Rebuilding credit score

money_money_money

Hello!

I have a really simple question (I think... :-D )!

I'm about to embark on rebuilding my credit score after a debt management plan with a high-interest card which I got through one of the articles on this site.

Now, it says to spend then pay off in full every month, which is fine. I get that.

However, does it matter how much you spend/payoff on a monthly basis?

I.e. will spending then paying off more (for arguments sake say around £100 p/m rather than £5 p/m) rebuild your credit score quicker, or is the actual amount irrelevant? I.e. it's just important you're paying it in full every month?

Thank you! :-D

[Deleted User]

The first thing to understand is that your score is made up and is to be ignored.

You need to build credit history. Use the card, clear it in full each month one you have the statement. The amount spent is irrelevant. Don't be concerned when your score drops as a result of using the card.

Craig1981

spend as you would on your debit card, and pay off in full each month


shows you are comfortable in having credit and not reliant on it, which will help rebuild your file


I wouldn't worry about the score - its irrelevant

jimbo26

Building a history of good credit management is what is important. As all the others have said, spend on it, and pay in full. Some people put their fuel purchases on it each month and then pay off, do the same next month. It will show a potential lender you are able to manage borrowing.

money_money_money

Thanks everyone.