Pay it off or not

tarbo

I'm lucky enough to be down to my last £350 on my final credit card. :j
I've even got the money in the bank ready to pay it off when the statement comes :beer: . However, a friend told me to keep a couple of hundred on it and pay it off over a period of time so as not to affect my credit rating. Is this true ? Or would it have no bearing on my credit rating if I owed no credit card companies ?

P.S. It's still 0% for another 5 months & I do have a loan which still has 3 years to run.

Thanks.

Phantom_Flan_Flinger

There will be no adverse effects to paying the card of in full.

NickX

tarbo wrote: »

P.S. It's still 0% for another 5 months & I do have a loan which still has 3 years to run.

Why not make minimum payments until the 0% offer expires, and keep the cash in the bank making you a bit of interest at the same time.

Either way, your credit rating will only benefit from successfully managing a debt and paying it off.

auntymabel

Could you pay it off your loan?

tarbo

NickX wrote: »

Why not make minimum payments until the 0% offer expires, and keep the cash in the bank making you a bit of interest at the same time.

Hmmm, I like that idea . I did toy with doing that but the thought of not owing any money was too overpowering . Have to think again me thinks...

auntymabel wrote:

Could you pay it off your loan?

Can't pay any extra I'm affraid and don't have enough to pay it all off

Thanks for all the advice tho', much appreciated

leftfield20

I would pay it off, no matter how long the 0% offer was for. I couldn't trust myself not to spend the money i had put aside and then end up paying interest when the 0% ran out!