Debunking Paying Off Credit Card Myth

In this video Shawn is attemptin to debunk a credit card myth that most people have heard their whole lives.  The myth is paying off your credit card in full every month will damage your credit score.  He says this belief comes from credit card companies because credit card companies don’t like it when you pay off your credit cards monthly.

Credit card companies make the majority of their money off interest fees of the balance left over each month. He says there is some truth to the myth because you need payment history to report to the credit bureaus.  Payment history is having some sort of balance to make and record payments on.

So, his advice is to continue paying off your credit card balance every month just be sure a small balance reports to the credit bureau so you can get credit for payments.  You can learn more about credit card offers and how to increase your score by visiting Clipsit Vervecardinfo.

Author: clipsitnet

I enjoy reviewing websites on the internet and helping visitors navigate those sites.

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