3
Update: My credit score finally cleared 700 after a long climb from 580.
I used to pay the minimum on my cards, but after a talk with a counselor at the credit union last fall, I started paying the full statement balance each month. Has anyone else seen a big jump from just that one switch?
3 comments
Log in to join the discussion
Log In3 Comments
drew_hart49d ago
Honestly, that switch is huge. It cuts your reported balance and kills the interest.
4
beth2768d agoMost Upvoted
Hold on, that's not how it works. The switch to a different payment type just changes when the money is due. Your total balance is still the same, and interest only stops if you pay the FULL statement balance by the due date. If you only pay the minimum, interest hits the rest.
10
nguyen.angela9d ago
Just what my bank account needed, another way to feel empty.
1