Barclaycard & Credit Rating

ratttyo

I have an extremley poor credit rating yet I do have a BarclayCard Gold which I have had for 3 years.

I have a 5000 limit on this card.

Since I've had an account with them I've changed address around 6 times.
My latest address is in Denmark as I called them and told them I was working out here for six months so they suggested I changed it to recieve my statements here.

What I would like to know is how can you acheive a higher credit rating with Barclaycard.

I dont want to delve into my credit history really as I don't have the time and I'm quite happy with this one credit card for using abroad and everywhere I go.

I've recently paid the whole balance off. Reason for not doing this in the past was that I read that it was better for your credit rating to owe rather than be debt free.

Whats the most effienct way to run this card to acheive maximum credit potential???

markquinton

I think the only way for improving your rating is by making payments on time and not missing any. Whole amount or minimum payments don't really come into account until you apply for other credit\loan facilities and they ask what other money you have borrowed.

ontheup_3

my rating wasnt very good either i had a card and i paid it off when the statement came through and my rating has gone up , if you look on your report it only stats that the payments have been kept up to date or missed so alond as you kept the payments up it will improve , also from what i have read on here if you have a lot of credit balance left you might get turned down because they wonder why you need more credit when you have plenty left on your other cards , hope this helps

ratttyo

Also read that paying off the balance in full is not nessesarrily good for credit ratings?

Moggles_2

Barclaycard only issues gold cards to existing customers of at least 3 years standing with a perfect payment history, so you must have been doing something right!

Frequent changes of address will harm your credit score. This may be of no consequence if you're content with Barclaycard, but it's something to consider next time you contemplate a move.

I read that it was better for your credit rating to owe rather than be debt free.

Lenders prefer customers with a recent credit history, which is not quite the same thing. Applicants with a payment record which demonstrates they can handle credit responsibly are rated more highly than newcomers with no credit history. If you've never signed up for a credit card, your ability to handle credit has not been put to the test.

.. read that paying off the balance in full is not nessesarrily good for credit ratings?

Paying off the balance in full is not only money saving, it's good for credit ratings too!

ratttyo

So each month paying off the balance in full is the way to use the card?

Moggles_2

If your credit card bill is paid in full by the due date, you will not be charged interest. You then have up to 56 interest-free days on purchases made after your monthly statement was printed. If you settle the bill in full once again, you will not incur interest charges. This is not only money saving, it's good for credit scores too!

Making part payments will not affect your credit score unduly, as long as you pay up on time each month and do not exceed your credit limit. However, doing this could cost you an awful lot of money!