Is one credit card enough?

Rachel2016

I only use my Barclaycard monthly (but every month and pay it off right away), is this enough to keep my credit rating at the 'excellent' rating it currently is?

I did have a car on finance a few years ago and because I kept the payments on time for well over 3 years I'm sure this is what kept my rating high, now I no longer have that finance is a Barclaycard which is used monthly enough to keep my rating at 999?

I have no other contracts, payments which can be monitored and would rather keep it that way..

Rachel2016

I've looked into making sure I pay it at the right time, I don't pay it back on the day I spend it, I give it a good while and make sure I use it a few times each month.

I have no worries, besides if I have enough areas were my credit looks ideal at all times. Maybe a financial adviser can better advise, thanks though.

HarlowC

Having one credit card is fine, as long as you're paying on time and using less than 30% of credit available. However, lenders do like to see you can manage different types of credit, not just a credit card.

These can include things like;

Credit cards
Store cards
Car finance
Mortgages/Rent payments
Current accounts
Overdrafts
Loans
Mobile contracts
Mail order
Utilities

[Deleted User]

Claim full each month.

Have at least one other card as a back up.

Don't use your score as a means of measuring your credit worthiness as it it is not provided or seen by lenders. A 999 score could equally mean that you went bankrupt 3 years ago, or have just celebrated your 18th birthday.

bengal-stripe

Rachel2016 wrote: »

I only use my Barclaycard monthly (but every month and pay it off right away), is this enough to keep my credit rating at the 'excellent' rating it currently is?

Do not pay for any transactions before the monthly statement is compiled. Otherwise you will have a statement of £ 0.00 month after month and it looks as if you were not using the card at all.

Pay for your transactions between the statement date and the 'payment due' date.

Voyager2002

Are you on the electoral roll?

Anyway, ignore your "credit score" (which is meaningless, so not worth the fee). Apply for whatever credit you actually need and be sure to make all payments when they are due. Beyond that, stop over-thinking things: so long as you look like someone who has a stable life and treats money responsibly, you will surely be offered a mortgage that you can afford.

Ben8282

If you are repaying in full each month then either set up a full balance direct debit or pay the statement balance in full by the due date. Paying it earlier will not benefit your credit rating in any way. Paying before the purchase has appeared on a statement is counterproductive.
I would suggest obtaining a second credit card and use it in the same way. Apply to a good lender who may give you a decent credit limit. Do not close the Barclaycard account. Use the eligibility checker to help you decide on a suitable card.