I try to use my credit card to pay for everything that I can, because its a cash back card. Between my wife and I, we usually run a balance of about $2000-2500 a month. I then pay the balance off in full every single month and have never paid a penny in credit card interest. I'm also not buying anything extra just because I'm charging. I tend to get a cash back check from those purchases of about $100 or so every few months. So not only am I not paying finance charges, but I'm actually profitting, but is this still hurting my credit in any way?
2007-07-16 14:53:08 · 6 answers · asked by nipsy3 2 in Business & Finance ➔ Credit
No, it doesn't hurt your credit at all. Your credit score actually will go up. The only way to hurt your credit is if you're paying your bills more than 30 days LATE! There's no negative effect for paying it all at once. (I work at a financial instituion for the lending department)
2007-07-16 14:59:05 · answer #1 · answered by Dee 1 · 2⤊ 0⤋
I do the same thing. I charge anywhere from 2000 - 6000 a month. I use it for everything and pay it off at the end of the month.
I have great credit.
2007-07-16 15:00:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As long as you are not charging your credit up to the max, you should be fine. I believe that they look for about 30% credit utilization on cards.
2007-07-16 14:56:46 · answer #3 · answered by Andrea B 3 · 0⤊ 0⤋
Nipsy3
Add me to the list of the same you are doing. Credit score here is excellent.
2007-07-16 15:03:36 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
that is exactly what i do and i have a credit score of 840. like you i use my credit card as a debit card -- more folks should do likewise.
2007-07-16 15:19:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Nope. It should not hurt your credit. It will just show tons of ontime payments!
2007-07-16 15:13:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋