Some people have told me that carrying some balance on your credit card helps to raise your credit score because you are paying interest…
I only have 1 credit card and I have had it for about 2 years and I’ve never paid a cent of interest. I have paid my credit card bills twice a month in full when i get my paycheck every 2 weeks. I always go by the rule of thumb to only spend 30% of your credit line. As of now my credit score is pretty good but I would like it to be better so I can get good rates on car loans and house mortgages in a few years. If this is true (carrying a balance will improve credit score), what is a good amount to carry onto your next balance. I was thinking like 5 bux each month, than i won’t have to pay a lot of interest and I can earn credit points…any financial experts who can give some advice?
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Sat, Jul 11, 2009
July 11th, 2009 at 1:37 am
You should never carry a balance on any credit card if possible. If you use the card every month, that will boost your credit score after 12 months of activity. If you do not use the credit that much, just get a small loan for 24 months and pay it back in 12.
July 11th, 2009 at 1:37 am
An individual’s credit score helps determine a lot of opportunities that will come to you in life. Most companies and financial establishments highly rely on credit scores when reviewing employment applications, lending offers and corporate investments. If your credit score does not have a favorable rate, this may cause a major downgrade on your career and all other sectors in your everyday life. If you are looking for ways on how to improve credit score ratings, we have come up with an easy guide to show you exactly how it can be done.