i have one credit card that i use every month. each month, i pay it off in full. is this really helping my score? this is my first card, and im only 19. im very frugal by nature, so i would never splurge all my money away. bit of a tight wad...
is this helping me the most? also, i accidently applied for a card (stupid woman called asking questions. i said i wasnt interested and she said ok, but i still want to ask you a few questions. i answered quickly, and hung up. to my dismay, i see a new bank of america card the next week...) i sent them a letter to cancel and they said ok, just make sure its paid off. well i never used it once. is this little mishap gonna hurt me in any way?
2007-04-23 20:24:32 · 10 answers · asked by J Balla 4 in Business & Finance ➔ Credit
Congratulations on being very responsible with your credit card. What you are doing is great, and the fact that you are starting young is good- both for building your credit and establishing good credit habits.
I don't think it is EVER a bad idea to pay your credit card in full every month. I do the same thing. A lot of people I know are in debt due to getting in the habit of paying only the minimum each month. What they don't understand is that credit cards have compounded interest! That is why a lot of young people, especially college students, have very bad credit card debt.
As for the card you didn't want, I suggest cutting it up, making copies of all the paperwork and the cut up card, and sending it via certified mail (along with signature delivery confirmation) back to the credit card company with a letter telling them the card was opened fraudulently and without your permission by the person you spoke to on the phone. As long as you have never used the card and you send it back within 30 days of receiving the card, you can do this. (Technically a credit card is not activated until it is used the first time or it is after 30 days upon receiving the card.) Once you get the delivery confirmation, wait a few days and call the card company to see if they got your cut-up credit card and letter. Wait a couple of months to see if the account shows up "closed" on your credit report.
Make copies of everything you send, and document dates/times each time you call the credit card company. Most importantly- DO NOT TRUST WHAT THEY SAY. If they say the account is closed, tell them to send you a letter confirming this within 7 days. If you do not receive it within that time, keep calling them.
The best thing to do is be firm but be very nice to the customer service reps. I found that being pleasant on the phone to a person really works wonders!
2007-04-23 20:41:59 · answer #1 · answered by mymammoth 3 · 2⤊ 0⤋
Since their credit card doesn't regularly earn you points or cash back, it sounds like the only reason you would get it is for the coupons. At first, it seemed that not many had really heard of this particular card, but now they are beginning to gain some ground. Now, it seems they are moving more toward having the account online so that they can offer international shipping deals and many other options for the online shopper than to have an actual card application process as they had before. If you have trying to access the Woman Within Credit
2014-09-23 09:57:06 · answer #2 · answered by Harmesh 2 · 6⤊ 0⤋
If you are trying to build credit, like I was almost 10 years ago, then what most agencies are going to look at is if you make on time payments. Where it is good to go ahead and pay your debts off it is also good to have a record of consistent on time payments. Paying off debts early and paying more also helps your credit. One final note, I have had credit cards cancelled because I would charge things and pay it off at the end of the month before any interest accrued. Basically if the company is not making any money off of you they will get mad. I know it sucks but you want to build confidence that if someone loans you money in the future that they can trust you will be able to pay it off.
2007-04-23 20:36:55 · answer #3 · answered by RCT 3 · 0⤊ 0⤋
retaining a stability on your card isn't a bad factor, it is not good the two. as long as you preserve utilising your card, it may be greater helpful financially to pay the stability off each month. in case you have a discounts, shop your money in there till you pay your debt. Then circulate the essential money to hide the fee. not basically will you be saving the activity you may have in many situations paid to maintain the stability, yet in a discounts account, you may upload yet another couple greenbacks. credit companies want to work out the way you take care of your debt. Paying it off shows you comprehend the place your priorities are. undesirable issues to do is to pay off your mastercard and not use it returned or have too many credit enjoying cards. in spite of 0 balances, credit companies view this as a skill for undesirable issues to happen.
2016-10-28 19:56:20 · answer #4 · answered by sabra 4 · 0⤊ 0⤋
Always pay in FULL.
A few years ago, I had to add onto my mortgage to pay-off the credit cards amounting to $34,000. I was holding 7 cards! They were practically giving this away.
I have been "clean" for 3 years now, and only use one card for emergencies or fuel.
Pay In Full, Just Say No, and stay off drugs.
2007-04-23 20:35:34 · answer #5 · answered by Gilamonster 4 · 0⤊ 0⤋
I agree with the other posters about paying in full
I totally agree with what mymammoth had to say.
If they created a hard inquiry, that will cost you score points and remain on your reports for 2 years. (though it won't continue to hurt you for the full 2 years)
If they did, you should dispute the inquiry since they did not have permissible purpose in pulling your credit report
2007-04-23 21:22:13 · answer #6 · answered by echo 7 · 0⤊ 0⤋
the credit ppl look for long periods of payment. they say to help your credit on a card to never go over 50 percent of the balance. if your tryin to build credit get a few accounts opened and use them wisely for a long period of time. they want to see if your responsible and your not gonna get over your head. make payments on time and have the cards for a long time too and your credit will improve. long good standing accounts is all its about. payin your card off early doesnt help they wanna see debt its probably not event showing any debt on yor c. score cause you pay it off to early make monthly payment
2007-04-23 20:34:15 · answer #7 · answered by heatherpd 2 · 1⤊ 0⤋
It's better to pay it off in full so you don't have to pay interest. No the b of a thing won't hurt you.
2007-04-23 20:29:15 · answer #8 · answered by ? 3 · 0⤊ 0⤋
I would say pay in full each month. U may some day loss your job or something and cant pay.. so pay it each month in full..
2007-04-24 04:54:04 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋
pay in full.!! you'll save much $'s, make sure payment gets there before the due date.
2007-04-23 20:36:38 · answer #10 · answered by Alvin Rwork in zoo 1 · 0⤊ 0⤋