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My brother's teacher told him that keeping a credit card balance improves credit scor


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Excerpt: wtf is this guy talking about I have 798 credit and never had a balance he says keep 25% of what you spend on your credit card each month and DON'T pay it off can somebody tell me wtf this guy is talking about

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  1. #1
    Da Pope bran987's Avatar
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    My brother's teacher told him that keeping a credit card balance improves credit scor

    wtf is this guy talking about I have 798 credit and never had a balance

    he says keep 25% of what you spend on your credit card each month and DON'T pay it off

    can somebody tell me wtf this guy is talking about

  2. #2
    Mutant FreakMonster's Avatar
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    Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    Quote Quote posted by bran987
    wtf is this guy talking about I have 798 credit and never had a balance

    he says keep 25% of what you spend on your credit card each month and DON'T pay it off

    can somebody tell me wtf this guy is talking about
    It's just too build your credit up. Also if you want to buy a house you have to have at least 5 trade lines. So if you don't have any credit now and you don't own a house it may be wise to open some credit lines.

  3. #3
    jenscats5
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    Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    It doesn't matter if you keep a balance or pay it off each month -- it's more important to pay each month on time for a certain period of time. For example, someone who pays off their balance in 1 month & carries a 0 balance for a year won't look as good credit wise as someone who has a smaller balance & pays on it monthly for the same time period.... But paying off the balance each month for 12 mos would do the same thing...

  4. #4
    Da Pope Razorguns's Avatar
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    Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    it shows basically that you can keep a balance and eventually pay it off. Which, in turn, further shows that you are mature enough to get "credit" from a company, keep a balance for awhile, and eventually pay it off.

    Just using the credit card like it's your ATM card doesn't add much to your score. It just means you, right now, can handle the task of just buying waht you can pay for. It doesn't say much about your credit-borrowing-and-paying skills cuz you haven't handled any credit yet.

  5. #5
    The Shadow
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    Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    BUT

    each open line of creidt is a negative on a core

  6. #6
    Da Pope Razorguns's Avatar
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    Exclamation Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    Quote Quote posted by The Shadow
    BUT

    each open line of creidt is a negative on a core
    Depends. Each line of credit, unused, is seen as a "liability". Money the company has set aside and not being used and thus not making money on. And if the person goes ape crazy or unemployed -- it's a liability for them on him possibly using up all the credit, defaulting on it, and the companies losing tons of moolah. Which is why they negatively react to folks having high amounts of possible credit unused sitting there (unless you've had a history of great credit which warrants you having a high amount of credit. Eg: a 60 y/o who has 8 cc's, but has 40+ years of paying off 70 cc's and their balances).

  7. #7
    Da Pope bran987's Avatar
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    Re: My brother's teacher told him that keeping a credit card balance improves credit scor

    Quote Quote posted by jenscats5
    It doesn't matter if you keep a balance or pay it off each month -- it's more important to pay each month on time for a certain period of time. For example, someone who pays off their balance in 1 month & carries a 0 balance for a year won't look as good credit wise as someone who has a smaller balance & pays on it monthly for the same time period.... But paying off the balance each month for 12 mos would do the same thing...
    thanks that's what I thought
    I can't believe with the interest rates on credit cards and kids just getting started out in life he would suggest them to start carrying fuckign credit card balances

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