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  #1 (permalink)
: Credit Card and Credit info.?
So, I'm just curious about a few things on building credit.

I JUST got a credit card a few weeks ago.
Ive boughten everything on there from cheap things like McDonalds to more pricey things like new tires for my car.



Anyways, I currently have $250 in my outstanding balance for my card.
I can pay this off fully before my next due date (which is next month because its a new card).

But I heard somewhere that its better to not pay all at once but to pay A LOT more then the required amount, that way you can build credit.

Ideas, suggestions, and help much appreciated.

What is the smart thing to do here? Thanks again :)
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  #2 (permalink)
: How to get top 800+ scores.
Get a card.
Use it for thigns you need like food, gas, etc.
Pay in full each month.
This way you never pay interest and get top credit that will amaze any future creditor.
It is 100% myth that carrying balances is good for you.
Something very, very poor people belive.

Why you are hearing that carrying balances is good:
You must show usage.
For those people that only charge one item each year - this is a good plan.
Steady payments show continous usage.
But - they pay interest - and sometimes use more than 30% of their available credit limits - which starts lowering your score.

So... Usage - that's the secret.
Continue using your card for things you need - pay in full - and never pay interest.
Credit cards report your balance on the closing date - the date they send you out the bill.
Just make sure it is never more than 30% of that limit.
---------
Quick note:
You can get 800+ scores by using credit cards alone and paying in full each month.
Google fico score estimator
or Credit.com credit score estimator
Yes, it can take up to 10 years - but it can be done.
These calculators will open a world of information for you.
Also go to myfico.com education
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  #3 (permalink)
: As long as you make at least the minimum payment by the statement due date, the account will be reported to the credit bureaus as paid on time. This will build good payment history. However, if you pay the full balance by the statement due date, you won't be charged interest. There is no advantage to carrying balances and making small payments. It just cost you interest.

The smartest way to use your new card is to only charge what you can afford to pay in full each month. That will build good credit and avoid interest.

Also, keep in mind that you will have to use that card for at least 6 months before it even begins to count in your FICO score. It takes years to build good credit.
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  #4 (permalink)
: Pay it off
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  #5 (permalink)
: The smart thing to do is pay it ALL off as soon as you get your bill, or before. It will not hurt your credit to pay it all off, plus will save you lots of extra money on finance charges, etc.
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  #6 (permalink)
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