Hey all, I plan on switching to Exclusively credit cards for all my purchases. I've been following some posts regarding the better fraud protection, and obviously the cash back/point benefits that come with it.
I recently just paid off all my debt (8k gone, yusssss!)
When people say "pay off immediately" are we talking like as soon as you get home from the store, pay it off, or does it benefit anything to stay in there for a day or two?
BONUS QUESTION*
I have several cards, I'm going to throw 3 of them out of my wallet and just keep them active as I'm a relatively "new" credit and don't want to have closed accounts so early.
That being said, I want to ask one of my other cc companies to increase about $500 which would then cover EVERY "mandatory" purchase I make every month. (Ie. Rent, utilities, internet, insurance, etc) all under one card. I could front this immediately at the beginning of the month.
Then I could use that as my base line and pay off weekly for 4 weeks (like $350 a week for example) and could have it paid of before the next cycle.
This would personally help me budget as my life seems to be very fluid at the moment.
Is this advised against for any reason? Could you provide details if so?
Edit*
You all have been absolutely amazing. Thank you!
Pay the statement in full every month, come hell or high water.
Method and frequency don't matter short of specific needs for credit reports like financing a house
Can pay weekly to be extra safe Can pay monthly for a little boost in score
Thank you all so much!
Submitted March 17, 2023 at 03:19PM by cthulucore https://ift.tt/RWUXrMs
