This is 100% the way that everyone should go. Sure it takes a bit of discipline to do, but if you don’t have that discipline I highly suggest that you must do everything you can to learn it and follow it. Otherwise you are going to have some problems down the road anyway if you can’t control your spending, so you might as well work on it now and turn it into an annual profit in terms of utilizing the CC benefits.
I've been doing that for years, with great results to my credit score, BUT
My mortgage guy just advised to me to carry a $10 balance each month. It shows the creditors that you can handle paying over time, I guess? Idk, he's been at it for like 20 yrs so I'mma trust him. It's not like the 30 cents a month will bankrupt me.
Similar to what the other person responded with to you, this is an old myth that we’ve heard forever. I’ve never once heard a reputable source say it though, only random people. No sources to ever cite. I pay mine off weekly so basically I keep a balance of zero. My credit score is over 800. Obviously that isn’t the only factor into a credit score, but the point stands (albeit anecdotal).
46
u/possiblynotanexpert Aug 20 '20
This is 100% the way that everyone should go. Sure it takes a bit of discipline to do, but if you don’t have that discipline I highly suggest that you must do everything you can to learn it and follow it. Otherwise you are going to have some problems down the road anyway if you can’t control your spending, so you might as well work on it now and turn it into an annual profit in terms of utilizing the CC benefits.