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re: Question on credit score and credit card balances.
Posted on 1/16/13 at 3:33 pm to iAmBatman
Posted on 1/16/13 at 3:33 pm to iAmBatman
quote:
A revolving balance means having some portion of the balance unpaid at the end of the month, and thus having interest charged.
But, like I said, I paid it to $0, thus eliminating interest. Is that not appropriate?
2
Posted on 1/16/13 at 3:36 pm to rpg37
quote:
But, like I said, I paid it to $0, thus eliminating interest. Is that not appropriate?
That is the best way to use a credit card.
Feel free to use it during the month as much as you want, just make sure to pay the balance whenever it is due.
Posted on 1/16/13 at 5:40 pm to rpg37
quote:
I paid it to $0, thus eliminating interest. Is that not appropriate?
It's very appropriate, but your report will show whatever balance your last statement had.
So if you spent $500 this month, you get a statement saying you have a minimum payment of whatever but you can pay the balance in full for $500 and avoid interest. Being a wise fellow you do this, but your credit report will show that you owed $500 at the end of that month.
This is okay though.
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