Financial advice...

[Ketia0 0]

Im trying to improve my credit score. I heard on the bussiness radio that you dont want to go over 10% of what you are alloted on your credit card. But I always thought you could put as much on your credit card as you wanted as long as you paid it off at the end of the month..

So, I have a $1200 limit on my credit card.. Would it be wiser to have that limit raised as to stay under the 10% while using it ( i average about 200 bucks a month on it, but have gone up to $800-$900 for emergency trips),

or would it be better to just never go over the 10% mark...

Any help on this would be apperciated

"In this game you can't predict the future. You just have to play the odds. "-JohnMitchell

[airdvr 200]

Financial advice...on dorkzone?

Please don't dent the planet.

Destinations by Roxanne

[skyrider 0]

Your asking people that hocked/sold everything they owned to learn to skydive about money?

[burtonjm 0]

From what I've been told, you don't actually improve your credit score by using a credit card and paying it off every month. I sure hope the 10% rule isn't correct because my limit is like $4500 and I tend to spend about $1000 a month

This shit, right here, is OK

[theonlyski 3]

Quote

Im trying to improve my credit score. I heard on the bussiness radio that you dont want to go over 10% of what you are alloted on your credit card. But I always thought you could put as much on your credit card as you wanted as long as you paid it off at the end of the month..

So, I have a $1200 limit on my credit card.. Would it be wiser to have that limit raised as to stay under the 10% while using it ( i average about 200 bucks a month on it, but have gone up to $800-$900 for emergency trips),

or would it be better to just never go over the 10% mark...

Any help on this would be apperciated

Its more like 30-35% that they start lowering your credit score. The higher your limit, the higher you can spend and still be within that percentage.

I have 2 cards, $5,000 each, and I hardly ever use one, much less both. In theory, I can use about 2 grand a month on them, and it wont affect my score. If I am going to use them like that, I'll put 1k on each one.

"I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly
DPH -7, TDS 578, Muff 5153, SCR 14890
I'm an asshole, and I approve this message

[AggieDave 6]

You should downsize by at least 3 sizes and a plane form (preferably to x-braced), but only if you own swoop shorts.

BUT NO WINGSUITS, you don't have the experience.

This is DZ.com, right? Home of the random-bad-advice and someone asks about money?

--"When I die, may I be surrounded by scattered chrome and burning gasoline."

[CarrieByTheSea 0]

One would need to know all factors of your credit (and I do not recommend disclosing them here).

I know two people--one who knows about credit and one who does not. The former has a lot of history and an active credit card with no limit and charges every expense to this card. Former's three scores are at or near 785. The other has no history (any more, thanks to the former ) except one credit card--unlimited and charges everything to it--paid in full each month. The latter also has all three scores at or near 785.

Knowing these two well, I would tell you:

First and foremost, keep paying in full each month and never spend more than you can afford.

Second, if your score needs work, it is probably not due to the cc you pay in full each month.

"Nature is cruel, but we don't have to be." ~ Temple Grandin

[theonlyski 3]

Quote

I know two people--one who knows about credit and one who does not. The former has a lot of history and an active credit card with no limit and charges every expense to this card. Former's three scores are at or near 785. The other has no history (any more, thanks to the former ) except one credit card--unlimited and charges everything to it--paid in full each month. The latter also has all three scores at or near 785.

Goin for the world record?

"I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly
DPH -7, TDS 578, Muff 5153, SCR 14890
I'm an asshole, and I approve this message

[Nataly 38]

Building up a good credit score is like earning a good reputation... It takes time, and can be lost very quickly.

There is no quick way to improve your score - especially if it's bad to start with. For very little you can get a breakdown of your score. This will tell you exactly what you are doing wrong and how you can improve. That's the best way to find out what you should be doing - not what a lot of random people *think* will affect your score.

Experian or Equifax are reliable places to get your credit score. Take everything else with an appropriate dose of salt. And yes, if you are serious about knowing your *real* score (and what companies will see when they check your credit-worthiness), you will have to pay. Don't expect to get any reliable/worthwhile information for free - mind you a full breakdown is only about $10 if I remember correctly.

"There is no problem so bad you can't make it worse."
- Chris Hadfield
« Sors le martinet et flagelle toi indigne contrôleuse de gestion. »
- my boss

[fendor1369 0]

All I use is my credit card, and then pay it off with my pay check. Over the last... 4 years my credit limit went from 5k to 11k and my interest dropped from 10.8% to 7.6 %.

Also if you bank has a rewards card get one. I have enough award points right now I can get two 500$ prepaid cards from the bank. That is a nice 1000$ worth of jumping, or some new gear

The more you use and pay on time the more the bank trust you as a lender and will reward you with higher credit and lower interest.

John - D.S 1313

"I'll jump it, Np. It's all good"