Credit card boost

United States
April 18, 2012 5:03pm CST
So I have a question. I just got a credit card in November, 2011, and I payed about $160 per month for 5 months. What will this do to boost my credit and my available credit limit? Other questions to consider: -Should I have not gotten one (opinions and speculations) Should I have payed less, such as $120 a month or or not used all of it and just payed $50 a month for 5 months equaling around $250, which I could very well have done also. - What do I need to keep in mind with having a credit card? I'm young, so I don't know everything yet.
3 responses
• India
19 Apr 12
hey there, the more u use ur card the more u'll improve ur credit limit... even uses of ur credit card will give you provided by more services, offers, and schemes......
@peavey (16936)
• United States
18 Apr 12
You didn't tell us what your credit limit is or how much you charged on it so it's hard to know if your payment plan is the best. It's best to keep the amount you owe low compared to the limit they give you. You don't have to use it every month, and try to pay it off at the end of the month when you do. Keep in mind: Every time you don't pay the balance before it's due, it will cost you money (interest). If you miss a payment, it will cost you big time. You'll pay past due charges and will have a higher interest rate. Don't take it with you wherever you go, because it's tempting to use it when you don't need to. Don't buy things with it that you would have not bought otherwise. Never trust a credit card company, no matter how friendly and helpful they seem to be. A credit card is convenient, but not necessary. Really, it isn't.
@maezee (41997)
• United States
18 Apr 12
Pay your full balance, or at least more than the monthly minimum payment every month. There are definitely a LOT of things that come into play when it comes to improving your credit. Paying on time, paying more than the minimum balance, and having a lower credit-to-debt ratio are all things to take into consideration. What you should pay a month depends on your balance on your card. And of course what you can afford. best of luck to you!