38mgera wrote:I have Wells Fargo 1% reward credit card. I am always pay all my balance and never late. I am wondering, does it make difference on my score when I pay my balance (before due date of course)?
Also, I would like to know is it good idea to pay ahead so not to have balance anytime?
My credit limit is $1500, what percentage of it is better to use every month for best score increase.
My main problem is to increase my score quickest way, as I am new in US and my credit history is about 1 year old. And finally, how can I securely check my credit score (not report, I know how to do it)? I want to see whether I am eligible for mortgage or no.
I would appreciate if you give me any help, links.
There is no such thing as "quickest way" to increase credit score. It takes time.
Pay your balance after you receive your statement. You are already doing that so it is all good.
Paying your balance even if the billing cycle is not closed yet won't increase your remaining credit. Your remaining credit for a particular month will only increase or go back to your credit limit once the billing cycle is already closed.
Ideally or in theory, credit utilization of each card should be 30%. So the 30% of your $1,500.00 is around $450.00. You can only spend $450.00 worth of purchases each month on that $1,500.00. BUT that is only in theory. I personally have been going over that 30% credit utilization on each card that I have BUT I pay those balances on time. So far my credit score has been in the 720-750.
If you have yet to check your credit score and history this year 2012, then you are eligible for the free credit report. The official website is AnnualCreditReport.com
Here are the legitimate website to check your credit score:
For mortgage, credit score is used mainly for the APR. If you have alot of money in the bank (regardless if you are new to the US) or earns and saved alot in the past year(s), then your credit score will mostly determine the APR of your mortgage.