No Stupid Questions

4427 readers

36 users here now

There is no such thing as a Stupid Question!

Don't be embarrassed of your curiosity; everyone has questions that they may feel uncomfortable asking certain people, so this place gives you a nice area not to be judged about asking it. Everyone here is willing to help.

ex. How do I change oil
ex. How to tie shoes
ex. Can you cry underwater?

Reminder that the rules for lemmy.ca still apply!

Thanks for reading all of this, even if you didn't read all of this, and your eye started somewhere else, have a watermelon slice 🍉.

founded 4 years ago

MODERATORS

admin@lemmy.ca

How can I use my new credit card to maximally benefit my credit score? (lemmy.world)

submitted 2 weeks ago* (last edited 2 weeks ago) by cheese_greater@lemmy.world to c/nostupidquestions@lemmy.ca

35 comments fedilink hide all child comments

for bills, is having it on autopay with the biller superior to using it manually to pay that biller? I prefer to manually manage all that as I have for years but I figure its beneficial to get that on a credit card and just make sure its paid off. I already basically use a bills bank account to do essentially this manually
only purchase what I already have set aside/budgeted for and can payoff before the grace period
anything else?

you are viewing a single comment's thread
view the rest of the comments

[–] bran_buckler@lemmy.world 5 points 2 weeks ago* (last edited 2 weeks ago)

Like others are saying, pay it off every month. Ideally, you’ll want to keep the usage around 10-30% max. If you have a $5000 limit, that would be a monthly usage of $500-$1500. If you max it out, banks will assume that you’re a risk and will ding your score.

Keeping it below 30% will also help grow your limit. Banks will periodically up it. This is also based on reported income, but from experience, if you have a low limit and max it every month, they will not really increase your limit.