Is it best to pay off credit cards straight away or wait for a statement?

sfax

Sometimes the score is a very good reflection of someone's credit worthiness but as per many posts on here from people declined for credit on basic credit cards but with scores in the 900s, it is often completely wrong.

Now if the brakes in your car worked sometimes, but sometimes nothing happened when you pushed the pedal, would you be happy to drive? No. The score has very poor credibility and therefore limited value, if any at all. What's in the report is what matters

UsetheFORCE

Gromitt wrote: »

Indeed, but think about it for a moment.

How many banks do you think will lend money to someone who's been declared bankrupt?

Meanwhile, experian give that person a score of 900, which means:

My original post mentioned that the score is a quick way to evaluate your credit report and that it in itself is only a part of what a lender would use in making a decision to lend. If the fact you have been bankrupt is factored into that score and it is indeed that high then yes, it is worthless! If the score reflects how lenders would view the information in your file then it is useful but questionable whether you should pay for it.

If you are fully aware of the components of this score then you can probably evaluate your credit score yourself in relation to the individual files at the CRA.

If the fact you are bankrupt is not included in your score, I assume (stand to be corrected) because it is not on your credit file then it would be reasonable to assume any lender would unlikely give you credit regardless of what else is contained in your credit file.

Regards

cmoorejnr83

Thanks for all the comments guys, much appreciated.

RichL74

My original post mentioned that the score is a quick way to evaluate your credit report and that it in itself is only a part of what a lender would use in making a decision to lend

Going round in circles here but the 'score' is not part of ANY lenders methods towards giving you money.

THEY DO NOT LOOK AT THE SCORE IN ANY WAY, SHAPE OR FORM!!

londonTiger

Really depends on you. I have a 0% balance transfer card for 18 months. I got in a pickle few years ago when I had a similar 0% balance trasfer arrange. I forgot to pay and they bouced my APR up.

So this time round I make the minimum payment as soon as I get the statement event though the statement arrives roughly 21 days before payment is due. I file the statement away ONLY after I make the payment so I don't forget.