02-02-2012, 06:48 PM
You most definitely do not have to carry a balance to build credit.
In fact, paying off a balance shows you as much lower risk to a lender and will be positive for your credit score.
I have never carried a balance on any card in my life. My credit score is 819 (currently refinancing, ran it last night)
and DJ, if you had a credit card at 16, it was not your own, you had your name on your parents account. banks do not give credit card accounts to minors. so this card would not show on your credit history.
In fact, paying off a balance shows you as much lower risk to a lender and will be positive for your credit score.
I have never carried a balance on any card in my life. My credit score is 819 (currently refinancing, ran it last night)
and DJ, if you had a credit card at 16, it was not your own, you had your name on your parents account. banks do not give credit card accounts to minors. so this card would not show on your credit history.