Credit Score, Credit Card, Pay in advance

shiplu

Hi

If I pay my credit card company in advance, and use that credit card to make multiple small purchases. will that improve my credit score?

sfax

You're generally not allowed to put CC accounts in credit. Purchase then pay as designed and you'll build a credit payment history

shiplu

so How soon can I pay off the credit card in order to get some credit score.
and also how soon do credit card charge interest generally?

[Deleted User]

Pay it off in full when you get the statements and not before. Pay by the due date and you'll be charged no interest.

dalesrider

shiplu wrote: »

so How soon can I pay off the credit card in order to get some credit score.
and also how soon do credit card charge interest generally?

It will only be reported once a month.
Your statement will have the date you have to pay by. YOu only get charged interest if you do not clear the balance.

You will NOT build up your credit score up quickly. No matter how hard you try.

In fact paying to create a credit balance (poss against T/C) and then spending on small items. Could flag up a money laundering issue.

Icey370

Deleted_User wrote: »

Pay it off in full when you get the statements and not before. Pay by the due date and you'll be charged no interest.

Is there a negative side to paying off a credit card before the due date? I generally pay one of my credit cards off in quick succession once the transaction shows on my statement :shocked:

sfax

Icey370 wrote: »

Is there a negative side to paying off a credit card before the due date? I generally pay one of my credit cards off in quick succession once the transaction shows on my statement :shocked:

Yes, it can look like you're not using the account at all because your report could show the monthly statement balances as a sequence of £0s

Icey370

sfax wrote: »

Yes, it can look like you're not using the account at all because your report could show the monthly statement balances as a sequence of £0s

But do the reports not also show how much I have paid each month to a particular account?

I thought Iv been doing good this entire time by paying off this early

UsetheFORCE

Icey370 wrote: »

But do the reports not also show how much I have paid each month to a particular account?

I thought Iv been doing good this entire time by paying off this early

This would depend on what information your credit providers are actually providing, only so many lenders provide extra information about your accounts.

Some providers only list the status, statement balance and limt history....... so clearly if you always pay it off then your statement balance history is likely to read £0 every month.

Icey370

Okay, thanks guys for your help

Guess I wasn't doing myself a favour by paying off every transaction soon after

iAMaLONDONER

Icey370 wrote: »

Okay, thanks guys for your help

Guess I wasn't doing myself a favour by paying off every transaction soon after

you should really put the money in an instant saving account and pay off in full every month!