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csdrake

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I opened a secured cc and would like to pay off the balance ea week. Will that help my credit?
I would like to pay off my secured credit card about every two weeks. Will that hurt or help my credit? The interest is very high so I do not want to leave a revolving balance on it, but is it better to pay it off once a month?

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Need to show usage.

I don't know for sure if credit card companies report more often than once a month, so it might work better for building credit rating if you pay off the account every month when the bill comes due.  You generally will not have to pay interest on any balance unless it remains on the account at the time the next billing cycle rolls around.

So, if you pay the total balance due each time the bill comes in, you won't be paying interest on the account.  Your credit report will begin to show that you use the card and that you make regular payments on time.  That is good information.

FYI-credit card issuers LOVE to make the interest income.  That's their 'bread and butter."  They're counting on you to make the minimum payments and carrying a balance over sothey can get a piece of the income.  But you, being smart and frugal, will be paying the balance off every time the bill comes in.  That secured card could end up with an even higher credit limit and/or be turned into a regular credit card much quicker than you might think because of that.

Have a happy, debt free future.

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