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Help with credit rating!!

Credit_Help
Credit_Help Posts: 16 Forumite
in Mortgages & endowments
Hi. Can anyone help?

I was wondering and pondering the following...

Everyone knows that one way of improving your credit rating is to use a credit card an pay it off every month.

I've been doing this, but paying off card as soon as what I've bought registers.

The result is that there is a zero balance every month. Great right?! Well I've been doing this for ages and it's made practically no difference.

My question is this...

Is the way I'm doing this actually the same as not using the card at all? That is, because I'm paying it off BEFORE I even get my monthly statement, is this having no effect?

Any help would be hugely appreciated!

Thanks
:mad:

Comments

  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    AFAIK you need to wait for the statement and make the payment so it arrives in time for the due date.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Credit_Help
    Credit_Help Posts: 16 Forumite
    I feel like a right wolly now!

    Thank you so much for your help!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Save with a potential lender through one of their regular saving schemes.
    A good way of demonstrating your ability to manage money.
This discussion has been closed.
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