You don't actually have to carry the balance month-to-month. Just let each month's balance report to the credit bureaus, and then pay it in full before it's due, so you don't pay any finance charges. Call your CCC to find out when they report--after that, you can pay it off.
It's always been my understanding that by making charges on a credit card, then paying off the balance-in-full at the end of the month with an on-time payment, you will only be maintaining your current credit score. I've read (don't remember where...) that to improve your FICO score, you need to carry a balance from month-to-month, preferably below 10% of your credit limit and make an on-time payment. Is this accurate? Thanks
Lady_Scarlet wrote:So I blew it by paying off my cards this month (Home Depot and JCP)?JCP plan is to charge my meds each month ($30 on 500CLI) and something small to make the amount different each month AT CVS (they take JCP)Home Depot - I'll use as we repair the boat (util under 10% reporting).
I do not dispute the truth of the FICO mantra that maintaining debt can lead to a higher FICO score. But the illogic of extending that mantra to the FICO-argued conclusions that maintaining debt is good, and that income and ability to pay debt should be ignored, both defy my logic. The credit scorers are wise enough to realize that there is a limit to our acceptance of this illogic, and thus only entice us to support it up to 9%. They make the credit merchants happy, so it serves their needs. They look at income and net worth when making credit decisions, and then use the FICO to justify a higher credit risk, and thus higher interest rates. Well, I must go now, for I have to complete my reading of the Emperor’s New Clothes, watch the latest episode of Chris Angel, Mindfreak, and saunter down to the ocean to watch the lemmings do their thing….