Welcome to the forum! You are on a good track so far
nyc212 wrote:I charge up to $700 sometimes (I am aware thats not good but I've began to cut back) but I always pay it off.
First of all, why do you think this is not good? Is it just because $700 is more than you would like to be spending? Because, credit-wise, there is nothing wrong with this. If you are worried about utilization there are ways to manipulate this with your payments, but you have the card and the credit limit so you might as well use it!
nyc212 wrote:But I've been reading that paying the whole balance is not necessarily the best thing to do.
Where have you read this and why are they claiming this? I've never heard this, and I think you may be getting bad information. You should always always
pay in full! You're just handing over the bank money if you don't - and those interest charges will build up fast. I can't think of any reason why this would be good for you.
nyc212 wrote:Would it be weird that all of a sudden I am not paying the whole balance off as I was for the past 15 months? If I should have a balance, how much?, and how much should I pay off from a lets say $700 balance? The minimum payment is always listed as $25.00. I don't want to end up interest debt so that is the reason why I pay it off fully.
Not only is it weird, Wells Fargo may take adverse action against you, especially if you charge up a lot and start making minimum or near-minimum payments. I'm not saying it will happen or even that it is necessary likely to happen, but know that this type of behavior could spook Wells Fargo. Seeing a young person with a short credit history carry a high balance after a consistent PIF history could flag you as a big risk. Banks have been known to "chase balances," and reduce your credit limit as soon as you pay off any debt.
nyc212 wrote:Should I continue to pay my whole balance on my Wells Fargo CC? Should I pay my entire BarclayCard balance as well? I am always on top of my payments. Never late with anything. Please let me know what you think.
I would strongly recommend you pay all credit card statements in full! Carrying a balance is an incredibly easy way to get yourself into serious trouble with credit card debt. The BarclayCard is a bit of an exception. It's purpose really isn't as a revolving credit card, but more as a tool to finance a large purchase. 0% interest is a great deal, but if you have the money laying around I would recommend paying it off too (or at least more than the minimum that will get it paid off in 18 months).
nyc212 wrote:Also on a side note, I've never checked my credit score or have seen my credit report. Should I? And where would be the best place to do so?
You should absolutely get your credit reports, and you should do it at AnnualCreditReport.com
. You can get a free report every 12 months from each of the bureaus. Any other source is a very high risk of being a scam. Personally, I like to stager them and get one report every 4 months, putting the three bureaus on a rotation. I wouldn't worry about the score if I were you. Unless you are taking out a mortgage (or possibly a car loan) soon, I see absolutely no value in paying for a credit score. The score will be of no relevance and will change by the time you actually take out any debt, but knowing what is on your reports is important. Consider using CreditKarma - they provide a score based on their own model, not a true FICO, but it can still be useful in monitoring trends over time.