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t-poke t1_jeezk6l wrote

Reply to comment by HomiesTrismegistus in Can someone help me figure out what credit card to get? Here's an explanation because I'm confused on what to do by [deleted]

> I'm just making payments above the minimum.

Why?

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HomiesTrismegistus t1_jef2aa5 wrote

Trying to build my credit faster, I thought that if you made above minimum payments instead of paying it all off at once that it raised your score faster? I also break it into two payments a month. For instance my minimum of my $700 card is $40. So I pay two payments of $40 usually.

The issue really is that I have not a clue how credit works and need to do some reading, but I thought that was how it worked and my credit has been growing a lot lately

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t-poke t1_jef2k81 wrote

> I thought that if you made above minimum payments instead of paying it all off at once that it raised your score faster?

Nope. You need to pay off the entire statement balance before the due date.

> I also break it into two payments a month.

Nope. You don't get bonus points for making multiple payments.

Pay the statement balance before the due date. It's really that simple.

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HomiesTrismegistus t1_jef6wh5 wrote

Well okay thank you I guess, sheesh why is everyone so aggressive over this

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dissentmemo t1_jef4wls wrote

Where did this myth come from? I see it all the time lately.

Pay them all off entirely every month or don't use them.

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HomiesTrismegistus t1_jef6aq2 wrote

I'm not sure but I totally fell into it I guess if it's not true, just have heard a lot of people say that. I admittedly don't know what I'm doing, all I have to go off of is that my score has been rising fast the last few months so I figured it was true. Then also credit karma I got an alert from them today saying that if I paid $126 of my $400 balance it would give me a credit boost, so I just paid that and it'll come out of my checking tomorrow.

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