How to use my credit card in the right way?

JoshBee25

Ok so recently I've gotten a £7,500 bank loan & a new credit card which has taken my credit limit from over 800 down to 500 with it requiring credit searches etc I understand paying the loan each month will put my credit back up as well as other direct debits, but I want to rebuild faster as in today's economy having good credit is essential as in the next few years I'm looking to clear my loan in chunks so I can get into the property game with a mortgage....

How can I use my credit card effintiatly I plan on paying it in full every month so don't want massive items but what do you suggest

I've also just payed and closed 3 accounts; Littleoods vidafone and Vanquis credit card

Thank you.

Tixy

Do you mean its taken your credit score from over 800 to 500? or do you mean the credit limit on your credit card has been reduced?

If you mean the score - then its pretty irrelevant, what is important is the detail on your credit report.

The best thing to do with the credit card is to use it each month and pay off in full each month after the statement has been sent to you. This will show as a 'green tick' on your credit file each month.

opinions4u

JoshBee25 wrote: »

How can I use my credit card effintiatly

By buying a new keyboard.

I've also just payed and closed 3 accounts; Littleoods vidafone and Vanquis credit card

See?

Macca83_2

Maybe the op posts from a mobile. I know my wee sausage fingers play havoc with a touch screen ggfghhdddfghjhbvfdswetyjjjhgfhhh

fracturedsun

I use mine for most purchases, but I set up a savings account which I store money to pay it off in. So I buy something on my credit card and then that evening transfer the same amount of money from my current account to the savings account.

This way the money I have in my current account is always money available to spend and I have the money set aside to pay the credit card bill. So I can't lose track and spend more than intended.