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whats up yall i just opened up a credit card with BOA, was hoping to hear some tips on how to use it wisely. things like how much of your limit should you use, should i pay off my bill completely each month, etc.
TheGodFresco
formerly gsdoubleu
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Spend it on some yeezys and let the interest cripple you as you struggle to pay it off
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are you new to credit?
if so id go with spent 10-20% of your limit each month and paying the bill right away online.
do this for 6-8 months and you should have built up some decent credit rating and you will start getting offers for higher limit cards and better rates.
thadocta
Banned
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is it bad to use 70-80 percent of ur limit?
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If it's your first card yes. Especially if you use that much and don't pay off the entire balance then your credit score goes down since you pay interest.
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Sorry but you should have axed these questions BEFORE you opened up a line of credit.
But what I do, I use it, HARDLY, and pay my bill 100% off at the end of the month.
Never been late for a payment in over 7 years.
Why did you get it in the first place? What do you PLAN on doing with it?
I say, if you don't have the money to pay it off 100% right then and there, do not charge the item.
But what I do, I use it, HARDLY, and pay my bill 100% off at the end of the month.
Never been late for a payment in over 7 years.
Why did you get it in the first place? What do you PLAN on doing with it?
I say, if you don't have the money to pay it off 100% right then and there, do not charge the item.
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So if I were to get a card should I just use my card on things like gas and small ish like that?
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i use my cards for at least 75% of my purchases and pay all my bills in full when due.
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i only got mine to build credit
i only charge a few bucks a month and as soon as the online statement is generated i pay it off that minute.
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I stopped reading. Close it.
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The got damb truth
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time to blow some dough on some hoez and dro...
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Set up autopayments for two re-occuring bills (cell phone bill and gym membership.)
Stash/cut up/ freeze the card in a block of ice. (your choice depends on your will power. no one knows you better than yourself.
Pay off your entire bill every month.
you are building credit for paying off bills that you you were going to pay anyway.
Stash/cut up/ freeze the card in a block of ice. (your choice depends on your will power. no one knows you better than yourself.
Pay off your entire bill every month.
you are building credit for paying off bills that you you were going to pay anyway.
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- Feb 13, 2013
Keeping your balance around/under 30% is optimal for strengthening your credit. Make sure you make your payments on time. Doesn't matter if you pay the minimum balance or three times that, it doesn't matter. Just make your payments on time. I'm assuming your limit isn't very much given today's market and the fact that its your first card so I'd just use it on things like gas, maybe a dinner out or two a month. Small things. Just remember it is NOT free money and you can lose track very fast. Credit is very important, especially nowadays. Use it wisely and it can help you immensely.
The things that affect your credit the most are timely payments, debt ratio (how much you have spent versus how much is available), steady employment, and not having many requests for other credit.
The things that affect your credit the most are timely payments, debt ratio (how much you have spent versus how much is available), steady employment, and not having many requests for other credit.
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Just one rule. Always pay off the statement balance on time.
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That won't necessarily strengthen your credit any more than keeping a small balance. Timely payments are key.
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No, but it will keep more money in your pocket, which is supposed to be the purpose of building a high credit score.
OP, if you want some solid advice, here it is:
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- Sep 30, 2012
I'm lucky enough to be able to use my debit card for almost anything - Canada ftw.
I only use my credit card when I don't have cash and debit is not an option. I NEVER use my credit card for purchases where the debit card can and should be used as it comes right out of your account. If you don't have the money in your account then using the credit card should be done only on purchases that are a must.
It's very important to pay off your balance ASAP and not let it build interest.
I only use my credit card when I don't have cash and debit is not an option. I NEVER use my credit card for purchases where the debit card can and should be used as it comes right out of your account. If you don't have the money in your account then using the credit card should be done only on purchases that are a must.
It's very important to pay off your balance ASAP and not let it build interest.
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Damn these Credit Card posts are becoming the new "I have Sleep Paralysis" posts on here
cacique
Banned
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My mom's master technique to credit cards.
1. Purchase in cash or with a debit card (use credit cards only when necessary)
2. Pay things off immediately. Don't wait till the end of the month. You just bought a TV for $500-600, pay it off as soon as the money is together.
3. Put a limit.
1. Purchase in cash or with a debit card (use credit cards only when necessary)
2. Pay things off immediately. Don't wait till the end of the month. You just bought a TV for $500-600, pay it off as soon as the money is together.
3. Put a limit.