i am trying to build my credit and i just receved my first credit card bill! th ammount i need to pay back is $52 but it says the minamum is $10 so which do i pay back?
i am trying to build my credit because sofar i have no credit.
i am 20 almost 21! with a credit card with a 300 dollar credit limit!
it took me 3 months to find some thing worth spending thoes 300 bucks on but finaly i gave up and just bought a tank of gas!
2007-02-12 07:38:02 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
pay in full always and your score will go up
2007-02-12 07:43:03 · answer #1 · answered by golferwhoworks 7 · 2⤊ 0⤋
Congratulations on getting your first credit card. I advise you to pay the total amount on the bill every time (so this time pay the whole $52). If you pay less than the total amount you will be charged exorbitant amounts of interest.
It doesn't matter if you use your credit card for low-value purchases or for higher-value purchases. Don't worry about not spending up to the credit limit, but do use your card or you won't build up your credit history. And make sure you will have enough money to pay the total bill when it arrives. Two of the criteria for your credit history is you demonstrating you can handle credit and paying your bills on time.
2007-02-12 08:15:33 · answer #2 · answered by Alex 5 · 0⤊ 0⤋
Always pay in full. Paying one cent less will cause interest on the entire amount to be charged. In my entire life I have never had a balance and my credit score is over 800.
Never use a credit card because you can't afford something. It is only for convenience.
The only carried balance should be a home, car, and major home improvements and they should not be on a credit card.
2007-02-12 07:53:27 · answer #3 · answered by Barkley Hound 7 · 0⤊ 0⤋
Pay it all off. Paying your bills on time, and in full, does more to establish you with a good credit rating then leaving a balance.
Besides, most people get caught in a credit card trap and can never catch up. Don't fall into that trap.
.
2007-02-12 07:47:43 · answer #4 · answered by non_apologetic_american 4 · 0⤊ 0⤋
Always pay in full. Keep using the card (paying in full each month) to build up your credit history.
2007-02-12 07:46:08 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Always pay the full amount. Paying less will cost you a lot of interests.
I do all my shopping on the credit card, because I earn miles for a specific air transport company.
Plan it and always pay the full amount!
2007-02-12 07:47:32 · answer #6 · answered by Anele Aganon 2 · 1⤊ 0⤋
Always pay it off every month. Don't spend more than you make. That way your not paying any interest and your credit score does well.
2007-02-12 07:46:55 · answer #7 · answered by Slimboogy 2 · 1⤊ 0⤋
If you have the $52, I say pay it back because if you pay the minimum there will be hidden interest charges on your left over balance.
2007-02-12 09:56:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The minimum payment is exactly that, the MINIMUM payment. So you can pay anything 10 or more. If you want to pay the full balance, thats fine, it will save from having to pay an interest.
I would pay somewhere in the middle.
2007-02-12 07:42:40 · answer #9 · answered by Anonymous · 1⤊ 2⤋
Pay the full amount if you can. Remember, if you don't pay the full amount, you'll be charged interest (finance charge)...and whatever you bought will end up costing you more!
2007-02-12 11:31:59 · answer #10 · answered by Jason 3 · 0⤊ 0⤋
pay off the amount that you owe, if you only pay the minimum of 10.00 back on a $52.00 bill it will take you over 5 months to pay back the $52.00.
2007-02-12 09:58:28 · answer #11 · answered by koifishlady 4 · 0⤊ 0⤋