earlyriser53

7 Contributions 30 People Helped

Member Since: August 2012

Most Helpful Contribution

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Sep 27, 2016
Helpful to 13 out of 14 people

Look, credit is a tool. Tools must be used properly. If you want to use a credit card to make a large purchase, relative to your credit limit. go ahead. Just pay off most of that balance BEFORE it appears on your monthly statement. Want a higher credit score? Keep your monthly usage on each and every credit card greater than 0%, and less than 10% ON YOUR STATEMENT. Is it a game? Yes. Can you win? YES!

Activity (7 Total Contributions)

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Feb 01, 2017
Helpful to 12 out of 12 people

Follow up: After keeping my credit utilization under 9%, paying off my balance every month, I got an increase in my credit limit (from $300 to $600) without asking, and just got my February credit score -- 707! Play the game by the rules and you'll win.

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Sep 27, 2016
Helpful to 13 out of 14 people

Look, credit is a tool. Tools must be used properly. If you want to use a credit card to make a large purchase, relative to your credit limit. go ahead. Just pay off most of that balance BEFORE it appears on your monthly statement. Want a higher credit score? Keep your monthly usage on each and every credit card greater than 0%, and less than 10% ON YOUR STATEMENT. Is it a game? Yes. Can you win? YES!

How to build your credit from scratch

Aug 30, 2016
Helpful to 3 out of 3 people

I got mine fairly quickly, but I used a strategy. I applied for a secured card at the beginning of July of this year. I paid the deposit and got the card mid-month. I made sure I kept a small balance on it until my statement date. I then paid that balance, and set up automatic payments from my bank account. As of today, I have a credit score of 662, up from zero.

If you pay off your balance immediately, so that your account statement shows no balance due, credit card companies can't see any credit utilization. That's unhelpful to them. Let them see you using the card (by having a statement balance). Keep your utilization below 30% of the credit limit (below 20% is better, below 10% is excellent), but above 0%!

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Sep 27, 2016
Helpful to 1 out of 1 people

The score is updated weekly, on the same day of the week.

Yes, you can have a credit card and avoid debt. Here's how

Aug 30, 2016
Helpful to 1 out of 1 people

A secured credit card is the way to go. You pay a security deposit (read the terms to see if it's refundable without closing the account), and get a modest credit limit. I started with a 'thin' credit file, i.e. no credit score at all), kept my credit usage low (below 20%), and now have a fair credit score of 662. That's after getting the card in July of this year, paying off the balance in full, and setting up automatic payments that will pay off all balances in full. There's no need to carry a balance to 'help' your credit score. The credit card companies make their meat and potatoes income from Merchant Fees. Be a 'deadbeat' -- pay off your entire balance each and every month.

Why a Perfect 850 Doesn't Matter

Oct 18, 2016

Works for me, too~!

How to build your credit from scratch

Aug 30, 2016

I applied for a secured card at the beginning of July of this year. I paid the deposit and got the card mid-month. I made sure I kept a small balance on it until my statement date. I then paid that balance, and set up automatic payments from my bank account. As of today, I have a credit score of 662, up from zero.
    If you pay off your balance immediately, so that your account statement shows no balance due, credit card companies can't see any credit utilization. That's unhelpful to them. Let them see you using the card (by having a statement balance). Keep your utilization below 30% of the credit limit (below 20% is better, below 10% is excellent), but above 0%!