I have a credit card and planned on paying the balance off at the end of the month, every month. I received a letter from the college that I am going to attend about a deposit that I need to make in order to apply for housing. I didnt expect to have to pay for this so soon and was going to use my credit card to make the payment. I will most likely have the money to pay off the entire balance in full but I was wondering, if I pay payments on the credit card will it effect my credit? I will make the payment on time but I just thought that your credit would be harmed if you dont pay off the balance in full. Thank you for your time!
2007-10-28 05:10:16 · 6 answers · asked by Musical Buff 2 in Business & Finance ➔ Credit
It's perfectly fine to make payments on the card. It won't hurt you as long as they are on time. You should, if possible, try to make more than the minimum payment each month. This will help to ensure that you pay off the card and not just that you are paying on the interest. If there is a month that money is tight, the minimum is totally acceptable, but the more you can pay each month toward the balance, the better you will be.
2007-10-28 05:49:10 · answer #1 · answered by princess_dnb 6 · 0⤊ 0⤋
Yes it will do wonders for your credit
by all means establishing a good credit history is a money saving wonder. If you can pay it off in full then do so... but if you lets say pay half in cash and put the other on the credit card... you will up your credit score probably no more than a point as long as you pay that credit card bill on time each month. What it will do is show you can handle making payments each month... its a great thing being able to show you have a great credit history... the only time it will hurt you is if you dont pay and it goes into collections.
2007-10-28 06:14:37 · answer #2 · answered by Xavier 1 · 0⤊ 0⤋
No you will not be harmed if you make your payments to your cards ON TIME and at least the MINIMUM! In fact part of building credit is credit history. People who want to lend you money will look at those payments as a good thing as long as you do both things I mentioned above. Please don't think I am discouraging you from paying off the balance every month because that is a great mentality but if you have to make payments they shouldn't hurt you!
2007-10-28 05:24:11 · answer #3 · answered by acadia 2 · 1⤊ 0⤋
My philosophy is that having a high credit score is nice but its even better to spend your money wisely, not borrow at high interest rates, and build wealth. So borrow on the credit card if you have to, but pay it off as soon as you can because the interest rates are high. Borrowing and paying off loans will help your credit score, but cost you money in interest. Save your money.
2007-10-28 05:31:18 · answer #4 · answered by hottotrot1_usa 7 · 3⤊ 0⤋
It will help your credit, it's very much like buying credit.
2007-10-28 06:40:08 · answer #5 · answered by Rick H 5 · 0⤊ 0⤋
when you make payments on time, ,they give you more money/credit............remember 18 percent
2007-10-28 05:15:44 · answer #6 · answered by richard t 7 · 0⤊ 0⤋