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For Revolving Credit or Long Term accounts, should I enter a Payee Name account record even if I currently have a $0 balance outstanding?

April 26, 2017account accounts credit Currently enter payee record revolving term

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For Revolving Credit or Long Term accounts, should I enter a Payee Name account record even if I currently have a $0 balance outstanding?

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A. Yes. If you have an open line of credit and a $0 balance, this information should still be entered in PFA. If the account has a lower interest rate than a more active account, PFA may select the $0 balance account as a target for possible balance transfer from higher interest rate accounts. This could result in additional cost savings! If you do not enter this account, PFA will not be able to consider it in the analysis.