I'll be turning 18 in a few months, and I'd like to get a credit card as soon as I can. I've been doing some research on the options available, when I stumbled across this credit quiz.
I answered the questions the way I am planning to use my credit card, and, except for one question, I had correct answers.
How much of your monthly income goes to pay credit card bills? A: Less than 10% B: 11%-20% C: More than 20%
I answered C (A was correct), because I figure I'll probably be spending at least 20% of the money I make, and once I have a credit card, I'll use that for at least 95% of my purchases.
Why does it matter how much of my income I use to pay credit card bills, if I pay them fully, and on time?
If I rack up $1,000 on my credit card in one month, and make $1,000 that month, and it all goes to pay off my credit card, what's wrong with that?