Stephanie asked:
I just got my first credit card and I want to establish good credit in a fairly short amount of time. I don’t really want to dig myself into a hole but will paying my credit bill in full every month give me a good credit score? Is there a certain way I can pay it the first few months to help build it to its full potential?
Mydomain.com
I just got my first credit card and I want to establish good credit in a fairly short amount of time. I don’t really want to dig myself into a hole but will paying my credit bill in full every month give me a good credit score? Is there a certain way I can pay it the first few months to help build it to its full potential?
Mydomain.com
#1 by src50 - December 6th, 2009 at 07:51
Pay it off in full every month. Do not carry a balance.
#2 by Judy - December 9th, 2009 at 17:03
I have 800+ rating.
I have never carried a balance on any credit card. and never paid a penny interest.
It is simply and old lady’s myth that carrying balances increases your rating - just a myth.
Carrying balances can reduce your credit worthiness. Buy stuff you need like food or gas, and pay it in full.
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#3 by stan c - December 13th, 2009 at 03:45
You got 2 goods answers. Usually your credit score will go up after 12 to 18 months of activity.
#4 by stephenweinstein - December 16th, 2009 at 05:13
Paying the bill in full will give you a good credit score.
So will paying just the minimum.
Neither of these will give you an excellent score immediately. To have a perfect credit score, you must have had credit for many years. There is no way around that, without a time machine.
Paying less than the minimum, or nothing, will give you a bad credit score, immediately.