Credit card payment delay promos and your credit score

[MJ]

I have taken advantage of citibank and now wells fargo's credit card promo that "allows" you to pay a minimum monthly payment with 0% interest on the balance until the promo ends. I'm enrolled in both companies for 15 months of minimum monthly payments. It looks like there is a down side because I noticed that both myself and my wife credit score has gone down about 50 points from excellent to very good score.
Besides returning to paying the monthly statement amount, is there anything I can do with the credit report agencies since I am only taking advantage of these offered promos and can easily pay my monthly statements.

 

[ExFlyBoy5]

I have taken advantage of citibank and now wells fargo's credit card promo that "allows" you to pay a minimum monthly payment with 0% interest on the balance until the promo ends. I'm enrolled in both companies for 15 months of minimum monthly payments. It looks like there is a down side because I noticed that both myself and my wife credit score has gone down about 50 points from excellent to very good score.
Besides returning to paying the monthly statement amount, is there anything I can do with the credit report agencies since I am only taking advantage of these offered promos and can easily pay my monthly statements.

If this is the first month of the credit score ding, I would expect it to recover over the next few months.

 

[Luvtoride]

MJ, I take advantage of these offers all the time and see the dips in my credit score when I do this. It never seems to impact getting more of these 0% balance transfer offers. A couple months later, I get the alert, my credit score has changed and it starts to go back up.
I don't pay the minimum, but I divide the full amount by the number of months to pay it off and pay that amount.
What other concerns do you have about the ding in your credit score?

 

[brett]

Cannot be bothered.

Given the low interest rates opportunity cost it is hardly worth the both for us. We pay in full on billing.

 

[Sunset]

Obviously, the CC companies make money on the people that forget to pay it off, or go wild on spending and dig themselves deeper in debt.



Considering the tiny interest I could earn by carrying $1,000 for 6 months the $2.50 is not worth the effort. I'd rather make $200 getting a new Credit card, or something else.

 

[MJ]

To clarify, these promos are NOT 0% balance transfers. I haven't received any favorable transfer offers yet. My wife and I share our CCs, we are both either the primary owner or authorized user. I just checked my wife's score and it's a lot worse than I thought. From July to Dec, it dropped 83 points which parallels her Summer citibank 6 month delayed payment promo which will get paid off Feb 1. I'll see if her score will slow shoot up again. Meanwhile, I'll see how my score will be impacted since I just started the Wells Fargo 15 month promo. Btw, we only have CC debt.

 

[Sunset]

To clarify, these promos are NOT 0% balance transfers. I haven't received any favorable transfer offers yet. My wife and I share our CCs, we are both either the primary owner or authorized user. I just checked my wife's score and it's a lot worse than I thought. From July to Dec, it dropped 83 points which parallels her Summer citibank 6 month delayed payment promo which will get paid off Feb 1. I'll see if her score will slow shoot up again. Meanwhile, I'll see how my score will be impacted since I just started the Wells Fargo 15 month promo. Btw, we only have CC debt.

I know it's not your question, but DW and I have separate CC.
Besides the issue of each having their own established credit history an important point is each of us can apply for a credit card and get the bonus.

If I shared my CC with DW, then she is considered to have already have X card and cannot qualify for the bonus.

I see zero benefit to sharing credit cards.

 

[MJ]

Considering the tiny interest I could earn by carrying $1,000 for 6 months the $2.50 is not worth the effort. I'd rather make $200 getting a new Credit card, or something else.

Both cards got me $200 each as well
but
you might be right although my CC bills range from $1000 to $2000 a month so after 12 months, I would owe over $18K interest free. I am also hoping that interest rates will begin to inch up during the 15 month period.
One the traits some/many of us have on this site is the difficulty to resist a bargain even if it is to save a buck.

 

[MarieIG]

Is not one of the factors which determines your credit score, the amount/ percentage of outstanding credit?

 

[tb001]

We’ve looked at these for big purchases where spreading out the payments might decrease the tax burden associated with withdrawing the money upfront.

 

[MJ]

I know it's not your question, but DW and I have separate CC.
Besides the issue of each having their own established credit history an important point is each of us can apply for a credit card and get the bonus.
If I shared my CC with DW, then she is considered to have already have X card and cannot qualify for the bonus.
I see zero benefit to sharing credit cards.

Just clarify, we both have our own CC and are also both authorized users of each others cards. Several years ago, before I started getting my wife her own cards, upon reviewing my wife's credit report, the cards I was the primary owner and she as an authorized user were listed on her report and without having her own credit line had a growing very good score. It appear the credit agencies treated my line of credit as her own as well. She later got her own cards, again with me as an authorized user. As of last July, her score was well over 800 until it started dropping due to the promos.