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in order to improve my credit score should i pay the cards off every month of leave a balance? and why
Additional Details
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tamuriilanaclime | Is it better for my credit if i pay a little over my minimum payment or the full payment? |
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 |
 
Jason
 |
Pay the full amount if you can. Remember, paying "a little over the minimum" will cost you real money, in t hat you're going to be assessed finance charges on the amount you still owe.
Remember, part of building credit is having the money to pay for what you buy. There's no need to unnecessarily to have some of your money go towards paying finance charges if you don't need to. And to be honest, you really should try not to buy more than you can pay for... |
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Brownie-Girl
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Full Payment because you avoid finance charges. |
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the nothing
|
although the company wants you to pay as slowly as possible FOREVER....
If you pay it off in full you can pay say, $120 for a pair of shoes instead of say, $3000 over 10 years. Yah, seriously.
So I'd try to do a mixture of the two. String the credit card company along a little but don't screw yourself. |
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Kalika
 |
Paying full is always best. Paying over the minimum is 2nd best. Paying Amount Due Now is 3rd best but still good. Missing even 1 payment is DISASTER. Always do your best even if its 3rd best. |
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Elana
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Assuming you are NEVER late, your credit
rating will improve the fastest if you pay a little
over your minimum.
Your credit rating is not a rating of how
trustworthy you are ... it is a rating of how
much money credit companies can expect
to make off of you.
If you always pay your bills immediately, you
pay no interest and they make no money so
you aren't very interesting to them. |
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DrDanMan
|
No. Neither the credit report NOR your credit score shows overpayment. Same thing if you pay the debt off early. Nothing...Compare it to having $50,000 in a savings account....neither the credit bureau nor your credit score is able to factor that in. Example: you pay an extra $10,000 on your car loan principal or mortgage loan principal. The following month you forget to pay. You'll be shown as 30 days late [and your score will drop], even though you're years ahead of schedule. |
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junkmailsux2006
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its better for you to pay at once so you wont pay interest, but better for your credit to pay the minimum. |
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LorenzoRed
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I don't think it really affects your credit unless you stop making payments altogether. But if you just pay the full payment, you won't have to pay interest, which is a good thing! |
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azhat
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A little over minimum payment will be best over a long term b/c it establishes a good payment history. Just be sure of two things:
1. Never make a late payment
2. Try to keep your balance below 1/2 of what your limit is.
Maintaining this will establish a good credit history over time. NEVER cancel once card to roll over your balance to a new card unless you HAVE to. Closing a long-established Line Of Credit kills your credit score b/c now you have a brand new line of credit with a large balance and no credit history for making payments. |
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TOMGAR
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YES!!!!!!!!!!!!!!!!!! |
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