LUMA Credit Card - rebuilding your credit rating

leonmc0708_2

Hi Guys and Gals

I have had awful credit following a marriage breakup and subsequent playing of silly beggars by one of us (not me) in not forwarding letters. This resulted in CCJ's from the water board (which I paid as soon as I discovered it had been registered) and some other rubbish paying back stuff.

anyway this is all sorted now and I don't owe anyone anything - so I applied for and got one of those LUMA credit cards. couple of hundred pound limit and I am making sure diligently to ensure it stays inside the limit, is paid in full before payment due dates and there are plenty of transactions on there also.

I am however a little worried having read some thread on here which suggest that I should spend no more than 30% of the limit and shouldn't always pay it in full and that if you dont get an automatic raise on the limit in 3 months yer probably doing it wrong.

I was wondering if anyone has any hints tips or advice on the best way for me to manage this card please ?

I appreciate you taking the time to read this and to respond so thanks in advance.

Leon

:money:

kpearsoncj

i tried a similar thing with vanquis after 4 months they doubled my limit. Since then i have got a capital one card and barclaycard. I would just be patient and give it 12 months to see what things happen. it just takes time my vanquis card didnt appear on my credit file for 3 months and its always a month or 2 behind balance wise when reported so eventually it will make a good difference im sure

redux

I've had a Luma card a bit over a year.

I'm not an expert on the way these cards work, but I wouldn't accept those comments as the only way to go about it

I paid in full the first few months, from using typically quarter to half of the credit available, and they increased the limit after 3 or 4 months. I paid about half in the 10th month, and have cleared it since; no further increase, but I don't mind.

I wouldn't bother not paying in full when you can afford to, or worry too much about going to a higher proportion of the limit. If their system sees you go up a bit and still clear it that ought to be a good sign. Well, that's the way cards used to work ...

JKSandy

Always pay in full and only spend what you can afford to pay in full.

Your credit file will soon improve with a well kept financial account.

leonmc0708_2

Thnaks for the responses.

I have made a point of making the minimum payment on the day the statement comes out, then before its due to be paid I have paid in full.

hopefully this will help going forward.

thanks again