How to max credit rating with credit cards

cos_2

Experian and Equifax aren't being silly with their 'scores'. The scoring system works very well in other countries. In the USA the FICO score is pretty much the Bible as to your ability to get a whole range of credit, and it also determines the price or interest rate.

I don't have any evidence, but it makes sense to me that lenders might start to look at an Equifax score as a measure of risk in the near future. Why devise and maintain your own credit-scoring system if you can buy it from a specialist company?

cos_2

Icare wrote: »

Hi. Ive had bad credit in the past because of missing a couple of payments, this was due to a bad phase in business. Things are much better now and I dealt with al my loans and cards by putting up agreements and sticking to them. I have stopped all agreements and am back to minimum payments and currently using 75-80% credit. I want to increase my credit rating and was looking at the credit cards available for poor credit like capital one.. will that actually make a difference? Wont it look like ive got cards with too many banks and Financial bodies?

Hi Icare - it would be best to start a new thread with your query. You'll get more attention and better help, I hope.

The_Boss

Since it is an Aqua card, my advice would be to set up a direct debit for full monthly repayment so you are not hit with the big interest cost. Ensure you still make your first payment though as it will take a few weeks up to a month to successfully activate.

Repaying on time over a long period of tiime will help you be seen as a good risk. In a year it will be worth opening another account or two and also using those for a small purchase each month and paying those off too. That way you have 2+ accounts showing a good history of repayment