Vanquis Chrome for credit rebuild

JanChris

I recently acquired a Chrome Card from Vanquis Bank. I aim to use it for one weekly shop per month then pay the full amount off each time.
What I'd like to know is, does it make a difference if I pay it off the next day....or is it best to wait until I get the statement then pay it straight off then? As far as credit rebuilding goes I mean?

Candyapple

Set up a DD to take the full balance. If you pay straight away, it gets reported back to the CRAs as if 0 balance, as if you never use the card. You need to wait for the statement to be produced and then clear it. It's easier with a DD set up as you never have to worry about missing any manual payments.

JanChris

Thanks very much. I had a feeling that would be the case. :T

ShivasPlace

Candyapple wrote: »

Set up a DD to take the full balance. If you pay straight away, it gets reported back to the CRAs as if 0 balance, as if you never use the card. You need to wait for the statement to be produced and then clear it. It's easier with a DD set up as you never have to worry about missing any manual payments.

Does this mean that if you go over a credit card limit and pay it off before the statement is produced, then this information isn't recorded on by the CRAs - even though you will be charged a default sum by your card issuer? I thought the CRAs saw all infractions such as these…

[Deleted User]

No - lates and overlimits are reported, with the rare exception of occasional grace periods.