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Credit card after IVA completion
backhoe
Posts: 173 Forumite
in Credit cards
Hi, Am hoping someone can help. I've just been accepted for a credit card after completing an IVA. In an ideal world I wouldn't have one but know that I need to improve my credit rating.
I will only be using it sparingly for petrol.
I want to pay it all off as soon as the bill comes in, however OH reckons that I should pay most of it off (for example, spend £20, pay say £18 off, leaving a small balance to keep the card ticking over and help improve the credit rating).
Which is best to do? I haven't had any form of credit for 6 years and am so confused with it all!!!
Thank you
I will only be using it sparingly for petrol.
I want to pay it all off as soon as the bill comes in, however OH reckons that I should pay most of it off (for example, spend £20, pay say £18 off, leaving a small balance to keep the card ticking over and help improve the credit rating).
Which is best to do? I haven't had any form of credit for 6 years and am so confused with it all!!!
Thank you
0
Comments
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If you leave a small balance outstanding, you'll be paying interest on it all.0
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Always pay off in full, unless you really don't have the funds.0
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There's building a credit history by using credit to your advantage, and there's becoming obsessed by it and changing your behaviour to your disadvantage.
It's rarely sensible to voluntarily pay interest. Pay it off in full after the statement.0
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