For clarification you are saying do not carry a balance forward more than 30%

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Jul 30, 2014
7:36:22pm

SanDiegoCoug

For clarification you are saying do not carry a balance forward more than 30%

of your total available credit. For instance, if I have a credit limit of $10,000 between all my cards and I spend $5000 in one month but pay the balance down to zero at the end of the month I won't hurt my credit score... correct?

However if I carry that $5000 forward and only pay the minimum then I would hurt my credit score.

Is this what you are saying?

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SanDiegoCoug

Bio page: SanDiegoCoug
Joined: Aug 9, 2004
Last login: May 8, 2024
Total posts: 8,453 (1,899 FO)

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Messages

Author

Time

I'm late to the party, but I finally got my first credit card. General tips?

ldssdl

7/30/14 7:22pm

Max it out ASAP. Credit bureaus love this.

SandYFan

7/30/14 7:23pm

Never use more than 20% of your available credit. Always pay it off every month

RexIdaCoug

7/30/14 7:25pm

I haven't heard the 20% thing before. Can you explain why?

ldssdl

7/30/14 7:26pm

here you go

RexIdaCoug

7/30/14 7:28pm

For clarification you are saying do not carry a balance forward more than 30%

7/30/14 7:36pm

My understanding is that credit utilization is

RexIdaCoug

7/30/14 7:41pm

^^This is true.

Jonce17

7/30/14 8:00pm

Yup- they report the statement balance to the credit bureaus

cheezedawg

7/30/14 8:10pm

This is going to sound really naive, but...

ldssdl

7/30/14 8:39pm

I think so....

RexIdaCoug

7/30/14 11:07pm

Not exactly

supertux

7/31/14 9:20am

examples:

supertux

7/31/14 9:25am

Use creditkarma.com and creditsesame.com to see your credit score for free.

supertux

7/31/14 9:25am

Statement balance != current balance. You can have a current balance of 100%

supertux

7/31/14 9:13am

Ok. So when/how is the statement period different than the due date?

ldssdl

7/31/14 9:16am

RE: Ok. So when/how is the statement period different than the due date?

supertux

7/31/14 9:20am

Nonsense. max it out every month and pay it off every month

Bob Vance

7/30/14 9:44pm

Get a pretty one with lots of fish on it.

PolarCoug

7/30/14 8:13pm

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