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When to pay off credit cards?
daniele9390
Posts: 19 Forumite
in Credit cards
Hi
This may seem a silly question but I have just signed up for a credit card through capital one to help improve my credit rating. When is the best time to pay it off? Straight away or the date the payment is due?
I will only be using the card to improve my credit rating!
Many thanks
This may seem a silly question but I have just signed up for a credit card through capital one to help improve my credit rating. When is the best time to pay it off? Straight away or the date the payment is due?
I will only be using the card to improve my credit rating!
Many thanks
0
Comments
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If all you want to do is build your credit rating then all you need to is set up a direct debit to pay off the full amount, each month.
Then just make a few purchases on it, every month and let it automatically get paid off.
Job done.0 -
daniele9390 wrote: »Hi
This may seem a silly question but I have just signed up for a credit card through capital one to help improve my credit rating. When is the best time to pay it off? Straight away or the date the payment is due?
I will only be using the card to improve my [STRIKE][/STRIKE]credit rating! [STRIKE][/STRIKE] history.
Many thanks
Corrected that for you.
Pay it off in full at end of each month. Use it for petrol or food shopping.0 -
pay on due date. If you pay off too early (before statement is issued) it will look like you aren't using the card. DD is your friend - this puts the responsibility on the cc to take at the right time.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Pay after the statement is produced and before the due date to make sure it's in the account and cleared in timeMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0
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