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re: Will be totally debt free in about three weeks. Where to put extra $?
Posted on 1/8/13 at 11:01 am to htownjeep
Posted on 1/8/13 at 11:01 am to htownjeep
quote:
I have heard I should keep very small balances on credit cards and use them once a month just to show activity. Is that true?
Sounds like you are good with your money so I would recommend getting a rewards cc and using it for all of your purchase to get 1%+ cash back. It can really add up.
You NEVER need to keep a balance on a card though. That means you pay interest. Ideally you want to have 1-9% of your limit report on your statement each month and pay in full after you get the statement so that you never pay interest. This shows that you are using an ideal amount of your available credit and will boost your credit score.
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