then go home and pay them off immediatly?
2007-09-29 05:18:40 · 4 answers · asked by geeky_mommy 2 in Business & Finance ➔ Credit
It is good IF you pay off the bill in full when it comes . If you pay right after the bill comes , there will be No % charges posted .
If you charge $500 , put that $$$ in an % bearing savings .
When the bill comes , pay the $500 and you will at least have some % earnings from it .
Also , get a cash back rebate card .
Do not pay until you get the bill because the cash back is calcualted on the balance at billing .
I got the 5% back on groceries , gas and drugstores .
I got $600 back over 18 months with one card and just got another $100 from a 2nd card .
I always pay the total due so there are No % charges ever added to my bill .
Here is where to shop for current rebate cards . . .
Since you will pay it off all the time , the % rate won't matter ,
Select the rewards option under "select a card"
And just make sure there is no annual fee .
http://www.bankrate.com/brm/rate/cc_home.asp
good luck !
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2007-09-29 05:29:49 · answer #1 · answered by kate 7 · 1⤊ 0⤋
No, this is not good to build credit.
You must wait till after the information is reported to the credit bureaus. If you pay off immediately the credit card company is always reporting you at 0 balance.
This will not show a payment history.
Wait till the bill comes, then pay the balance in full before the due date.
2007-09-29 21:22:09 · answer #2 · answered by Seeking 5 · 0⤊ 0⤋
All that is required is to pay them on time, and demonstrate this over a period of time.
The credit reporting agencies often do not get information every month, so it may take 3 or 4 months for this type of activity to even show up.
Another factor that plays into it, is your debt to available credit.
So, the easiest way to increase your credit score is to call up your credit card company, ask them to raise your credit limit (the amount your allowed to borrow) and then DON'T use it.
2007-09-29 12:30:03 · answer #3 · answered by justhefacts 3 · 0⤊ 0⤋
Yes.
Use them every month for everyday things be careful never to exceed 30% of your credit limit in any given month and pay in full before the due date.
This will raise you score very fast.
2007-09-29 13:20:15 · answer #4 · answered by ? 7 · 0⤊ 0⤋