advice please on credit rating

quinndelfre

kylelfc wrote: »

I don't have much knowledge with credit cards \ scores. Basically I am planning on buying a new TV for around 5-600 pounds. I want to pay for this monthly so I am going to get an interest free credit card and pay it off on there. Not missing no payments etc.. I am just wondering what effect this would have on my credit score. I've never had a credit card before and have a pretty decent credit score at the minute. Any help would be appreciated. Thanks

Try Barclays Platinum. I was given a 16 months 0% balance transfer and 14 months 0% purchases offer and had a limit higher than £600. It was my first CC and the only credit history I had was paying my mobile phone via direct debit from my current account. I'm not on the electoral register and in full-time employment.

quinndelfre

wpearson92 wrote: »

A credit card will help improve your credit report as it shows responsibility in paying back credit, as long as you dont miss any payments. Just make sure before applying for loans/Mortages etc... you arent close to your limit on the card as this could coount against you

To increase the limit it's important to use near your credit limit but pay it all off each month. Only thing that can count against you is if you use a lot of credit but only pay the minimum or you miss a payment.

kylelfc

That's the one I've got too... I just wasn't sure if the 0% meant you had to pay your credit back in full each month to get interest free or if I could spread it over the 14 months like I am going to do

quinndelfre

kylelfc wrote: »

That's the one I've got too... I just wasn't sure if the 0% meant you had to pay your credit back in full each month to get interest free or if I could spread it over the 14 months like I am going to do

It means if you buy something, normally you either pay in full within 56 days or pay the minimum amount required and get charged an interest on top of the remaining amount which you carry on paying the next month. When you have a 0% promo offer, you can pay less than the full amount long as it meets the minimum pay requirement and you carry on paying the remaining amount the following months without being charged interest. The statement tells you how much you must pay as a minimum by the deadline. I always pay at least 5 working days before the deadline to give the bank time to process the payment.