I have a student credit card I recently got with my wells fargo bank with a limit of 3300....I just got it..now..if I use it when I normally use my debit card..and simply go online and transfer funds over to cover the balance the same day before interest is even piled on....will this help my credit? Even though I didn't even wait to pay off the debt?
2007-08-04 13:48:30 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
It doesnt charge interest for 30 days. I would wait for my bill then pay it down. Never go over 25% of what you owe on your credit card. But always keep a running balance even if its 50 bucks. Maybe leave 50-100 on your card balance at all times. The interest isnt that much but it will help your credit that way. That way they report every month.
PS Michael thats not what he asked.
2007-08-04 13:52:24 · answer #1 · answered by financing_loans 6 · 1⤊ 0⤋
Interest doesn't get charged until after the payment due date after you get your bill, so it won't 'pile on' immediately you make your purchase.
If you use your credit card instead of the debit card, just be sure you keep enough money in your account, then wait for the bill to come at the end of the month and pay it off in full as soon as you get it. Don't wait till the due date - it can take up to a week for the payment to be credited to your credit card account. If you wait, you could find yourself with interest to pay.
2007-08-04 14:03:57 · answer #2 · answered by bluebell 7 · 1⤊ 0⤋
Its best to show a running balance on your credit card it shows you can manage your debts long term. If you dont want to do that because of the intrest charges I would recommend just paying the bill off when it comes in the mail once a month. You will not have any charges as long as you pay the bill in full.
2007-08-04 15:17:51 · answer #3 · answered by jenjen1251 3 · 0⤊ 0⤋
no credit card will help not a debit card
2007-08-04 13:51:20 · answer #4 · answered by Michael M 7 · 0⤊ 3⤋