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What If You Always Pay Cash?
05/15/24
A simple way to reduce debt is to stop using credit cards, but that could negatively impact your credit score. To stay “all cash” and maintain solid credit:
- Don’t close credit card accounts. Closing the account reduces the credit available to you and impacts one of your important credit-scoring ratios. Even if you don’t plan to use the card, keep the account.
- Occasionally use the account. Make a small purchase every other month and pay the bill on time. That will keep the account active. If you want, put a recurring purchase (like a cell phone bill) on your card so the charge will be automatic.
- Pay your bills on time. Whenever you have a balance, pay the bill on time. On time payments is a major contributor to a good credit score.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.