topic Re: Always paying off your balance in Rebuilding Your Credit

Always paying off your balance

Anonymous — Fri, 08 Apr 2016 04:44:30 GMT

So question, it's going to sound stupid as I am learning all of this. I wasn't really ever taught about credit. If I pay my balance in full every month that will help my credit correct? Also will it hurt or help me to pay several payments a month on my CC. I have been paying two to three times a month on it. Just to keep on top my balance. Thank you guys so much!

Re: Always paying off your balance

huck1081 — Fri, 08 Apr 2016 06:58:54 GMT

Best course of action is to pay down to below 9% of your CL before the statement cuts. This way you show a lower utilization. Make as many payments as you need. I have a new Cap One QS card with a low limit, so we put everything on it and make a couple payments a week. Doing this in order to get a better CLI in the future.

Re: Always paying off your balance

RobertEG — Fri, 08 Apr 2016 07:15:20 GMT

As for making multiple payments during a month, yes, that can be beneficial if you end up being assesses interest, but not if you are not assessed interest.

Most credit card accounts compute interest based on the average daily balance, which wlll be lower if you pay multiple times as opposed to once at the end of the month.

Re: Always paying off your balance

Anonymous — Fri, 08 Apr 2016 07:25:25 GMT

That's what mine is. A Capital One Quick Silver. I already see rewards building which is amazing! Ya I normally charge about $70 then pay it. So a payment maybe three times a month. If u charge more and pay PIF are they more likely to up your CL later to a greater amount. My CL is just $300 currently.