V A N Q U I S

Sammyjayne87

Thank you for you reply

Sammyjayne87

What is the best way to run a credit card? Obviously pay if off ASAP but should I use it all or only use a percentage? I have never had one before and I want to use this opportunity to rebuild my credit rating

only_mee

Use what you like pay it back before they charge you interest.

Anthorn

Sammyjayne87 wrote: »

What is the best way to run a credit card? Obviously pay if off ASAP but should I use it all or only use a percentage? I have never had one before and I want to use this opportunity to rebuild my credit rating

I use my Vanquis card for everything where I would have used my debit card and make sure I can clear the statement balance every month by staying within my budget. Whether you can use all of your credit limit or just a percentage of it depends on the credit limit and your funds. Personally, my credit limit is double my monthly spend so I can only use half of the limit.

It's a good idea to not use all of the credit limit and keep some in reserve to cover unforeseen events: When rebuilding credit, going over limit is a disaster!

Also if not clearing the whole balance make sure to pay at least the minimum payment plus the projected interest amount. Otherwise you might find that when making the minimum payment only the balance goes up and not down due to the added interest.

Anthorn

I know this is off-topic but a quick heads up for people rebuilding their credit: https://www.jdwilliams.co.uk then click on register at the top and when you've completed it you should have a personal account with around £150 limit. Then go ahead and buy something and put it on your personal account.

They are excellent at reporting to CRAs and you'll get another green on your report unless you miss a payment and then you'll get a red. Probably works best with a small balance, 39.9% APR, minimum payment 1/12th of balance or £5.

samtoby

Anthorn wrote: »

I know this is off-topic but a quick heads up for people rebuilding their credit: www.jdwilliams.co.uk then click on register at the top and when you've completed it you should have a personal account with around £150 limit. Then go ahead and buy something and put it on your personal account.

They are excellent at reporting to CRAs and you'll get another green on your report unless you miss a payment and then you'll get a red. Probably works best with a small balance, 39.9% APR, minimum payment 1/12th of balance or £5.

I have one of these started at £150 limit now it has £1300 limit! You need to be careful with it.

slayervixen

So I got my card in and there are a few things I may need to use it for. It says my next statement date is 13/2/13 would this changed if I used some of my balance? How long do you get to pay back the balance?

SnowTiger

slayervixen wrote: »

So I got my card in and there are a few things I may need to use it for. It says my next statement date is 13/2/13 would this changed if I used some of my balance?

No.

slayervixen wrote: »

How long do you get to pay back the balance?

Payment is due about three and a half weeks after the statement date. Probably 8th March or 11th March. 9th and 10th are a weekend.

However, if I were you, I'd be pay it on or before 4th March.

Paul_01

The statement date shouldn't change just because you use the card, that's probably set now.

You'll get around 3-4 weeks to make a payment, be that the minimum payment or the full balance (or something in between).

slayervixen

Yeah I just wanted to check I intend to pay the amount on the last day if the month if I do use it. I don't intend on letting interest mount up and such.

Thanks for your quick and helpful reply.