Sound advice

Building up and maintaining a high credit score is all about proving you can manage your debts, not just pay them off. That’s why people are surprised when they pay something off and it dings their credit score.

Credit is all about proving you can manage your debts responsible without any late fees. So if you’re ever trying to build your credit up, open a few rotating accounts, put a balance on them and either pay the minimum every month or pay off the balance every month but keep using the accounts.

A lot of people don’t understand this. And a high credit score will save you thousands upon thousands of dollars long-term with big loans like your car and homes.
 
ill said:
not a medical degree...

if you are asking Dr Jill Biden about your health, you are going to the wrong place.
Click to expand...

whoopi goldberg ghost GIF
 
RobBase said:
Building up and maintaining a high credit score is all about proving you can manage your debts, not just pay them off. That’s why people are surprised when they pay something off and it dings their credit score.

Credit is all about proving you can manage your debts responsible without any late fees. So if you’re ever trying to build your credit up, open a few rotating accounts, put a balance on them and either pay the minimum every month or pay off the balance every month but keep using the accounts.

A lot of people don’t understand this. And a high credit score will save you thousands upon thousands of dollars long-term with big loans like your car and homes.
Click to expand...
Dafuq? Never pay the minimum, always pay the balance in full. Not paying your balance in full will impact your credit utilization. Try and keep that shit at 0-1% (1% if it reports before you pay in full.)

Average age of account, total credit utilization, new records and payment history (always pay in full…) impact your score. You can pay off all the debts you want, you just can’t CLOSE the account (see: average age of account)

This site has some potato advice when it comes to credit…
 
Deep Dish Pizza Goat said:
Dafuq? Never pay the minimum, always pay the balance in full. Not paying your balance in full will impact your credit utilization. Try and keep that shit at 0-1% (1% if it reports before you pay in full.)

Average age of account, total credit utilization, new records and payment history (always pay in full…) impact your score. You can pay off all the debts you want, you just can’t CLOSE the account (see: average age of account)

This site has some potato advice when it comes to credit…
Click to expand...
to be fair, Rob isn't smart and no one actually takes his advice here...
 
Deep Dish Pizza Goat said:
Dafuq? Never pay the minimum, always pay the balance in full. Not paying your balance in full will impact your credit utilization. Try and keep that shit at 0-1% (1% if it reports before you pay in full.)

Average age of account, total credit utilization, new records and payment history (always pay in full…) impact your score. You can pay off all the debts you want, you just can’t CLOSE the account (see: average age of account)

This site has some potato advice when it comes to credit…
Click to expand...
I must say I am surprised no one suggested opening accounts with someone else's personal info? This is the American way!
 
my general practitioner is the best! The BEST! I never have co-pays and all prescriptions can be bartered for

Dwight_Gooden_1986_by_Barry_Colla.jpg
 
Deep Dish Pizza Goat said:
Dafuq? Never pay the minimum, always pay the balance in full.
Click to expand...

If someone can pay the balance in full, of course. But for someone building up ( or rebuilding) their credit paying the minimum is obviously better than having a late fee.

Putting $20 bucks on an account then paying it off every month isn’t going to do a whole lot.
 
RobBase said:
If someone can pay the balance un full, of course. But for someone building up ( or rebuilding) their credit paying the minimum is obviously better than having a late fee.

Putting $20 bucks on an account then paying it off every month isn’t going to do a whole lot.
Click to expand...
Both of my kids are in their early 20's, and on their own accord are working on building healthy credit scores by making select purchases with a credit card. This card is from their bank, which also helps.
 
RobBase said:
If someone can pay the balance in full, of course. But for someone building up ( or rebuilding) their credit paying the minimum is obviously better than having a late fee.

Putting $20 bucks on an account then paying it off every month isn’t going to do a whole lot.
Click to expand...
Never open up credit if you can’t pay for it…
 
You must log in or register to reply here.
Back
Top