my first credit card tips?

Question

whats the best way to raise the so called "credit score"?
paying the minumum every month vs paying the balance off immediately?
does the amount you charge matter?
and any other tips you may have ty.

Answer 1

keep a low balance that you make payments on, every month on time. YOur credit score looks at timely payments, but also debt to credit ratio. Try to stay well below the limit. Most credit card companies review accounts once a year and may increase your limit thwn.

Answer 2

The key is control. Treat the card as if it were cash out of your pocket. You don't need to pay it off each month. In fact that will hurt you. I use this rule. I pay off half of the balance each month. If the balance is $50.00, I pay $25.00 If the balance is $400.00, I pay $200.00. Every 6 months, I pay it off and start over. My score has jumped from the low 500s to upper 600s in about 18 months.

Answer 3

you mustn't be disillusioned, i've got been a server/bartender for a number of years, and that i've got made that mistake some circumstances. One time a shopper did no longer write the tip needless to say and that i entered interior the incorrect tip. yet another time, I have been given 2 receipts blended up (the final 4 digits of the cardboard have been a similar) and entered the incorrect tip. It happens, human beings make blunders extremely interior the eating place company being that it is so speedy paced. i'm constructive no server might intentionally scouse borrow that lots money, extremely being which you tipped 15%.. possibly in case you probably did no longer pass away a tip, yet in view which you probably did it had to have been a mistake. No server EXPECTS a 40 5% tip! earlier you get disillusioned and communicate with regard to the waiters being criminals, call the eating place and characteristic them verify the receipt. they shop the copies of the receipt you sign, and that i'm constructive they are going to provide you the money returned if not extra.

Answer 4

Speaking as the nation's top credit expert (visit www.LearnAboutCredit.com) ...

Pump MORE than your credit limit through your credit card monthly.

Let's say your limit is $300. Let's say you have $0 balance. Now send a $300 check to the credit card. Now you have $600 you can spend without going over the limit.

Buy everything you can on that credit card withOUT going over the limit, up to $600. Food, gas, clothes, whatever you normally buy. You are not going into debt, you are building credit scores.

Do this month after month. It rockets credit scores.

Then after 6 months, ask that creditor to triple your credit line. Run bigger amounts through the card. For example, when you are ready to buy a comptur or,TV put it on the card without going over limit.

Call again after 6 months and ask them to double your limit.

You want to get your limits up to $5000+ eventually.

Answer 5

If you want to buy,lets say a phone.It cost 59.99 and you have the cash. Use your credit card and buy it. when the bill comes pay i t off with your cash. do this a few times and the credit card co will increase your card limit and that will increase your credit score. WARNING...don't buy something you can't aford to pay for. Credit cards will kill you with high interest rates.Credit card depts are one of the leading reasons for bad/poor credit .

Answer 6

just make sure you pay it off in full every month and if you charge too much that you can't pay it off then keep your amount owed to balance ratio under 50%.

the amount you charge doesn't matter. I can charge 500 dollars every month and pay it on time and YOU can charge 50 dollars on it and pay it on time and we both will have the same rating...the only thing it does is it'll get me MORE CC offers that can only lead to putting me in debt faster than you. So no it doesn't matter what amount just as long as you pay it off in time.

Answer 7

your credit score will not be affected whether you pay in full or pay the minimum payment. it's up to you. if you want to save money pay in full, so you don't pay any interest. pay on time and don't use over 50% of your credit line. whatever you do, don't close the account, you need to build established credit.

Answer 8

while u won't raise your credit rating ,i still reccomend paying off the balance,u dont want to pay over 10%interest-do u-?,and not have any go to the princaple.keep using and paying it off and the card compants will keep increasing your limit over time.your rating will increase when you go for bigger ticket purchases like a car ,home,where you can get better interest rates

Answer 9

Pay off the balance each month. To ensure that you have the money to do this, write each charge down and deduct it from your checking account balance.

Answer 10

Oh Timmy. I am so happy you posted this question before it's too late. PLEASE read Dave Ramsey's book The Total Money Makeover TODAY !!! www.daveramsey.com

His specialty is getting people out of debt who are deeply in debt because of credit cards and other frivolous spending methods.

I read his book and it completely changed how I look at money. I think it will for you too. Simply stated, his philosophy is that your greatest highway to wealth is your salary, but that credit payments of any kind eat into this and prevent most people from even enjoying life.

Good Luck