topic Re: Is it better to... in Rebuilding Your Credit

Is it better to...

MommomG08 — Sun, 14 Jul 2013 03:37:46 GMT

Leave a small balance on a credit card and have a $0 balance on all others?

We just paid off all of our credit cards in full, and just wondered if I should leave a small balance on one card every month, or is it better to use the card each month but pay it off before the due date so all accounts on my credit reflect a $0 balance?

TIA!

Re: Is it better to...

Anonymous — Sun, 14 Jul 2013 03:58:26 GMT

You should leave a small balance on one, 9% or under. FICO does not like to see all balances at 0.

Re: Is it better to...

Lasardo — Sun, 14 Jul 2013 18:28:36 GMT

I would make sure to use the card (s) every 3 months otherwise it will kick your score down.,
Just make a small purchase like gas and pay it off after it cycles but before the due date so it reports a balance but then you will not be charged interest. (Hope that made sense)

Re: Is it better to...

myjourney — Sun, 14 Jul 2013 19:50:15 GMT

@MommomG08 wrote:
Leave a small balance on a credit card and have a $0 balance on all others?

We just paid off all of our credit cards in full, and just wondered if I should leave a small balance on one card every month, or is it better to use the card each month but pay it off before the due date so all accounts on my credit reflect a $0 balance?

TIA!

If you are looking for maximum scoring effect then you should leave a balance on 1 card between 1-9% that's if you plan on applying for any new credit or want to increase scores for future apps.

I personally use all of my cards each month and change which one reports a balance each month that's just so that everyone feels the love and all cards show activity on my CR for possible CLI's and future approvals so lenders see I can manage all the cards in my portfolio

Other than that it really doesn't matter if you carry balances or not on any cards.

Re: Is it better to...

Anonymous — Sun, 14 Jul 2013 23:31:38 GMT

@myjourney wrote:
@MommomG08 wrote:
Leave a small balance on a credit card and have a $0 balance on all others?

We just paid off all of our credit cards in full, and just wondered if I should leave a small balance on one card every month, or is it better to use the card each month but pay it off before the due date so all accounts on my credit reflect a $0 balance?

TIA!
If you are looking for maximum scoring effect then you should leave a balance on 1 card between 1-9% that's if you plan on applying for any new credit or want to increase scores for future apps.

I personally use all of my cards each month and change which one reports a balance each month that's just so that everyone feels the love and all cards show activity on my CR for possible CLI's and future approvals so lenders see I can manage all the cards in my portfolio

Other than that it really doesn't matter if you carry balances or not on any cards.

Hmm, yes it does. Try carrying a large balance and see what happens to your score.

Re: Is it better to...

myjourney — Mon, 15 Jul 2013 00:37:09 GMT

@Anonymous wrote:
@myjourney wrote:
@MommomG08 wrote:
Leave a small balance on a credit card and have a $0 balance on all others?

We just paid off all of our credit cards in full, and just wondered if I should leave a small balance on one card every month, or is it better to use the card each month but pay it off before the due date so all accounts on my credit reflect a $0 balance?

TIA!
If you are looking for maximum scoring effect then you should leave a balance on 1 card between 1-9% that's if you plan on applying for any new credit or want to increase scores for future apps.

I personally use all of my cards each month and change which one reports a balance each month that's just so that everyone feels the love and all cards show activity on my CR for possible CLI's and future approvals so lenders see I can manage all the cards in my portfolio

Other than that it really doesn't matter if you carry balances or not on any cards.

Hmm, yes it does. Try carrying a large balance and see what happens to your score.

Ha ha ha guiness OP said nothing about carrying large balances Lol

Re: Is it better to...

Anonymous — Mon, 15 Jul 2013 02:13:22 GMT

@myjourney wrote:
@Anonymous wrote:
@myjourney wrote:
@MommomG08 wrote:
Leave a small balance on a credit card and have a $0 balance on all others?

We just paid off all of our credit cards in full, and just wondered if I should leave a small balance on one card every month, or is it better to use the card each month but pay it off before the due date so all accounts on my credit reflect a $0 balance?

TIA!
If you are looking for maximum scoring effect then you should leave a balance on 1 card between 1-9% that's if you plan on applying for any new credit or want to increase scores for future apps.

I personally use all of my cards each month and change which one reports a balance each month that's just so that everyone feels the love and all cards show activity on my CR for possible CLI's and future approvals so lenders see I can manage all the cards in my portfolio

Other than that it really doesn't matter if you carry balances or not on any cards.

Hmm, yes it does. Try carrying a large balance and see what happens to your score.
Ha ha ha guiness OP said nothing about carrying large balances Lol

I realize that. I was responding to the way your post could be misconstrued. As I took it.

Re: Is it better to...

MommomG08 — Mon, 15 Jul 2013 03:26:50 GMT

Thank you all for your input!