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re: So I got my first ever credit card!!! and the bank tells me NOT to pay it off
Posted on 5/13/13 at 10:59 am to UFownstSECsince1950
Posted on 5/13/13 at 10:59 am to UFownstSECsince1950
Pay it off every month....as long as the credit agencies are getting positive reports of you having an active transaction history, it helps your credit score.
If you carry a balance...you will pay interest. No need to do that to "show" the credit bureau agencies you can pay a bill with interest..just that you have some credit history.
If you carry a balance...you will pay interest. No need to do that to "show" the credit bureau agencies you can pay a bill with interest..just that you have some credit history.
1
Posted on 5/13/13 at 3:27 pm to UFownstSECsince1950
quote:
Is this what I should be doing for the first 12 months? I find it hard to believe that the best way to build up my credit with my new credit card is to NOT pay off my debt every month.
Creditworthiness is not a rating of financial responsibility, but instead a rating of potential profitability to a lender.
Posted on 5/13/13 at 3:31 pm to Dead Mike
quote:
Creditworthiness is not a rating of financial responsibility, but instead a rating of potential profitability to a lender.
Dead Mike is Dead On. It's an I love Debt score
Posted on 5/13/13 at 10:10 pm to Kreg Jennings
quote:
If you carry a balance...you will pay interest.
You didn't read the OP where he said he has 0% for 12 months.
Posted on 5/14/13 at 7:16 am to Teddy Ruxpin
quote:
Anyways, this DOES NOT mean to incur interest charges by not paying your bill in full. What it means is when your billing cycle closes, you want the credit card company to say you owe "X" dollars instead of $0. You will then pay that X amount before your next reporting date, when again, through various new charges you will leave a little bit to "report" once again.
This. Needs. To. Be. Repeated.
You don't have to carry a balance month to month to have a utilization rate > 0.
However, since its 0% for 12 months I would do like foshizzle said and put aside enough cash to pay it off 12 months from now.
To the OP, in general, don't take credit advice from banking personnel, especially people in the branch. Banks make money off of interest and fees and want you to pay as much as possible without defaulting.
Full disclosure: I work for a bank.
This post was edited on 5/14/13 at 7:18 am
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