Wednesday, August 26th, 2009

To help build my credit back up, how much should I put on a department store charge card?

credit help
Angel asked:


And should I pay it off with the first bill, or drag it out for a few months?
I’m having to pinch pennies, so I only have a $24 bill that I’ve charged so far. Will this small amount help at all? I’ve been through a divorce and don’t have any extra money, so I’m charging only things I need. Thanks in advance for any suggestions.

Oh, and the card does charge interest.

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4 Responses to “To help build my credit back up, how much should I put on a department store charge card?”

sassy25 Says:
August 26th, 2009 at 8:51 am

Charge only what you can pay in full each month. Do NOT carry a balance

totrev76 Says:
August 29th, 2009 at 9:40 am

The amount you charge on the card is not what counts, it is your repayment behaviour that matters. You need to use the card regularly, and ensure the payments are made on time to establish a good credit history.

A dept store card probably charges a higher rate of interest, so I would suggest being very careful given what you have said about your budget. Avoid charging more than you can afford to pay off when the bill comes, so that you don’t pay interest.

Tim Says:
August 30th, 2009 at 1:33 pm

Stop spending to build balances. Pay down everything you can.

StephenWeinstein Says:
September 2nd, 2009 at 3:56 am

You do not have to charge any more. You have already charged $24 more than necessary. A lower balance helps you more than a smaller balance.

If possible, it is best to pay off the balance even before the first bill arrives. There is no reason to drag it out for longer than necessary.

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