UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: The Power Of Compounding Date: 2/6/2013 11:55 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1

If you are looking to build your credit, keep a balance for a month or two - gosh, what the heck does it cost you?
And for those unable to pay the whole amount -


This is not true now, and it was not true in the past. It is absolutely not necessary to carry a balance and pay interest to build your credit. All that gets reported to the credit agencies is your balance at the point in time that the credit card is reporting your info to the agency. Nowhere does it say that you are or are not paying the balance in full, and it is foolish to carry a balance to build a credit rating.

To build a credit rating, you just need to use the card, but you can (and I'd argue should) most certainly pay it off every month.

I've never paid a penny in credit card interest, and have stellar credit.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

Russia Collapsing Again?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement