Paying off credit card in full

BigAndy_79

Hi guys,

I have read that in order to boost your credit score you should spend a little on the card and pay off the balance in full each month.

I also read that you should use the card to pay for necessities before paying it off. Is this the case ? Might they look at what you have spent on it when viewing your score, etc. ?

How much should you look to spend each month before paying off, in order to help boost my score - £50 or £60 only, do you think ?

I have spent a small amount in both McDonalds and the chemists. Surely this is okay, yes ?

Providing I do this on a monthly basis, how long would it be before my credit score reaps the rewards of doing this ? I take it you're talking 6 months ?

It is not that my credit score is bad or anything; I just want to better it a little.

Many thanks in advance, guys.

A. :beer:

CLAPTON

they don't know what you spend on

it may or may not improve your score depending upon your existing score and
why it's like that.

for people without any other credit, using a CC regularly will improve their score if properly used.

scubaangel

IIRC its not so much paying it off in full which helps the credit rating but always meeting at least the min payments and no late payments - paying off in full is just the most efficient and cheapest way to pay it.

Claptons right though theres no way to tell what it was spent on - the card provider, you and the merchants are the only ones who will know that.

BigAndy_79

Okay, thanks guys.

In relation to how much you should spend - would 50 or 60 quid be an appropriate amount to spend before paying off by statement date ? As long as it is less than £100, maybe ?

My payment date for this month is the 28th, yet I made a purchase today there. Would this be accounted for next month, or what ?

Thanks again.

Moggles_2

I read that you should use the card to pay for necessities before paying it off. Is this the case?

It's suggested that you use your credit card for necessities like food, petrol and items you would have bought anyway to ensure you don't spend any more than usual. (Some find it all too easy to overspend with a credit card.)

Might they look at what you have spent on it when viewing your score, etc.?

There's no evidence of this at the mo.

How much should you look to spend each month before paying off, in order to help boost my score - £50 or £60 only, do you think? ... As long as it is less than £100, maybe?

The actual amount is of no consequence. The crucial thing is to spend only what you can afford to pay back on time each month

BigAndy_79

Gentleman. Thank you.

Moggles_2

BigAndy_79 wrote: »

Provided that I do this on a monthly basis, how long would it be before my credit score reaps the rewards of doing this? I take it you're talking 6 months?

It takes time to build a good credit history. If this would be your first credit card (or the first for a period of years), 12 months.

It is not that my credit score is bad or anything; I just want to better it a little.

There are any number of reasons why somebody's credit rating could do with a little improvement. To help you further, we would need to know why you think yours is less than perfect

BigAndy_79

Have had a couple of charges in the past. Not for the past 18 months or more, though.

One question: I got a couple of charges overturned *before* they were due to come out. Would this affect anything at all ??

I also got declined for a Tesco credit card, which obviously didn't help much. It is strange, considering Halifax gave me a 2K limit card and then gave me a Guar. Offer on a 2nd card for an approx. limit of 2.5K off the back of a current account app. !

I perhaps have too many applications for credit-based products, though not sure...

CLAPTON

get copies of your three credit files... then at least you will know what's on them
why speculate when you can know

YorkshireBoy

BigAndy_79 wrote: »

It is strange, considering Halifax gave me a 2K limit card and then gave me a Guar. Offer on a 2nd card for an approx. limit of 2.5K off the back of a current account app. !

Not so strange considering you're a "staff member"...unless you've left them in the last 3 weeks?

If you have (or have the potential to have) two 'mainstream' Halifax cards, why did you feel you needed to "better your credit score" with a Vanquis card application last month?

Just curious.

wallsy

Hi
I do use my credit card every month but pay it off in full evey month. Is this a waste of time? Should I even bother using it?