Best way to rebuild credit score

Electrum

Stigy wrote: »

No. I pay the full balance each month and it makes no difference. What you might find is that you won't be offered an increase in your credit limit if you only spend 10% of your available limit each month as it appears you don't need it. Of course you could spend 90% and the creditor think you can't handle an increase I guess? You cam't usually request an increase in credit either. However it does work in your favour the more available credit you have, as long as your use is relatively low/mediocre. I had a Vanquis card with an initial 200GBP limit, over time this was increased to 1000GBP. I then got a Capital One card with a base limit of 2k. This is more than enough as far as I'm concerned. I use both regularly but pay them off each month in full, using them for things such as fuel usually.

Can anybody else clarify, what is the best way to get an increase in available credit? Is it best to use about 10% of your allowence everry month or 90% or somewhere in between?

alewin

Does it matter about the timing when making the payment, minimum or otherwise. Straight away when the statement is received, or just before the due date normally three to four weeks later.

Just wondering because the credit reports are updated monthly and if payment was made straight away wouldn't it always show a zero balance. If payment was made just before the due date then the report would show a balance which is then cleared the next month.

I am thinking rubbish.

[Deleted User]

Anytime between receiving the statement and before the due date.

Dobbibill

babyishcare wrote: »

You could also consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account, but this only makes the minimum payment on your credit cards and does not help instill a sense of money management.

If a DD is set up, you can normally choose for 1 of 3 options.

1) minimum payment
2) payment in full
3) a set amount

If there is any CCs out there that don't offer the 3rd option, there's always a SO which would achieve the same.

aeclubwoi

Thank for your idea. lol