Credit card repayment

bluwind

Hi all, I am trying to build up my credit rating with the intentions of buying a house in 10 years time. Anyway i'm actually very good at paying my bills on time so someone recommended I get a credit card and pay off the balance every month. I looked into it and found this to be the most common way of building credit when your history is poor. so I got myself a credit card, its all set up. Limit of £500, first/next statement date 14th august. I purchased my first thing on there today for £65. I am wanting to know when is the best time to pay this back. I have plenty of money in my normal bank account, do I put the £65 back into my credit card account now - 5 minutes after purchase, waiting a couple of days or wait for the statement date? also if I wait for the statement date will it charge me interest.

Rob

marty2be2000

You need to wait for your statement and then pay the balance in full, as long as you pay the full balance you'll not be charged any interest.

StuC75

After the statement date, and before the due date, not on the date, or evening before but a good few days before..

Direct Debit for Full Balance being the safest option..but needs setting up before the statement is prepared (often a cause for problems)...

rabbit_burrow

You can do that, the only problem is that if you pay everything before a statement is issued then your statement would show as a balance of 0 (it would of course show all the debits and credits made).

From looking at my credit file, it looks like they record my statement balance on my file, so it might always show as £0. Of course I don't know if that's the case as I have never tried it. I tend to put the money in a savings account and pay as soon as I get my statements.

bluwind

Thanks for that marty2be. Ill give it till the 14th then

bluwind

Thanks for all the speedy replys guys, im not gonna say "that's what I thought" because I honestly didn't know and you have all been a big help.