Raising Your Credit Score with Multiple Payments
Raising Your Credit Score with Multiple PaymentsHave you ever thought about making more than one payment per month on your credit card? The due date is not the only time during the month you can make a payment; you can send in multiple payments during the month.
The Convenience and Benefits of a Credit CardI tell my workshop audiences all the time not to use your credit card for credit; use it for convenience. It is not a source of funds, but merely a convenient way to pay. It keeps you from carrying a lot of cash, and it saves you from writing tons of checks all over town.
While a credit card is important to establish and maintain credit, your balance can hurt your credit score if it exceeds 30 percent of your available credit. For instance, if your available credit is $10,000, you don’t want your balance to exceed $3,000.
Therefore, if you know your balance is creeping towards that 30 percent mark, like if you made a huge purchase, such as a piece of furniture, you might want to think about sending in a payment before your statement arrives. When your statement comes, pay the remaining balance.
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