HomiesTrismegistus t1_jeeyb26 wrote on March 31, 2023 at 2:59 PM

Reply to comment by [deleted] in Can someone help me figure out what credit card to get? Here's an explanation because I'm confused on what to do by [deleted]

I'm not struggling to pay them off though. I could pay off the $400 if I wanted too, but I'm just making payments above the minimum. I do think I need one with a higher limit, these just have low limits because I got them during a rough time

t-poke t1_jeezk6l wrote on March 31, 2023 at 3:07 PM

> I'm just making payments above the minimum.

Why?

HomiesTrismegistus t1_jef2aa5 wrote on March 31, 2023 at 3:25 PM

Trying to build my credit faster, I thought that if you made above minimum payments instead of paying it all off at once that it raised your score faster? I also break it into two payments a month. For instance my minimum of my $700 card is $40. So I pay two payments of $40 usually.

The issue really is that I have not a clue how credit works and need to do some reading, but I thought that was how it worked and my credit has been growing a lot lately

t-poke t1_jef2k81 wrote on March 31, 2023 at 3:27 PM

> I thought that if you made above minimum payments instead of paying it all off at once that it raised your score faster?

Nope. You need to pay off the entire statement balance before the due date.

> I also break it into two payments a month.

Nope. You don't get bonus points for making multiple payments.

Pay the statement balance before the due date. It's really that simple.

HomiesTrismegistus t1_jef6wh5 wrote on March 31, 2023 at 3:55 PM

Well okay thank you I guess, sheesh why is everyone so aggressive over this

dissentmemo t1_jef4wls wrote on March 31, 2023 at 3:42 PM

Where did this myth come from? I see it all the time lately.

Pay them all off entirely every month or don't use them.

HomiesTrismegistus t1_jef6aq2 wrote on March 31, 2023 at 3:51 PM

I'm not sure but I totally fell into it I guess if it's not true, just have heard a lot of people say that. I admittedly don't know what I'm doing, all I have to go off of is that my score has been rising fast the last few months so I figured it was true. Then also credit karma I got an alert from them today saying that if I paid $126 of my $400 balance it would give me a credit boost, so I just paid that and it'll come out of my checking tomorrow.