meld9672 wrote:
So reading thru all these threads I saw a mention about paying off CCs and lowering utilization... mentioning for the poster a +70 for lowering utilization but a - pts for not having revolving credit?
my husband and I have talked about totally paying off his two CC's with our tax return which would put him at a 0 balance (he has no other cards). Would it be better to pay almost all of them off but still leave a balance on them? Or is the best way to go about it to pay them fully off and then just use them/PIF monthly?
If only 2 cards, I'd use one an leave the other at a $0 balance, but use it once or twice a year to keep it active.
Some find out from their CCC what day of the month they report the CRA and pay all but a small balance until it reports and then PIF before monthly statement to avoid any finance/interest charges.
FICO likes to see you using your CC responsibly, so just having it isn't enough......you must show that you can manage it by letting a balance(small) report from time to time.
Also, you want a $0 balance on at least half your cards.
This is just information I have gathered reading here and I have no experience with revolving or at least not until my Crown Jeweler's card reports.
