Is stoozing and credit rating building mutually exclusive?

grandplonker

I'm building a good credit file. I was in an overdraft for 3 years straight; I've had no defaults for two years now and had credit cards for one year. Credit rating (although unauthoritive): 793.

That is my first priority. Money-making comes second.

I have two credit cards, total limit of £4,300. If I stooze at less than 50% of the credit limit, make minimum payment +£1, and do a little bit of spending/paying off so the balance fluctuates:

Can I stooze and continue increasing the number above simultaneously?

rb10

grandplonker wrote: »

I've had no defaults for two years now

Do you mean missed payments, or actually defaults?

grandplonker wrote: »

I have two credit cards, total limit of £4,300. If I stooze at less than 50% of the credit limit, make minimum payment +£1, and do a little bit of spending/paying off so the balance fluctuates:

Can I stooze and continue increasing the number above simultaneously?

Shouldn't do any damage, provided you make the minimum payment each month.

Stoozing can actually improve your creditworthiness, as future lenders can see that you are able to keep within the conditions of the account.

I don't believe there's any need to 'do a bit of spending/paying off so the balance fluctuates' - not sure what you think this will achieve?

grandplonker

1. No missed payments or defaults. Overdraft has not been used whatsoever.
2. Another poster said a human credit assessor (eg mortgage application) will detect stoozing; automatic credit searches usually cannot.

A note on the Experian website also says 'use max 25% for credit limits'.

Experian_company_representative

The lower the better but <25% is rewarded through Experian scores.

James