Uhm no. No no fucking-a jesus christ no. Pay the fucking thing off and just use it but zero it out monthly. Why have any outstanding debt if you have the cash to clear it? Your credit score will be fine.
fuck! I thought I was building my credit for the past 3 years, but I wasn't!
- Thread starter Joft
- Start date
Uhm no. No no fucking-a jesus christ no. Pay the fucking thing off and just use it but zero it out monthly. Why have any outstanding debt if you have the cash to clear it? Your credit score will be fine.
10% of the total of the credit line is what I've heard suggested
lol owned
Because MaxxCarnage is retarded to the MAXX
You need to have credit already in order to get them, but I still see 2 or 3 offers per week.
This is absolutely wrong. You don't need to pay interest to establish good credit. All you have to do is use the card so that it gets reported on your credit or avoid being closed by the issuer due to inactivity.
Keep all your payments on time and you don't have to do anything else to get a good score, ever. Average account age and payment history are two huge determinents of score. It will come in time and faster then you think.
Also, anything over 720 fico already qualifies you for the best rates. Your income and debt will determine the rest if you apply for a mortgage, car loan, more credit cards, etc.
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MaxxCarnage
Veteran XX
Ok e-tards, if you hold zero fucking balance it can, and often times will not show you as having an open credit line, having no credit out decreases your chances of getting a loan or whatever it is you intend on using the credit for. Banks like it when you carry a balance, and you will be rewarded far more if you carry a 10 - 30% balance (yes, up to 30% is GOOD for your score). Sure you can pay it off every month, but A. Most new contracts will have 0% for a year any how, B. It will just take longer to build the credit.
I'm not gonna make this a pissing contest but do your research. In the line of work I'm in I deal with a lot of financial directors and shit, I have an idea of wtf I'm talking about.
I'm not gonna make this a pissing contest but do your research. In the line of work I'm in I deal with a lot of financial directors and shit, I have an idea of wtf I'm talking about.
MaxxCarnage
Veteran XX
I just hate people giving bogus advice. They think credit works like it did in 1920 where they wrote your name on a piece of paper and called your pa if you didn't pay on time.
So you suggest wasting money by paying interest on 30% of your credit line. Brilliant. Your credit rating will be perfectly fine if you don't have any permanent outstanding debt. By all means use the card but pay it off ffs. If it takes longer to establish a higher score so be it. A huge portion of our economic meltdown at the moment is misuse\overuse of credit.
Sorry but if you aren't applying for new cards or a home loan any time soon then there is zero reason to keep a credit balance just for the sake of a stupid FICO score. I'm zeroed out at the moment on my cards. My rates couldn't possibly be lower and my score is rock solid. What do I personally get now by keeping my credit balance up?
consultant
Veteran XX
27. Card is a little over 2 years old. It is my only credit card. The only other line of credit I have out right now is my car payment which I have never been late on and have paid more than the regular payments for a few months now. Other loans that I have since paid off were all my student loans. I took care of those within 6 months of graduating but that was back in 2003.
I have asked them to increase my limit but they said that they review accounts on a periodic basis and make the determination then and they cannot do it at my request. I think that is a bunch of bullshittery, but that is what I was told.