i just got my first credit card yesterday and i have a few questions on building credit.

A banker told me that when i get a bill, that i should pay 99.9% of it, and that the remaining should take interest. And if i pay it off the next bill, and do this continuosly, that the credit company notices that i pay interest promptly and that my credit will go up faster.
Is this true?

 

if it were only that easy.

 

if u bought something that was $4,000.. i wouldnt expect 99.9% of it to be paid off in 1 month. (not that you limit is this much anyway).

but yes, i usually pay most of my credit card off each month, or within a couple months anyway. (if i use credit at all that is).

 

or you can just use it, then pay off the entire balance when the bill comes. most cc companies apply finance charges daily to the balance. like if its 14.99% APR, then they break it down and apply what it is per day.

 

Well if you are just looking to build credit, just buy stuff and pay them off in full. For a few years, I never paid a cent of interest. My credit limit got higher, and so did my FICO score.

 

your banker is full of shit

check out www.howstuffworks.com and credit scores/reports

 

does ur credit score go down a couple of points everytime u order a personal credit report?

 

No. And plus, what is a couple points anyway. h:

 

No. But apparently MahoneyL80 believes that.

 

Your banker is full of shit.....IF you charge 10 dollars you pay off 10 dollars.
Why would you want interest to build up so you could give them money.

You buy something for 10 dollars.

you pay off 9 dollars.
leaves you with 1 dollar remaining.

1 dollar + say for a n00b with credit 12% APR.....

next months bill will be $1.01 so interest gained for the month is a penny.
lol.....well if you wanna do that on ten dollars then cool.......

Interest = money to give to someone else.

I pay my CC in full everytime I use it.........