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Have a GREAT day! | Am i building up credit this way? |
Ive had a credit card for a few years now, and I pay off my credit card bills online. My in laws told me that if i want to avoid intrest charges I should pay off my credit card a week or two before the money is due. But then I heard that you need to carry the balance and be charged intrest to build up credit. Whats the right thing to do? Ive been paying off my credit card religiously before they expect the money to be paid. Am I still building up credit this way? |
 |
 
U812B4
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You need to know that the two most important factors in your score are:
Whether you pay your bills on time.
How much of your available credit you actually use.
It's essential that you pay all your bills on time, all the time. Set up automatic payments or reminder systems so that you're never, ever late. All it takes is a single missed payment to trash your credit score -- and it can take seven years for the effects to completely disappear.
You also don't want to max out any of your credit cards, or even get close. Keeping your credit use to less than 30% of your credit limits will help you get the best possible credit score -- and should help keep you from getting over your head in debt, as well.
Finally, you don't need to carry a balance on a credit card to have a good credit score. Paying your bill off in full is the best way to keep your finances in shape and build your credit at the same time. |
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bdancer222
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Paying your credit cards in full every month not only builds your credit history but it's the smart thing to do. You save interest charges and don't get into debt.
It is an urban legend that carrying balances and making small payments is the only way to build your credit history. Credit card companies do not report how much the payment is, only if it was on time or not. |
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heybulldog
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Never carry a balance. Always pay off the card to avoid interest. Yes you are building credit.
Why would you want too? All a high credit score is good for is borrowing more money and getting into debt.
Credit cards, along with the fico score was designed by banks to get people into debt and keep them in debt. They make tons of money that way.
If you pay as you go.
If you live on less money than you make.
You will have money and you will not have to worship at the alter of the almighty fico score.
The only time that you might have to borrow money is for a home loan. You can do that without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates out there. |
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bornjcan
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what you are doing sounds right, you can build up your credit without building up your balance, credit card companies look at credit card usage...in fact too high a balance on a credit card can actually be harmful to your credit |
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Andoman
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If you take out credit (use your card) then pay it off it builds credit and shows a history that lenders can see. |
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src50
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You do NOT need to carry balances to "build up" your credit - that is a myth. Just keeping doing what you are doing. |
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Leonardo S
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send as much money as you can so they get it just before the end of the cycle. use the credit card as much as possible, don't keep any money in the bank. Don't pass the due date even if you have to send two payments per month. |
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Wiseguy
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I believe just owning a credit card builds your credit. If you want good credit in order to save money, you should not build interest (losing money). I think you usually have a month to pay the previous months balance. Your statement should have a due date on it. I pay mine online so I just have to make sure I pay it before that date. I'm not sure if they count the date mailed. Either way, don't listen to your inlaws. You're losing money by being charged interest. Again, you build credit by just owning a card. It hurts your credit score if you have a large balance on your cards. |
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matt k
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u to do right keep playing the cards its fun isnt it? |
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Laura V
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it shows you pay but it is not building up credit. You need to make payments above the minimum but leave a balance. The balance though should not exceed 30% of the total available or that will adversely affect your credit as well. If you belong to a credit reporting agency service you can see how this will work to increase your FICO score... |
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Persepolis
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Your inlaws are right, to avoid interest charges you should pay off your credit card fully before the due date BUT that is different than building your credit.
Credit card companies want you to carry a balance and pay the minimum each month otherwise they wouldn't make any money... so they wouldn't hurt your credit for doing that.
Just as long as you dont keep it maxed out and pay at least the minimum each month your credit will be getting better. |
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Finance&WorkAtHomeSpecialist
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Yes you are still building credit up this way and you most likely have a very good credit score. There is some truth to the fact that keeping a balance does build credit better. Credit is meant to be used, which means keeping some balance month in or month out. Paying of your balance in whole is not a bad thing, but may not be the single best way to get the highest possible FICO score.
My Advice keep doing what you are doing. |
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