can you build credit with a credit card?????

[Lithium381]

I've been told several different answers regarding this. I've been told you DO NOT build credit if you pay your card off every month and do not carry a balance......i was planning on doing this with my newly aquired CC to build a bit of credit for myself.........what the heck is the deal on this?

 

[RossMAN]

The people who say to carry a balance are INCORRECT.

1) Get a secured credit card, there is a 99.99% chance you will be approved even with no or bad credit history.
2) Use your credit card.
3) Pay it off down to $0 every month.
4) Make all your payments ON TIME, even if you cannot pay off the balance in full.

Good credit does not happen over night it takes a while.

 

[Lithium381]

Originally posted by: RossMAN
The people who say to carry a balance are INCORRECT.

1) Get a secured credit card, there is a 99.99% chance you will be approved even with no or bad credit history.
2) Use your credit card.
3) Pay it off down to $0 every month.
4) Make all your payments ON TIME, even if you cannot pay off the balance in full.

Good credit does not happen over night it takes a while.

that's what i was planning on, and then i hear that even someone who's used a CC for two years had no credit to buy a car, after supposedly paying it off every month in full

 

[WaTaGuMp]

Originally posted by: RossMAN
The people who say to carry a balance are INCORRECT.

1) Get a secured credit card, there is a 99.99% chance you will be approved even with no or bad credit history.
2) Use your credit card.
3) Pay it off down to $0 every month.
4) Make all your payments ON TIME, even if you cannot pay off the balance in full.

Good credit does not happen over night it takes a while.

Sometimes I wish it never happened I am tired of getting approved cards in the mail as many as 3 a week.

 

[vtqanh]

Originally posted by: RossMAN
The people who say to carry a balance are INCORRECT.

1) Get a secured credit card, there is a 99.99% chance you will be approved even with no or bad credit history.
2) Use your credit card.
3) Pay it off down to $0 every month.
4) Make all your payments ON TIME, even if you cannot pay off the balance in full.

Good credit does not happen over night it takes a while.

Bad credit does happen over night though

 

[cyclistca]

Originally posted by: Lithium381
I've been told several different answers regarding this. I've been told you DO NOT build credit if you pay your card off every month and do not carry a balance......i was planning on doing this with my newly aquired CC to build a bit of credit for myself.........what the heck is the deal on this?

If I hear that line one more time.....

I have not paid off my credit card in full about three time since I got it. I have amazing credit. I just applied for a mortgage. Got approved no problem at a rate way below the advertised rate.

I would rather not give my bank any more money then I need to.

 

[RossMAN]

Originally posted by: vtqanh

Originally posted by: RossMAN
The people who say to carry a balance are INCORRECT.

1) Get a secured credit card, there is a 99.99% chance you will be approved even with no or bad credit history.
2) Use your credit card.
3) Pay it off down to $0 every month.
4) Make all your payments ON TIME, even if you cannot pay off the balance in full.

Good credit does not happen over night it takes a while.

Bad credit does happen over night though

Quite true.

All it takes are too many credit inquiries, judgements, charge offs, 30 day late payment, bankruptcy, etc.

 

[cyclistca]

dp

Dam Internet provider at work.

 

[Lithium381]

Originally posted by: cyclistca
dp

Dam Internet provider at work.

a dp 10 minutes later?

 

[sygyzy]

I disagree. You can build credit carrying a balance or not.

 

[Zugzwang152]

Originally posted by: sygyzy
I disagree. You can build credit carrying a balance or not.

this is true as well. the main factor is that you pay your minimum on time, all the time. the balance you carry affects your score to a small degree, because they take into consideration your debt/credit ratio. this is a much smaller factor than making on time payments, which is what you should be primarily concerned about.

<--- rossMAN-jr in training

 

[huesmann]

Originally posted by: cyclistca

Originally posted by: Lithium381
I've been told several different answers regarding this. I've been told you DO NOT build credit if you pay your card off every month and do not carry a balance......i was planning on doing this with my newly aquired CC to build a bit of credit for myself.........what the heck is the deal on this?

If I hear that line one more time.....

I have not paid off my credit card in full about three time since I got it. I have amazing credit. I just applied for a mortgage. Got approved no problem at a rate way below the advertised rate.

I would rather not give my bank any more money then I need to.

Well, that's exactly what you're doing by running a balance...

 

[Turkish]

Originally posted by: Lithium381
I've been told several different answers regarding this. I've been told you DO NOT build credit if you pay your card off every month and do not carry a balance......i was planning on doing this with my newly aquired CC to build a bit of credit for myself.........what the heck is the deal on this?

yup. just pay off on time and don't apply for another card every other day.

 

[Kelemvor]

Paying off your CC every month doesn't necessarily give you BETTER credit, but it does stop you from getting WORSE credit. If you've ever seen your credit report, for credit cards all it lists is balance, and if you everp ay late. If you don't, you're fine. Best way to gain credit is by paying off a loan of some sort. Small car loan, mortgage, etc. Even if you can buy a car for cash, get the loan and make the payments (if the interest rate is low). Or see about getting a personal loan for some large purchase you may make and start making payments.

 

[cyclistca]

Originally posted by: Lithium381

Originally posted by: cyclistca
dp

Dam Internet provider at work.

a dp 10 minutes later?

Yes notice the word "WORK". I went to do something while it was posting. When I came back it did not look like anything posted so I posted it again.