Hi there. First time posting in /r/personalfinance . Just have a question regarding credit card and building a credit score. I've had my credit card since the start of last year with a limit of $2500. I got my credit card when Comm Bank had a $250 cashback deal, and before that, I've never had a credit card before.
Now, I got it not only for the cashback, but because a lot of people have told me having a credit card will help in building my credit score. I'm usually good with my finances and have never had a late payment for any bills that I pay for.
Up until the start of this year, I've only spent maybe $200/month just for groceries and emergency purchases. I always pay back what I'm owing before the 30-day mark.
It's been hard for me to get back to my comfortable financial status since my last trip overseas has cost me well over budget (the difficulty of traveling with people who are very lenient with budgeting and spending). But I'm slowly getting back to it. I had to resort to using my credit card at times, reaching a usage of 50%-60% of my credit card limit. However, as I've said earlier, I'm pretty good with my finances in that I always pay my bills in time, and same deal with my credit card, I always pay back what I'm owing in time.
My concern is, even though I always pay amount owing in time, will the frequency (and percentage) of my credit card usage affect my credit score negatively in the long run?
Hope you all can assist me with this! :)
Submitted April 23, 2018 at 05:43AM by sappororamen https://ift.tt/2qTO5XX
