Question
Can I build good credit?
Can I build a good credit score by making the minimum payments on my credit card every month? I always thought the only way to build a strong credit score is by paying the ENTIRE balance off every month. I'm asking because I got my first credit card and do not want to destroy my credit score so early into my life. I have a major car problem and I have no money whatsoever; a sign of the times. I really need to fix up my car but I won't have the money to pay off the entire balance ($600-700) next month, but I can afford the minimum payments until I get enough to pay it all off. I am aware of the killer interest rates!
2 months ago - 3 answers
Best Answer
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You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments - buildcredit.ifastnet.com
by Oliver
2 months ago
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Other Answers
You always thought that paying off your large balance each month would make your credit rating better? Wrong - wrong on so many levels - paying double the minimum each month is better. Now you must open a credit account w/automobile service provider to get your car fixed. Try Sears, Pep Boys or what ever passes for reputable auto repair in your neighborhood.
by dusty_titus- 2 months ago
Your credit score is primarily affected by: * total amount of credit available * total amount of credit used * late/missing payments If you start carrying a balance, your score will dip slightly (you have more credit used). However, if you pay it off relatively quickly, and DON'T MISS ANY PAYMENTS, your score will swing back up quickly. All of that said, don't sweat your score too much. Yes, it is important if you ever need credit (eg. to buy a house or a car), but it's not the end of the world if it dips a point or two for a month or two. If you're really worried, you can get your FICO score for free at Quizzle.com.
by minnmass- 2 months ago