I am 18 and have no interest credit card. I want to know whether you build a good credit history faster by paying it off each month or if you carry a balance over is this bad? If you carry over do u not get as many points or does this not matter?
2006-11-05 13:54:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Don't pay it all off, carry a small balance, never miss a payment, pay more than the minimum payment, use it, a lot of your credit score has to do with whether you are "using" your credit.
2006-11-05 13:57:53 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Always pay off your cards each month. The reason is , if you carry credit and then you get behind, your credit can be ruined. By showing that you only spend what you can pay each month, you are a safe bet for good credit. Not paying off your cards each month usually means you can't afford to pay them off. You get points for the amount you charge. I pay my card off each month and I get enough points (Flyer miles)for my family of four to go on a vacation every year. I charge everything to accrue more points- but always pay it off.
2006-11-05 22:01:00 · answer #2 · answered by weswe 5 · 0⤊ 1⤋
carry the balance over but dont exceede 90 days. Either that or make timely payments on the balance until its paid in full.
2006-11-05 22:03:34 · answer #3 · answered by DemoDicky 6 · 0⤊ 0⤋
thats how it works you pay back on time, that builds good credit you dont make good credit bad
2006-11-05 21:57:41 · answer #4 · answered by bar 2 · 0⤊ 1⤋
pay off on time ALWAYS, use it monthly, as long as not 75% of the limit yer ok... http://freeanualcreditreport.com
2006-11-05 21:56:30 · answer #5 · answered by fantasticopinionsfree 3 · 0⤊ 1⤋