 How do I negotiate a the best payoff of a credit card? |
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for to pay back?
Additional Details
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 Cutting credit card? |
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CriMsoNMiSSinG | Which will get you a better credit score? |
Ok. This is killing me. I am 19 and have only had a credit card for one year (almost exactly). I have lived on my own since 18, but never had a car payment (I paid my car in full). So I only have one year of credit. But when I moved into my apartment, they said I had good credit (with just having a card for a couple months), which landed me the cheapest deposit. I ALWAYS pay all of my bills on time and in full. I have never paid interest, or had a balance on my credit card because I paid in full. I would never charge something unless I knew I had the money to pay it at the end of the month. I thought this would raise my credit score. However, I tried applying for a rewards credit card, and I got denied by two cards due to a low credit score. (I looked on my credit score there is nothing bad.)
My boyfriend and his friend told me that what I was doing actually was lowering my credit score, and I was stupid for paying my credit card in full every month. That the only way to get my credit score up, was to charge things on my credit card, not pay in full, and have to pay the interest.
That makes no sense to me at all. Because why would not paying your bills in full be considered responsible? Now, before I get my bill for my credit card in a couple days, I want to know this: Should I not pay it in full and leave a balance on it? And will that raise my credit score?
Thanks.
Additional Details
Oh, and if I had a balance, it would not be that big and I would never max out. I have a 1,000 limit and I have yet to go over 250. I'm very responsible with my money (as it shows that I pay my credit card in full every month) but I just want good credit.
The credit card that I would have a big balance would be the 9.99% one with my bank. I just applied for a rewards card with 14.99%, so I will most likely only have a balance of $5. Lol. I just want something that will help my score!
And if possible, could you please post a link for your source? If not, that is ok. I just keep getting mixed answers on this. Thanks, again. |
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Linda R
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Paying off your card in full is GOOD. Don't stop doing that. In all likelihood, what's hurting your score is all the new credit you've been applying for. By having a bunch of recent inquiries on your credit, you're red-flagging creditors that you're out there trying to get a bunch of new cards which lowers your score. Another contributing factor is the length of your credit history. You have a short history, combined with a bunch of inquiries, and both factors contribute to your score. Check out the FAQs at MyFico.com. FICO is the score most creditors use, and FICO has information on how to handle your credit so that you can maintain a good score. www.myfico.com. You're very smart for your age, and you're doing a good job. Just educate yourself with facts (such as by reading up at MyFico) and don't rely on the opinions of others. You're showing good common sense, so keep it up! |
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SPIFIMAN1
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Your boyfriend and his friend simply do not know what they are talking about.
Use your card for every day things and pay it off in full before the due date. This will establish a payment history and help build your credit score.
Doing it this way you will always have a small balance to be reported due to the difference between the billing and the due dates.
I do this every month with 3 cards that have cash back reward programs and last year they sent me checks totaling almost $1,000.00 foe using their money for free.
I have done this for the last 2-years and my score has gone up almost 150-points. |
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slacker4life
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It's best to pay in full. Don't carry a balance as the interest will kill you. Paying your bill on time (at least minimum) is what helps your credit card. Don't listen to your bf and carry a balance if you can make the full payment every month! |
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billdbuedu
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NOT paying your bill in full will not raise your score. Keep doing what you are doing....paying the bill in full each month.
Try not to use too high a percentage of your available credit on your card, that can hurt your score.
Applying for additional credit too often can also hurt your score. |
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Pengy
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Your credit is new credit under three years that is why your score is low. No keep paying it off credit is taken over time, or pay it on the due date not before so it does show up |
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Bubba J
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i was going through a lot of the same problems with my credit score but i turned to get some help and found it at http://www.cellsware.info/restorecredit . They're totally free service that can help put on you on a good plan to raise your credit score. |
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reece_lightner
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Why do you need to raise your credit score? Trust I was just like you at 19 and I finally got a "good rewards credit card" But then things went wrong and I found myself in debt. Keep paying your credit in full. In time your credit score will increase because as long as people see never late on your credit history that will be the most important thing. But stay away from credit cards they are bad. Pay cash whenever possible. Check out Dave Ramsey's website or listen to his radio show for an hour or 2 and your mindset about credit cards will change. |
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Mike K
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Here is What can you do to have a Higher Credit Score
http://www.easy-creditcard.com/credit-card-score/what-can-i-do-to-have-a-higher-credit-score/ |
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brandy s
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My husband and I went through them same thing when we tried to buy our first home, big lending companies, and credit cards that are harder to obtain require three positive items on you credit report. And yes paying your balance in full every month does hurt you a little. it is a tricky situation. You can not max out the card, but it can not show a zero balance. I would continue to use it for what you normally do and pay that in full but pick something to buy that you will make small payments on. It does not have to be expensive. If you spend 100 and make the minnimum payment on time every month this will reflect that you can make payments on borrowed money and raise your credit score. |
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