Help With Debt/Credit Score

Tixy

Pay off the wonga loan first (from your bank not by withdrawing money from your credit card).

After that pay what you can from your bank account and if/when those funds do run out use your credit card for any other purchases you need to make (not cash withdrawals just purchases in shops etc).

Next month pay off the card in full (after the statement is generated) when you get paid. Then use the remaining funds in your bank and if those funds run out use then you can respend on the credit card

The following months pay off the card again in full each month but reuse it if necessary.

The benefit on this method is that by repaying in full each month this looks good on your credit file and means you won't pay interest.

SavingBrad

Yer i like that idea. But im still stuck with a £350 overdraft with halifax that i want to be paid off. also because ive just got my card i have 3 months 0% interest but then after the 3 months are up if i spend on the card do i pay interest or is it only i dont pay it all back on time. Probs an obvious answer just very new to this whole credit card situation lol

Thrugelmir

SavingBrad wrote: »

Im a very impatient person and just want things to be sorted smoothly while increasing my credit score.

You need to accept the fact that the biggest healer is time. That's what repairs your score the most.

longtermplanner

SavingBrad wrote: »

Using my credit card now though will give me a 3 months head start on increasing my credit score though and i dont mind paying the extra for a few months to get my score going as its been very poor for far to long and im at a point where i will do anything to get it going.

I am sorry but I think you have lost sight of the wood for the trees. You seem completely hung up on improving your credit score. Getting some months 'ticks' on your credit score from repaying the credit card will be good, but if this is at a cost of increasing your debt, then the end result may be that lenders are no more likely to lend to you than they are now.

You need to settle down and CLEAR your debts, not look for complicated ways to improve your credit score.