Building a Good Credit Rating

latecomer

I wouldn't have thought so as the stoozers do it all the time. Check out the stoozing board for more info but I think the main things are to close unused cards or reduce the limits on them.

NickX

Christopherj wrote: »

Someone told me, if I change credit cards every 6 months, it would ruin my credit rating. Is this true?

Just changing every 6 months shouldn't be a problem.

Much more important is making sure you make at least the Minimum Payment every month and it gets to the Card Company ontime.

If you were to apply for say 6 cards on a single month then alarm bells may ring and your credit rating take a nose dive.

Christopherj_2

Is it worth me changing credit cards every 6 months, or when a promotion expires? I don't change credit cards because i'm in debt, I do it because I can be more relaxed when a pay back a new debt.

NickX

Christopherj wrote: »

Is it worth me changing credit cards every 6 months, or when a promotion expires?

I think this is a good idea, because you can keep your debts on a promotional rate and save lots in interest payments.

You just need to keep close track of when your promotions expire and line up a new deal BEFORE that actual expiry date.

Christopherj_2

I would just like to clarify something.

If I received my statement on the 27th of this month, would I have nearly a month to pay for those items on the statement?

NickX

Christopherj wrote: »

If I received my statement on the 27th of this month, would I have nearly a month to pay for those items on the statement?

This does vary from provider to provider. You need to look at the statement and make sure you pay before the Due Date.

In some cases it is nearly a month, but there is a recent trend of providers reducing the length of time they are giving to make the payment, so it does need carefull checking.

Christopherj_2

If the payment due date was on the 23rd and the statement date was on the 27th, would I have to pay for those items by the 23rd of next month?

NickX

Christopherj wrote: »

If the payment due date was on the 23rd and the statement date was on the 27th, would I have to pay for those items by the 23rd of next month?

Yes that is right, and allow the correct number of days for them to get the payment. This is detailed on the back of your statement.