Hey PF,
So this is more of a rant/informational post than asking for advice.
I'm in the process of rebuilding my credit. I was at a 488 score in June of 2015. I spent the next year and a half paying off debts and playing the waiting game for my score to rebound a little before trying to get a credit card.
In February of 2017 I finally hit over 600, so I got a secured card through my bank, Wells Fargo. I threw $300 on it and went on with my business. I would use my card 2-3 times a month for gas only. The day after I got my gas, I would pay off the card. After all, everyone talks about paying off balances in full ASAP, right?
Turns out because I was paying it off so quickly, it wasn't really giving my payment history a boost, which is HUGE for a credit score. Even though I had paid all my debts on time, the information the credit bureau received basically showed that I had a $0 balance every month.
This is probably super common knowledge, but maybe it will help someone not waste 9 months of payment history like I did.
TLDR: Pay your credit cards off as soon as you get your statement, not as soon as you get home from wherever you made the purchase.
Submitted March 19, 2018 at 01:38PM by SandyDFS http://ift.tt/2IzCPYO
