Help! Building credit-rating with credit card.

tonyk84

Hello all,

Im looking to build up my credit rating, and I have just been accepted for the Capital One Classic Extra.

I have no debts, and have not been in trouble in the past with debts, in fact this is my first ever credit card. I rent my home and have a monthly contact phone, that's basically it except for household bills. My credit rating score with Noddle is 2 out of 5. So I obviously want to improve my score.

I just want to make sure I know how to use card properly.
Say I spend £200 on the card in one month, when the statement comes in will it just be for the £200 or will their be any other charges or interest what I will have to pay?

Also what other ways can I do to improve my score quickly? Would having 2 cards, say another card from Aqua improve it quicker then just one card?

bigadaj

Start using this for day to day expenses for a few months and you'll see some. Benefit to your csh flow but always remember it's the banks money, not yours.

Set up a Direct debit to make sure you pay each month, nowadays even one missed payment can be an issue. Direct debit should be for either full balance or minimum payment if you are organised and controlled enough to remember to pay each month, full balance is easier.

So long as you clear the amount on your statement by the due date, and if you don't pay by direct debit remember that transactions by cheque or debit card aren't instantaneous, so pay a few days in advance, then you won't incur any costs or fees.

Use it or six months and then apply for a better card,ones with rewards or cash back are useful and the new aqua one looks good so long as you pay in full and don't maintain balance as interest rates are very high, and not mind a small available credit of. Stew hundred pounds.