El Dinero Report November 2020 | WEARESUMA

Dinero MythBusters: Carry A Small Credit Card Balance To Increase Your Credit Score

Dinero MythBusters: Carry A Small Credit Card Balance To Increase Your Credit Score

Latin@s CAN do math! 💪🏽 Edward James Olmos was nominated for an Oscar 🎉🎉 for playing Math Teacher Jaime Escalante in “Stand and Deliver'”.

 

This is a huge part of Latin@ History. Escalante introduced AP Calculus to his struggling East LA high school and got national attention when his students passed the test.

 

At SUMA we want to do the same for you! 🙏🏽 We want to be your Dinero MythBusters. There can be so much conflicting and confusing info about money. So let’s shut that down.🚫 🚫 🚫

A common myth is you need to keep a balance on your credit card to increase your credit score. Spoiler Alert: FALSO. Paying off your card in full can help increase your credit.

The reason for the confusion is if you don’t use a card, it can get cancelled and cancelled credit cards can ding your credit and drop👇🏽 your credit score.

So you can always switch your Netflix to that card you don’t use to make sure a cancelled Visa doesn’t hurt your credit.💆🏽‍♀️ 😬

Source: Listen Money Matters

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