Will a Lacks credit help my credit go up?

Question

I got approved for 6,000 dollars fr Lacks, I have only bought a few things that added up to 600 dollars and I'm plannin on payin paying it off in 3 months. If I pay my payments on time will something like this help my crdit go up?? I also got my car loan under my name a few days ago, that was once under my moms name, it is for about 6,000 remaining on the balance...

Answer 1

Absolutely. There are 2 main things that make using credit work for as opposed to against you. Most people only focus on #1.

1. Always pay your bill on time

2. Keep your usage (amount chared) under 25% ideally 10%.

A lot people max out their cards thinking that if they pay the full balance they are ok. This is true to some extent. However the more you charge to your card is the more your debt to income ratio increases.