Is maxing out your credit card and then paying it off completely good for your credit rating?

Not when it is at max. For the best credit you should not go over 20% of your limit. Ask them it increase it if you go higher. Pay so they get the payment on or before the date due.

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I'm looking to raise my credit and I thought that by maxing out and paying it off it would boost my credit faster. Drs87 7 months ago .

It is never a good idea to max out a card. And, why would you max out a card if you have the cash to pay it off? Better to pay cash.

All that up and down on a credit card is not going to help, and will probably hurt, your credit rating.

I am trying to boost my credit rating and I thought that by charging and then paying off completely, that would do it. Drs87 7 months ago .

Well, I understand your reasoning, but it is not correct. A maxed out card is a danger sign to credit agencies, and to tell you the truth, your credit card company will most likely lower your credit limit, which hurts your credit score. The credit agency is going to wonder the exact same thing I did - why you would max out a card if you had the money to pay for everything you charged.

The best way to boost your credit rating to to use the card a few times a month, and then pay the balance in full, when the statement comes. Credit agencies look for a steady level of repsonsibility in use and payment. Not a lot of charges and a huge payment.

They look at the long haul - months at a time, not one month here and there. And, really, be careful. What happens is you max out a card and have an emergency that takes your cash?

You wil be stuck with a huge debt, no money to make a payment, and no card to fall back on if you get in a bind. My thought would be to not charge more than 20 percent of your available credit in one month. So, if your credit limit is 1000, don't charge more than 200, and pay it in full.

That's how you build good credit.

Making your payments on time and keeping your balance under 50% is the best way to build credit .

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