Best CC for increasing credit rating

amillionlittlepieces

Hi All,


I've managed to reduce quite a bit of my debt over the past year with only an unsecured loan of bad debt to go (not counting my car loan). Now I plan on clearing the loan in the next 7 months but in the meantime want to try and repair my credit rating.


I only have one active credit card, Barclaycard Simplicity, with no balance, £3k limit. Is this card ok to keep using and paying in full to keep my credit rating up or is there any other cards which may have more credit building benefit?


Also my partner will be getting her first ever cc to get a bit of good credit history going - is there any specific cards that may help more than others? She banks with Barclays and they have a first cc Barclaycard option which I figure would be best for her to go with?


Any help much appreciated.

Tixy

In terms of building up a positive credit history any card will do. If you are going to pay in full each month then obviously the APR is not important.

Your current active card - have you ever missed payments / defaulted on this card?

amillionlittlepieces

Never missed payment or defaulted. Have had one cash advance for £10 in June? Online bookmakers while matched betting..

KirstyO

I don't really think it matters what card, and like Tixy has said if you pay off in full each month then apr doesnt matter.

The one I am personally using is Barclaycard initial. Low limit, high interest (but this is reviewed regularly and adjusted according to your borrowing/repayment habits). I have a limit of 400 but self regulate to around 80 and pay off in full. Hoping to see an improvement over the next 12 months if I stick to this.

icebergx

I presume that the credit card you use could affect the credit score a particular rating agency give you, no?
For example, I have a very high credit rating on Experian, but on Call credit/Equifax, it's not so good, because I had i missed payment on my Halifax CC by two months, and 2 missed payments by one month, at the end of 2011 (in concurrent months.
I guess Halifax reported this to Callcredit and Equifax, but not Experian, as they only deal with the former 2.

Without wishing to hijack the thread, would I be more likely to improve my Credit rating with Call Credit and Equinox by taking out another credit card, rather than just sticking with my current 2 Cards (Halifax and HSBC?)

Is there any other for of credit that I can clear immediately, without costing me money (interest), that will help me build my rating?

Thanks.

SnowTiger

icebergx wrote: »

Is there any other for of credit that I can clear immediately, without costing me money (interest), that will help me build my rating?

SIM only deal on O2.

£9 a month for twelve months, but you can claim it back if you're willing to put in a bit of effort.

http://www.e2save.com/sim-only/contract/o2/O2-Pay-Monthly-SIM.html?network=o2&tariffcode=OS12EFEB14

Catalogue account. Not free, but you could use it to buy things you'd buy anyway. Usually expensive, but there are sometimes good deals, especially for new customers.

icebergx

SnowTiger wrote: »

SIM only deal on O2.

£9 a month for twelve months, but you can claim it back if you're willing to put in a bit of effort.

http://www.e2save.com/sim-only/contract/o2/O2-Pay-Monthly-SIM.html?network=o2&tariffcode=OS12EFEB14

Catalogue account. Not free, but you could use it to buy things you'd buy anyway. Usually expensive, but there are sometimes good deals, especially for new customers.

I already have a mobile account in my name, but thanks for the suggestion.

Re: Catalogue account... Could you provide some examples? Are we talking the likes of Littlewoods? Are there any good ones you'd recommend?

Thanks for your help

SnowTiger

icebergx wrote: »

Re: Catalogue account... Could you provide some examples? Are we talking the likes of Littlewoods? Are there any good ones you'd recommend?

Yes. I was thinking about brands from Home Shopping Direct and Shop Direct.

They often offer new customers up to 20% off their first order and interest free credit for twelve months. Sadly, prices are usually high; but they offer some good deals sometimes.

You may be able to open a credit account without placing an order.

Rrushi_Shqiptar

I have an Aqua card which started with a £250 limit 12 months ago. The limit has increased every 4 months, now it is £3,050.00.

I pay the balance off every month in full and generally only use about 30% of the cards limit. This card has added 12 green dots to my files and has shown I can be sensible and has helped rebuild my credit rating.

icebergx

Rrushi_Shqiptar wrote: »

I have an Aqua card which started with a £250 limit 12 months ago. The limit has increased every 4 months, now it is £3,050.00.

I pay the balance off every month in full and generally only use about 30% of the cards limit. This card has added 12 green dots to my files and has shown I can be sensible and has helped rebuild my credit rating.

Funny thing is, on my Experian report, the fact that the limit on my cards is low (about £1500 each), out of choice, they have that as a negative mark! It's a funny old business this credit scoring!