I've had a Wells Fargo College Credit card for about a month now. I used $650 of my $700 credit limit. I first made the minimum required payment the first week or so I had the credit after the first one or two purchases thinking I would pay it off as I go along purchase by purchase, treating it like a debit card but that thought went by the wayside when I wondered what's the point, as long as I pay whatever balance I have in full before the monthly due date. So I kind of let the credit limit build up to what it was just now, $650. The due date for the minimum required payment is on the 22nd (which says I owe $0 since i already paid i the minimum) but I paid off the $650 balance in full just now because I do not want to owe anything over past that due date as I believe I will get hit with fees (even though I was told by a friend if you just make the minimum payment, yes you will owe more money in the long run, it will not hurt your credit). But I'm wondering if by using that much of my available credit limit per month, am I hurting my credit score. My credit score started at 583 (considered poor) on Nov 14th 2017 and climbed to 656 as of January 3rd (the latest available update).
Submitted January 19, 2018 at 09:03AM by sayitaintsoap http://ift.tt/2FX0zoj
