vanquis chrome. Tips to manage it properly.

nicetomeetyou

I want to rebuild my credit score up. This is my first credit card I've had in years. I have a limit of £250. My disposable income is £250 a month, if I make purchase on card and max it out can I pay £65 a week to pay it off, will that have a good effect on my credit score and getting a better card in the future? How long will it take to build up credit rating? Any tips on how to manage credit cards?

[Deleted User]

Use it for things you buy anyway, and clear in full each month once you get the statement.

Each month of responsible usage will improve how lenders see you.

Ignore your credit score as it's not a measure of credit worthiness - or anything else - and will lead you to making bad decisions.

1krism

I can recommend the Chrome card, a couple of years ago I was in debt and had a rating of around 400. Settling those debts and using a combination of sub prime cards with the Chrome card being the main daily driver spending card for me I've managed to get my rating up to 900+.

Use as much as the available credit at possible and pay the full balance after receiving the statement but before the due date, on your 5th or 6th statement they'll generally increase your limit, so on and so forth.

Craig1981

you can pay it off weekly as well, just make sure when balance is produced, you are paying what is owed by the time specified

rebuilding my history, i did it this way too

[Deleted User]

Don’t focus on building the “score” - it’s more likely to drop rather than increase when you apply and first start using the card

Nasqueron

1krism wrote: »

I can recommend the Chrome card, a couple of years ago I was in debt and had a rating of around 400. Settling those debts and using a combination of sub prime cards with the Chrome card being the main daily driver spending card for me I've managed to get my rating up to 900+.

Use as much as the available credit at possible and pay the full balance after receiving the statement but before the due date, on your 5th or 6th statement they'll generally increase your limit, so on and so forth.

Sorry for the bad news but your rating is meaningless, lenders never see it and it has zero correlation between whether you get finance or not. Only your credit history counts and a finance provider would be able to see your history of debts until they drop off and that will be what they base their decision on.

dresdendave

As others have said forget your fictitious credit score, lenders don't even look at it.


As for using your card, keep it simple. Set up a pay in full DD, make a nominal purchase of less than £100 each month, only buying something you would have bought anyway. This will start building a positive credit HISTORY.


Don't use it to withdraw cash or cash-like transactions such as gambling, lottery etc.

Definitely don't max the card out, you may need to use it in an emergency situation and it could either be rejected or if accepted, put you over your limit which would defeat what you are trying to achieve.

redpete

So much obsession with credit scores being meaningless and even "zero correlation" between the score and your chance of getting credit. There is a correlation, a low score will mean you have less chance of getting credit because the score reflects *some* of the data that a lender will take into account. But it by no means gives the complete picture, a lender will use significantly more weighted data when making their decision.

[Deleted User]

Ergo - no correlation

eskbanker

At the risk of going round the same circles that threads on this topic always seem to, the fact that there isn't a 100% reliable correlation doesn't mean that there is no correlation at all!

If you look at it statistically and compare credit application success with credit scores from 0 to 999 (or whatever scale is chosen), I'd expect there to be a fairly strong correlation that's clearly visible when graphed, but of course, as always pointed out (correctly) in such discussions, there are those with high scores who won't necessarily succeed with applications and vice versa, based on additional information not reflected in the scores. Such exceptions don't mean that the 'rule' is entirely invalid though....

I'd compare it to weather forecasting:
Are forecasts usually right? Yes.
Are they always right? No.
Does that mean there's no correlation between forecast and reality? No, of course not!

Dandytf

I part defended monitoring my various cra credit scores -for what I said at that time for a bit of fun, though also to establish if I was improving over considerable time, particularly since dmp 2012- ongoing until 2020's maybe 22or23.
I had seen the devastating reduced score a few years ago when I had one default and my then Experian score plummets down to double figures, more importantly six or seven years later I seen the Experian score rise to high 900's range.
It's not the score on it's own as such though I am looking forward to completing dmp and allowing some additional time for all defaults to pass six years where one or two could exceed the term of the dmp.
I'm hopeful in suspecting I'll maybe experience some considerable rise in cra report and scores, though I haven't yet-experienced any permanent effect of dmp or ap markers. So maybe my report/score won't rise as it once did