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Question
Payoff my credit cards or carry a balance?
Is it better to payoff my credit cards every month and carry a $0 balance or carry a balance on each of 5 credit cards? I don't think my current utilization is more than 30 - 40% of my total available credit. Which strategy is best to increase my credit score?
Asked by
Anubis77
1 year ago
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Pay off your cards in full each month. The cards report your balance once a month, so if you use the cards, you will still have that utilization reported, but then you pay them off in full each month and don't have to pay any interest.
jhrhodes 1 year ago
I learned a really awesome way to stay on top of your credit card. Best with Dept store card. This is only if you have the money. It benefits you 2 ways. Lets say your the type that pays of your balance every month. If you have a dept store card and you spend 100.00 charge on it. When you charge it on your card imediatly make a payment right then and there for the same amount. Here are the benefits. 1. You wont have a monthly do when your statement comes. 2. Its shows that you pay in full every month DOwnside is you have to have the money up front. But if you practice this alot it actually works great. Then watch your credit score go up
niphorem 1 year ago
Fico likes to see $0 balance on all cards , but a small balance reporting on one card seems to tweek your credit score for maximum potential I have found.
traceyfry 1 year ago