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Vanquis Chrome for credit rebuild
JanChris
Posts: 55 Forumite
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?
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?
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Comments
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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.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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Thanks very much. I had a feeling that would be the case. :T0
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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…0 -
No - lates and overlimits are reported, with the rare exception of occasional grace periods.0
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