Monthly Credit Tip
February 7, 2011
We are frequently asked how to take full advantage of using a credit card. How much do I charge? Do I need to carry a balance? When does my credit balance report? Are just a few examples.
When it comes to credit cards and how to use them there are a few rules of thumb.
– Charge less than 30% of the limit
– Credit cards only report once a month and will report depending on when a billing cycle ends
– Carrying a balance and paying interest will not help increase a score
– You only need to charge 1$ per month to generate credit reporting activity
The biggest advice we can offer when you have a question is to call us. Mike Morgan, Peoples Mortgage 520.954.7686.
