@jlw1095 wrote:So i used 240$ of my 300$ credit limit will this hurt or help me should i pay back in full or the minimum 25$ a month or 50$ a month which would be the best option
That is a VERY high utilization and it will hurt your score.
Never allow your card to report more than 9% if you are looking for a rise in score.
You can charge all you want but before it reports the balance to the credit bureau make sure you have paid it down to 1%-9%.
*8/10/13
@jlw1095 wrote:
Oh okay so I should only use 25-30$ of my 300 limit I take it? Should I go pay it back down to 0? I have the money to do it now.
You can "use" all that you want of your limit.
Only carry a balance of less than $30
Call your credit card company and ask them what day of the month that they report to the credit bureau.
Pay your balance down to something less than $30 before that date.
Allowing your card to report a zero balance is not good for credit scoring and allowing it to report more than 9% is not good for scoring.
No problems...that is why we are all here.
You can find all sorts of great information on these forums and feel free to ask lots of questions.
Especially in the rebuilding credit and credit card forums.
Is this your only revolving account?
What does the rest of your credit report look like?
Auto Loan?
Mortgage?
Negatives?
Oh ok...so that was you on another post about the LOC.
Is the Kay Jewlers reporting on all 3 CR's?