Good tip from a newsletter.. August 14, 2006
Posted by Administrator in : credit , trackbackI recieved a good tip from a newsletter I subscribe to for free from Transunion. Transunion is one of the big 3 credit reporting agencys. The tip is asked in the form of question.
Dear Audrey,
Is it true that if you use a credit card and pay it off each month, it never gets on your credit history? And therefore won’t help you build credit?
Thanks.
Lois W.
Crown Point, Ind.
Dear Lois,
While many people believe you have to have a balance in order to build their credit, this notion is completely untrue.
Paying off a credit card balance each month is one of the best ways to build your credit because it shows creditors you can handle your credit responsibly. Plus, it will look great on your credit report when you’re being reviewed for a larger loan, like a mortgage.
By checking your credit report often, you can make sure your timely payments are reflected in your balances. You can also look for errors that could potentially damage your credit score, such as accounts that do not belong to you.
Hopefully this could help someone out if they think they need to keep a balance.
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