One of the costliest misconceptions is that carrying a small balance from month to month will give your credit score a boost.
, Rossman said, which will factor on-time payments for utilities, phones and cable TV into your credit history.Another common credit card misconception is that carrying a balance month to month will give your credit score a boost.
According to Capital One, 37% of borrowers wrongfully believe that leaving a balance on their card is better for their credit score than paying off the balance in full each month. A separate NerdWalletThat's the most expensive misconception. In fact, any amount of revolving debt costs you in interest charges. Those typically are not calculated based on how much debt you roll over to the next statement period, but rather on your daily average balance.
If you're not paying in full, make sure to at least pay the minimum due. Paying less than the minimum is "the same as not paying it at all," according to Michele Raneri, vice president and head of U.S. research and consulting at TransUnion.in as soon as 15 to 30 days, she added.
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