Find solution
Whats the best way to repair a credit rating?

Whats the best way to pay my credit card?

  • I am trying to biuld my credit rating and I was wondering what the best way is to pay my credit card balance. At the moment I pay it in full every month, but since then I have found ...show more

  • Answer:

    credit reporting agencies have nothing at all to do with credit scores. Lenders buy the formula they want to use from Fair Issac (FICO) that formula uses the numerical expressed data from the credit report to generate a score. It is always smart to pay 100% of your bill every month. With revolving credit (CC) you gain no points paying over time. In fact you look worse because it tells other lenders (auto home new credit cards rtc) that you are living beyond your abilities to pay or you are foolish with money

SABF5YO563QIVMJWIMKMT5DG4I at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

Leave maybe 50 bucks on it so other creditors know you do use it and pay on it. Yeah you will get the interest tacked on to it but it won't be much and it will be worth it. Plus the higher the limit they give you the better it looks when you do not get close to your limit

Malina

Best way to get top credit scores (with time). Use your card for small things you need like food or gas. Pay in full each month when you get the bill in the mail. This avoids interest and develops fantastic credit. Banks may tell you to pay small amounts. Why? To make profit. Would you ever trust a bank to tell you the truth? Really? Credit cards make plenty of profits from merchant fees. Each time you swipe you card, they make 2% to 5% from each transaction. Plenty of profit. Carrying balances is the fastest way to destroy a credit rating.

Go with the flow

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.