Credit people please help..Credit Question?

Question

Im 23 and im rebuilding my credit. I settled 1 account on my credit report and paid one off in full. Now i have to build up again. I got a $250.00 credit card. My question is....Is it better to pay it off in full everymonth or leave a small balance? no one can seem to give me the right answer......i only charge maybe 50 bucks a month. I need my score to go back up. thanks :)

Answer 1

To rebuild your credit you should leave a small balance and pay on it every month on time. What they are looking for is a history of payments to show that if they loan you money on something that you cant pay in full like a house or a car, that you will make the payment every month on time. You also have a right to put an explanation on your credit report for the accounts that were pass due, something like job loss, illness, divorce that will explain why you got behind on those accounts. To do that go to your local credit bureau offices (you need to go to all 3 since they do not share info).

Answer 2

It's much better to pay it off in full each month. I know because I used to work in the credit department of a major bank. Also, because $250.00 is a relatively small amount you don't want it to appear that you may be having difficulty paying off small amounts of money. There is more subjectivity in a financial institution's analysis of your credit report than I think most people realize. Look into getting a joint account with a higher credit line, if possible. Then keep the balance really low. That looks good too. It shows you can be responsible with a lot of money. It may take awhile but keep at it. Your credit score will eventually recover.

Answer 3

Rule of thumb:
1/ never use more than 50% of your available credit limit.
2/ while making your payments in full is a good idea from a debt perspective from an assessment of credit risk perspective, lenders don't like it. Credit is all about how you manage your debt i.e. maintaining doo debt to income ratios. If your minimum pymt on your credit card is $10, send in a pymt of $20....that way lenders are able to see that you handle debt level well.

Answer 4

Those that say that the English is not going to gain knowledge of one more language aren't joking. There used to be a information object over the weekend that a particular field of Spain that has been overrun via the British at the moment are status for the neighborhood council when you consider that among different matters their kids aren't taught in English. To the character that claims that the Spanish understand English however may not talk it . I say how are you aware? I spend plenty of time in France and plenty of individuals don't talk English and if they are able to why must they,no person will talk to them in French in this aspect of the channel. I went to reside in France within the past due 60's early 70's while I used to be on submarines with the SA military, at the moment my French used to be well however now it's really rusty. I nonetheless talk French while in France even if spoken to in English ( via the French). I have continually had pleasant admiration for people who spoke different tongues in particular those who made the trouble to talk an African language (I talk now of the white populace) I continually lived at the slopes of Table mountain and as a child went to a individual college within the Southern suburbs and rarely spoke Afrikaans. I have located that my little institution of SA peers right here in UK pop out with Afrikaans, or talk in truly Kaapie accents always we're in combination.