credit score?

I just got my credit card about a 2 months ago, im 18 and dont EVER want to make a mistake . my max is $500 and ive been told that keeping it at half is good and not like use up most of it. well i use it until i have about $30 left and i just payed my first payment of $60.... question is how can i keep a good credit score, [[i know to NEVER pay late]], is paying in full every month bad? ( i was told that paying bit by bit is the way to go and that paying in full all the time doesnt help) and if paying too early ?? please PLEASE can someone help me understand all of this credit stuff!! thanks !!!

Public Comments

1. After you make your payments on-time and don't max it out, you will be fine. If you wnat to learn more about what affects your credit score, check this site. It helped me understand, hope it helps you. http://articles.directorym.com/Credit_Score-a804.html
2. just be sure to always make your payments. If there's an interest rate on the card at the moment I highly reccomend paying in full because the interest rates on credit cards can add up before you know it. Credit score is based on a lot of things. Mainly credit you've had out in the past, past payment history with that credit, and the amount of open credit you have now.
3. a good way to keep it high is to have a small balance compared to your credit limit. another important thing is never have a big balance and then all of a sudden pay it off....if you have been making small payments the whole time then keep doing that, or if you pay it off every month then that's ok too. Remember though that making small payments might be getting you big interest charges. thanks to whoever went through and gave everyone a thumbs down who had a right answer
4. No matter what always pay at least the minimum, but its better to pay it all off. Also the longer you own your credit card the better.
5. I've always paid my credit cards in full each month and have built good credit by doing it. Plus, you never have to pay interest!
6. First of all you should never exceed 30% of your credit limit in any given month $150.00 in your case. This hurts your score. Second of all use the card for everyday things that you would normally pay cash for and pay it off in full before the due date. Due to the lag in the date they send you the invoice and the due date there will always be a small balance for them to report to the credit bureaus. This will help establish your payment history (35% of your score) and keep your debt to credit ratio low (30% of your score).
7. As long as you are making on-time payments you are helping build good credit. Paying off the balance each month is not a bad thing but what is most important to good credit is showing that you can consistently pay your bills on time over a long period of time. Also the amount of debt you have compared to how much money you make is important. Using your $500 card and making regular payments is a good start. They'll probably offer you an increase on the maximum amount soon if you show you're a responsible person. A lot of young people get in big trouble with their first credit cards and never get out. It can ruin you. Keep doing what you're doing...Just don't get in too far over your head!
8. Scores reflect credit payment patterns over time with more emphasis on recent information. In general, a score may improve, if you: Pay your bills on time. Delinquent payments and collections can have a major negative impact on a score. Keep balances low on credit cards and other "revolving credit." High outstanding debt can affect a score. Apply for and open new credit accounts only as needed. Don't open accounts just to have a better credit mix – it probably won't raise your score. Pay off debt rather than moving it around. Also, don't close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score. Review your credit report regularly so you know what is being reported. It won't affect your score to request and check your own credit report.
9. Ok credit basics--Most companies will look at your payment history when you apply for credit. So make payments on time. but most important is your debt to income ratio. Credit cards are unsecured debt. which means it is just someone loaning you money and you pay it back. if you get credit to purchase tangable property like a car or something that can be used to recoup any loses on the part of the lender is secured credit. so if you pay off your credit card or make payments should have little effect on your credit unless you miss a payment. I would look at how much you are actually paying for your charges when the interest is added. there are many calculators across the web to help. I have added the three major credit reporting agencies web sites below take a look at them they have some usefull information.
10. You're one the right track in youre thinking not to mess up your credit. One of the best ways to build credit is to apply for it and be responsible for it. There's no way you can have a stellar score starting out you have to actually take steps to build it from 0 to 700 (actually I think you start at 500) When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: 35% - Payment History 30% - Credit to Debt Ratio 15% - Credit History 10% - New Credit 10% - Credit Types in Use Read more here from my blog : 10-Ways to Boost Your MyFico Score http://millionster.com/articles/debt/increase-fico-credit-score/ You should also consider checking your credit score at least once every six month or year, and use a credit tracker to alert you of any changes!
11. its ok to pay the credit card in full that way they cant get any interest from ya. try and use as little credit as you can...like 10% maxing out your card or using most of your limit isnt good for your score.
12. You should always pay more than the minimum. If your payment is $60 you should pay $80-90. Otherwise you will never get out of debt. What I do to avoid temptation is not to carry the CC in my wallet. I know my weakness so that is what I do.