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How can I use my new credit card to maximally benefit my credit score? (lemmy.world)

submitted 1 month ago by cheese_greater@lemmy.world to c/nostupidquestions@lemmy.ca

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for bills, is having it on autopay with the biller superior to using it manually to pay that biller? I prefer to manually manage all that as I have for years but I figure its beneficial to get that on a credit card and just make sure its paid off. I already basically use a bills bank account to do essentially this manually
only purchase what I already have set aside/budgeted for and can payoff before the grace period
anything else?

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[–] bran_buckler@lemmy.world 5 points 1 month ago* (last edited 1 month ago)

Like others are saying, pay it off every month. Ideally, you’ll want to keep the usage around 10-30% max. If you have a $5000 limit, that would be a monthly usage of $500-$1500. If you max it out, banks will assume that you’re a risk and will ding your score.

Keeping it below 30% will also help grow your limit. Banks will periodically up it. This is also based on reported income, but from experience, if you have a low limit and max it every month, they will not really increase your limit.

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