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Allen | I just used my credit card for the first time, I want to pay the $200 of at once but people say i shouldn't? |
They're telling me it builds credit if I pay montly and on time. My question is, as long as it gets paid, who cares? Should I pay monthly or what?
Additional Details
I just don't like the fact that I owe money |
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Don Draper
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Pay off the full amount every time. You will build your credit and have a high score because your debt ratio will be low. DO IT |
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dbf404
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If you can do so,you wont pay any interest |
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reginadlgmirror
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It depends. If you plan on using your card every month that activity will get reported and that is good. If you plan on using once and awhile then the inactivity won't hurt you but it won't build your credit. |
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BMW BFD
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Making the payments on time will help rebuild your credit if it is poor. Credit companies like to see that you are able to make payments on time if you had dings prior. If your credit is good, then pay it off. Why pay the interest if you don't have to? |
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Male-Man
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Not paying off your credit card isn't good credit, it's good debt...and there's no such thing as good debt. It's better to get in the habit of not needing a debt card in the first place, which I'm sure you already know. If you want good credit, buy a house and make your payments on time. You can also check out one of those credit card FICA score companies that tells you exactly what your credit rating is....then you can know for sure where you stand. |
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hbrizes
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go ahead....you won't pay any extra interest...it can only be a good thing in the end. |
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crazy cheetah
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If you can afford it pay-off full balance. it builds on your credit rating and why pay unnecessary interest. Once u start into not paying full balance u will fall into that vicious circle. AVOID IT. |
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CHERI S
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Don't listen to them. Pay off your credit cards monthly. |
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Loli M
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Pay it all at once, that too builds credit. If you want to make two payments to get it paid off that would be fine too but don't let it go any longer than that. |
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crazydave
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Paying the full balance will save you interest and keep you debt-free, but sometimes the credit card companies would prefer you run a balance every month. The interest is their moneymaker! |
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Wonderin'
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You should always pay it by the due date to avoid finance charges and fees, and holding a large balance and making minimum payments, as far as I know, doesn't look good on your credit. I think it's something about debt to income ratio. If you have a couple credit cards you use and pay off every month, that's better than having two or three cards with a few thousand dollars on each and paying minimums on them each month. If you try to buy a house that will come into play with terms and rates because it shows that you have all this debt that you're struggling to pay. This is as it's been explained to me by a financial guy when I went to buy a house. At least this is what I understood.
Hope this helps. Pay off each purchase before the due date or as soon as you can. |
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gregtkt120012002
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It's better to pay full, because other wise the credit card starts charging you interest and it limits your possible spending amount for next month. |
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tbknows the answer
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pay it off in full whenver possible. it will give you a better credit score in the end |
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Wayne A
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don't listen to them. Pay it off as soon as you can - right away.
This will give you a better credit score (and plus you will know you aren't in debt).
Those people don't understand the system.
What they might be trying to say, more than anything (or what they might be thinking about) is that you do need to use the card regularly to improve your score, but by all means pay off your balance every month.
If you owe $200, then write out a check right now for $200 and get it to them at least several days before the due date. |
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NATALIE W
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It looks better if the balance is cleared every month,if you pay the monthly payment it looks like you cant afford to pay the full amount,so lenders looking at your file think you are already over stretched financially |
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Gatsby216
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This a case of two things: 1. You should not make credit decisions based on how it might tweek your credit score. I mean what are you going to do, speculate on how your score might go up or down 1 point every time you need to buy somthing with your card or make a payment?
2. Credit scores are very complex calculations related to many variables. So don't over engineer it.
What do you do:
1. Pay on time.
2. Limit accounts you apply for.
3. Use an account, but don't max it out or carry a balance for a long time.
4. Open an account with a company you think you will like and keep that account open for a long time.
5. DO NOT EVER cosign for any account or open a joint checking account with anyone.
6. Don't get scammed. Go to ftc.gov for education.
7. Deal with minor credit issues right away, like medical and dental bills.
8. Be careful about what contracts you sign, cell phone, gym, magzine subscriptions, etc.
9. Avoid auto debit deals like a gym, movie clubs, etc. These always cause problems.
Good luck |
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Jessica
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Ask them how much are they paying off?! Pay if off right away. That is what will make your credit score shoot through the roof- very slowly but surely. I recommend reading some good financial books by Suze Orman or David Bach to educate yourself about finances. Good luck! |
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john_stolworthy
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I pay my credit card bill before the billing cycle ends. The best way to build good credit is to use it once a month and immediately send in a check for what you charged. I have a friend who pays the entire bill every month, except for a penny. I can see his logic - it keeps the card active and how much is the interest they charge on that penny? |
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iraqiwildman
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Cut that suckers up now and close the account. |
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NONAME
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they are right and wrong - your credit limit is on your credit bureau. A big part of your score is determined by the amount of debt you have on your credit cards versus the limits. So you want to keep a very small balance to keep your accounts reporting every month. I like to pay my credit carde companies an extra $5-10 so they owe me the money, i get a statement in the mail, and they report every month. if you have the money pay it down to $20-$50 balance. just make sure you pay it and do not go over your limit - you will be charged a bunch of fees and your score will suffer pretty bad. I hope i helped |
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