Financial Tips Thread (Saving, Budgeting, Etc.) Everyone drop some knowledge in here

[duck]

if your in debt and have a payment plan....always pay much more that what your payment actually is whenever posible

 

[Mr. Negative]

yet another thread that deserves a sticky.

or a subforum. You could name it "You Gone Get THis Work"

 

[Gus Money]

If you don't already have one, get a credit-card that provides cashback benefits and / or points. Use it for all your purchases, and then pay the balance off at the end of the month. Your credit score will soar.

Is it better to pay off the current/entire balance or just the statement balance each month? A few people have told me that it builds your credit if you carry a small balance each month and that didn't sound right to me. But then my parents told me that they pay the statement balance each month, not the current balance, and they both have credit scores over 800.

My limit is kind of small so I've been paying the current/entire balance each month so I can have the full limit at the beginning of every statement.

Edit: also, what are your views on maxing out a card each month, even if you pay it all off? I was told that maxing out a credit card can negatively affect your credit score.

 

[BlvdBrawler]

Is it better to pay off the current/entire balance or just the statement balance each month? A few people have told me that it builds your credit if you carry a small balance each month and that didn't sound right to me. But then my parents told me that they pay the statement balance each month, not the current balance, and they both have credit scores over 800.

My limit is kind of small so I've been paying the current/entire balance each month so I can have the full limit at the beginning of every statement.

Edit: also, what are your views on maxing out a card each month, even if you pay it all off? I was told that maxing out a credit card can negatively affect your credit score.

Statement balance is all you need not to pay any interest charges. Also, definitely dont max that shyt out.

 

[Gus Money]

Statement balance is all you need not to pay any interest charges. Also, definitely dont max that shyt out.

Good to know. If I pay off the current balance each month will that make a difference in credit score at all or no?

 

[BlvdBrawler]

Good to know. If I pay off the current balance each month will that make a difference in credit score at all or no?

Nah. Current balance is just statement balance + whatever charges you've accrued in the current month. Statement balance is the magic target. If you can accomplish that, your credit score will be and you'll see your CC company start raising your limit annually.