This lowers your utilization ratio and boosts your score. In the above example, you have balances on more than one card. Much better! Maybe you needed to rebuild your deck raising my hand or get a new fridge. If you put big items on a credit card to get the rewards, it can temporarily throw your utilization ratio and your credit score out of whack.
Smart ways to use your credit card
You know that call you made to get the closing date? Make a payment two weeks before the closing date and then make another payment just before the closing date. This, of course, assumes you have the money to pay off your big expense by the end of the month. The compound interest will create an ugly pile of debt pretty quickly. Credit cards should never be used as a long-term loan unless you have a card with a zero percent introductory APR on purchases.
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Even then, you have to be mindful of the balance on the card and make sure you can pay the bill off before the intro period ends. The goal is to raise your credit limit on one or more cards so that your utilization ratio goes down.
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The lower your debt, the easier it will be to maintain a good credit score. Opening a new credit account also lowers your average credit age.
Errors could end up on your credit report leading to a drop in your credit score. Checking your credit report throughout the year helps you detect these mistakes sooner so you can correct them and maintain a good credit score.
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The most important step is to get an agreement in writing. Once you find this very special person who is going to do you a huge favor, explain you have no intention of using the credit card.
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