

Sorry if this is the wrong place but it seemed the most logical one for my question.

I have various forms of credit, im not in any trouble in fact the opposite. I could clear all the credit in one go but I normally just pay the minimum payment that stops me from paying interest if that makes sense.
For example I bought a laptop from a catalogue as that was the cheapest place I saw it believe it or not, I can get it on no interest if I pay in three instalments. Now do I pay those three instalments, do I pay them on the day its due? a few days before? or a week before?.
Or should I just logon and pay it all off now, im just wondering what is best for my credit rating?
Thanks for your help and sorry if I confused you

Just being pickie here - but where you've used the word "credit" try replacing it with the word "debt". Feels different doesn't it?

grumbler

justlooking2012 wrote: »

... Now do I pay those three instalments, do I pay them on the day its due? a few days before? or a week before?.

If you money earns you a good interest then pay in installments. If it rests in some current account paying you 0.1%, then there is no point in complicating things.

Or should I just logon and pay it all off now, im just wondering what is best for my credit rating?

I think installments are better as they do create some history. This is assuming that the total amount owed is not far too big in terms of your income.

jo-bo

When paying your installments make sure that the payment has cleared before the due date. If you're paying online with a card, the payment will clear within 48 hrs but usually is taken off your outstanding balance straight away.

justlooking2012

pvt wrote: »

Just being pickie here - but where you've used the word "credit" try replacing it with the word "debt". Feels different doesn't it?

Not really, either way I know I owe it

grumbler wrote: »

If you money earns you a good interest then pay in installments. If it rests in some current account paying you 0.1%, then there is no point in complicating things.
I think installments are better as they do create some history. This is assuming that the total amount owed is not far too big in terms of your income.

I seriously do not have a problem with debt, I just wanted to know the best way to keep my credit file in good/ or even better standing, my credit/debt is not even 1% of my annual income

jo-bo wrote: »

When paying your installments make sure that the payment has cleared before the due date. If you're paying online with a card, the payment will clear within 48 hrs but usually is taken off your outstanding balance straight away.

Yeah I got stung like that years ago, luckily they waived the charge as they realised it was a mistake and I have never been silly enough since.

Thanks for the responses

Linda32

You could set up a direct debit for the installments. That way it won't be missed and you will always exactly on time.

I do this with our credit card. Obviously don't pay this by installments, but to collect the whole balance by DD that way I don't forget nor get charged interest.

chanz4

if its very, they only register on credit file a balance once due

shortcrust

pvt wrote: »

Just being pickie here - but where you've used the word "credit" try replacing it with the word "debt". Feels different doesn't it?

Well done! The most patronising post I've read so far this year.