How much of my credit limit should I spend each month to build rating?

Izzy123456

Great news is I have been accepted for a Vanquis card!

At a rate of 59.9% ... :eek:

But it's OK because I will be paying off in full each month. I don't know what my limit is yet.

Does anyone know what percentage of my limit I need to spend each month, to get the green ticks?

I heard 30% of the limit, can't remember where I heard that. But surely just £5 a month would be enough to spend?

I ask because I really don't buy that much stuff at all, get my food from farmers markets in cash etc. So I don't have much to put on it. Maybe I'll put my monthly mobile phone bill on it, at the moment it's on direct debit.

Izzy

mazman83

Shouldn't make a difference, as long you pay of in full it will be reported to the CRAs

If you drive use it to pay for petrol.

freddy911

I dont think i matters if you pay it all off each month as you are showing you can afford it. 30% is what the credit card company like to see you maintain your balance below if you dont pay off each month, obviously the higher % or your available credit you are constantly using it make it apper you are struggling with your finances. So if you have a constant balance they like to see it below 30%.

Izzy123456

thanks freddy, yes I want to pay it all off each month to avoid paying interest.

I see what you mean about the 30%, that makes perfect sense now.

Do I have more of a chance of a credit limit increase if I spend more of my limit each month?

Izzy

Contracts_Engineer

just a quick question. im currently waiting for my credit file to be cleaned up ( 8 outstanding balances to be marked as settled etc. ), when did you apply for the vanquis card as i want to get one and start rebuilding a.s.a.p

JustinCredibleGillespie

Contracts_Engineer wrote: »

just a quick question. im currently waiting for my credit file to be cleaned up ( 8 outstanding balances to be marked as settled etc. ), when did you apply for the vanquis card as i want to get one and start rebuilding a.s.a.p

Once you've sent off all your letters to the creditors to update your credit file (leave it about 6 weeks) then have a look at your files again, just to make sure these have ALL been marked as settled or satisfied and then apply to Vanquis.

JCG

xx

Izzy123456

Contracts_Engineer wrote: »

just a quick question. im currently waiting for my credit file to be cleaned up ( 8 outstanding balances to be marked as settled etc. ), when did you apply for the vanquis card as i want to get one and start rebuilding a.s.a.p

Hi, I applied after the 6 years was up and the BR dropped off my file. But you don't have to wait, all you need to do is clean up your credit file and make sure all the debts are marked as settled, then you are OK to apply. Good luck!

Izzy