using credit card correctly

binaryuniverse

I've just took a look at my Equifax report (happened to get a statutory one, just a few days ago).

First card I looked at had a different current balance (£1381) to the one shown on my statement (£1093), for that month. The next month's statement was £1505. That suggests that that card provider reports the balance somewhere in between.


Second card I looked at. Equifax current balance £0. My statement was for £17.

The previous statement balances, were the same, as you'd expect.


But that's irrelevant. OP, as long as you're not paying interest you're probably doing fine. You don't need to run up a huge balance, to improve your credit worthiness. I'd suggest applying for a second card. This will improve your history, as long as you are using them both correctly.

sparkey1

binaryuniverse wrote: »

First card I looked at had a different current balance (£1381) to the one shown on my statement (£1093), for that month. The next month's statement was £1505. That suggests that that card provider reports the balance somewhere in between.

Check back further. For example your May credit card balance is probably the balance you can see now on your report today. There is a time lag. Last months statement balance, wont show on your report until next month.

The generation of the statement is the catalyst for the balance being recorded. Its also the catalyst for missed payments recording. Its the same if you miss a payment to a credit card, it wont show as a missed payment, provided the payment is received before the statement is generated. The statement date is the reference point for the account snapshot.

Bank accounts have a different snapshot. HSBC accounts for example snapshot on the last day of the month.

binaryuniverse

I have been checking my credit reports for well over a decade. I'm aware of how they work.

This card is a o% purchases card, which I use for stoozing. The balance doesn't go down, bar the minimum payment I make to it. I have not had a statement for £1381. Which is the reported current balance.