How do i built credit? some people say pay the whole amout right away or just pay a little over the suggested?

Answer 1

If you are talking about credit cards, as long as your payments are always on time and your balance is below 30% of your credit limit it makes no difference when it comes to credit score.

I once used 2 credit cards for every day things, never exceeded 30% of my credit limit in any given month and paid them off in full every month and raised my score over 150-points in 24-months.

Answer 2

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RE How do i built credit? some people say pay the whole amout right away or just pay a little over the suggested?

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Answer 3

you could get a personal loan and pay it off in a few months that way you could buid good credit or you could get a credit card use it for everyday purchases and make the full payment at the end of the month that way you do not pay interest and build credit. Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward, no matter what kind of credit you have they have the right card for you

Answer 4

You build good credit by paying on time.

In the case of credit cards, the companies do not report how much just if you're on time or not. It is best to pay the card in full every month. This saves you from paying interest and keeps you from running up debt.

Answer 5

charge something every month and pay the bill in full every month. if you just charge occasionally you might want to just pay the minimum. the most important part is NEVER be late on your payments. the best way to start credit is get a loan at the bank for $500 and put the $500 in a checking account and have the monthly payment paid out of your checking account. this way you develop positive credit while not spending the borrowed money.

Answer 6

In terms of credit cards you shouldn't spend more than what you can pay at the end of that month. Otherwise your payment will fold over to the next month plus interest and you end up paying more for what you got! Get a Sears credit card. It's from sears but you can use it anywhere like a real credit card. Start with small purchases and pay them off at the end of the month entirely. Good credit is not owing anything.

Answer 7

credit card companies send reports to the credit agencies that say whether or not you pay on time. they don't say how much you pay, but they do say your overall limit.

if you only pay small amounts at a time, the left over amounts will gain interest and you'll be paying off way more in the long run. and the credit bureaus won't know the difference.

even if you have a zero balance on your account, your credit card will still send reports to the bureau saying "pays as agreed" so that's probably your best bet.

Answer 8

It is better to pay it all at once. You see if you pay over time you end up paying so much more, it is kind of pointless. If you can't pay off the whole amount that is ok, but don't pay only the minimum pay more then the min. This way you build your credit, because you are more trustworthy, they know you are going to pay.

Answer 9

To build credit have a credit card but pay it off as soon as you put something on it. Whatever is in your name eg. cell phone bill make sure you pay it as well on time. Your credit score shows if you make your payment on time and how much you owe and what your credit limit is. It is also a good idea to have a savings account. Do not have too many credit cards because that will make your credit rating go down. Two is enough.

Answer 10

Paying the full amount, is like a 30 day charge, in some cases. Nothing wrong with that.
Paying a set amount over the term indicates well controlled budgeting and payment as stipulated in the terms of a loan or account.
In fact, creditors do not like early prepaid loans. They plan on the interest.
Paying off a loan or account in full is wise when the interest rate is too high.

I had a loan with an auto co. I paid it off in two months.
Later, they would not finance me, although I had excellent credit. They feared early payoff.

Answer 11

Don't pay anything. That seems to be the trend. Then, blame some third party or other entity for your woes.

HINT: Credit or Building credit as you call it, doesn't build wealth. You can't borrow your way to prosperity. You can't out fox a lender. Focus on building wealth, not debts.