Question about credit score and my 1st credit card?

Hey yall. I just got my first credit card and have a question about getting a good credit score. Someone told me, I should use it at least once a month and pay it off entirely each month. Is this the right way to go? Or should I only use it when I need it, even if that means not using it for 3-4 months?

Question about credit score and my 1st credit card?

Credit card companies report your (re)payment habits to the various credit card bureaus, and there is some dispute in the credit world as to whether or not non-use of a card is beneficial to your credit rating. The reason this may be the case is because people who have accounts but don閳ユ獩 use them are referred to within the credit industry as 閳ユ竸eadbeats閳?閳?also known as someone who has an account but isn閳ユ獩 actually profitable to the credit card company because they don閳ユ獩 ever use their credit card. If you don閳ユ獩 use your card, you have no payment or repayment history there is nothing to report; even though your credit account will be noted as being open there will not be any payment history associated with it.

The bottom line: there is nothing wrong with only using a card once every 3-4 months, but if you want to get the most bang for your figurative buck you ought to spend and repay, spend and repay. It閳ユ獨 just a matter of maximizing the volume of positive information that your credit card company communicates to the various credit bureaus.

Question about credit score and my 1st credit card?

Actually, you should keep a small balance and continue using your card and paying as much as you can each month without actually paying the entire balance.

After about 8-9 months of this you will have a fantastic score.

Question about credit score and my 1st credit card?

Just use it when you need it. Don%26#039;t get into any bad habits with it. Odds are if you don%26#039;t have any credit yet you really don%26#039;t need an outstanding score anytime soon. If you just got your first credit card you have no need to buy a house or anything like that. I would use the card minimally and pay it regualarly. Don%26#039;t waste alot of money paying interest just to establish an outstanding credit score, when you really don%26#039;t have a large need for a great credit score.

Be careful with credit it can get you into a lot of trouble. Your score will come in time, and a if you show you are responsible over time you will get a good score and good loan offers when you need them.

Question about credit score and my 1st credit card?

Somewhere in between. But if you would like to understand more about the process, try the web site CLARKHOWARD.com because he has some very good advice about this and other things you might be interested in knowing.

Question about credit score and my 1st credit card?

Your credit score is based on multiple factors. Longevity of your credit history, credit available, credit limits, on time payments are just a few. Make sure you pay off your card every month and as time passes your credit limit will climb. Your credit score will climb also as time passes and you establish a solid credit history.

Just don%26#039;t charge more than you can afford. Those interest rates will make your $100 purchase triple with interest! Just remember that Rome wasn%26#039;t built in a day and neither is a good credit history and score.

Question about credit score and my 1st credit card?

People think that you need to use it each month in ordrer to %26quot;record%26quot; activitiy. This is not true. You only need to have the account open and in good standing-- a 0 balance is the same thing.

Just remember to keep below 30% of your limit to help your score the most.

Question about credit score and my 1st credit card?

I hope this helps you:

Credit Card Management

Credit cards are a great source of availing credit to meet your requirements. But they can lead to a debt trap from which you will find it difficult to come out. Hence you need to keep a close watch on your credit card expenses minutely