K & N Financial Services LLC

Best way to use a credit card to build credit?

A credit card can either help you build positive credit or hurt your credit. It all depends on how you use it. Here are the best way to use your credit card to your benefit:

💳 Pay your bill on time:
The most important factor in your credit score is payment history. To build credit with your credit card, make at least your minimum payment on time every month. If you miss your bill’s due date, the card issuer may charge you a fee and could lose any introductory or promotional interest rates on your account.

💳 Maintain a low utilization rate:
Your credit card’s balance relative to its credit limit is also an important factor in your credit score. Credit scoring models use the balance and credit limit as they appear on your credit report to calculate your credit utilization ratio. Low utilization (which can be achieved with a low balance) is better for your credit.

If you have any questions on how to use your credit card or anything related to your credit, give us a call. We are here to help!

📞1-888-223-0081
www.knfinancialservices.org
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