Credit Card dilemma

rsb1965purple

We are trying to boost my daughters credit rating. She has recently been in a relationship for 5 years with a guy who, how due you say, hasn't had the best credit history. Hers isn't great but not through non-payment but because she hasn't had any credit and she had a joint account with him.

We canceled all associations through notice of dis-associations and got him cleared off her credit report.

She has an outstanding bill that needs paying of roughly £1000 so we thought the best step would be to use a 0% credit card to pay it. Then as we paid it back it would improve her credit rating.

Problem is we got misunderstood the terms and got a 0% balance transfer deal, not a 0% money transfer. So we cant pay it without paying the full 29% interest amount for a payment. The existing outstanding bill is 0% interest so it makes no sense to use the credit.

So, do I close the credit account, or apply for another card that does have 0% money transfer. Or have I messed it up completely ?

Any advice ?

[Deleted User]

Don’t look to improve the score or rating - it’s not a real “thing” used by lenders.

Look to improve her credit history.

If you need a MT Card then apply for one.

Don’t close the other one - keep it and use it for normal purchases and clear the balance in full each month.

This will build history and show to lenders she can be trusted with credit.

System

Credit rating / credit history.. potato potaato.
Same thing, - "your credit file and the detail contained within it and how that is perceived by lenders."

Let's not try and confused people with jargon now. Agreed the score number can be disregarded.

Ben8282

If your daughter was able to obtain a 0% balance transfer card with no problems and already has 0% finance elsewhere, has it ever occurred to you that her imaginary credit score/rating/whatever you want to call it doesn't need boosting?

[Deleted User]

Rating and history are not the same.

Let’s not get into another confusion where I’m right and you’re wrong.

System

!!! wrote: »

Rating and history are not the same.

Let’s not get into another confusion where I’m right and you’re wrong.

In your vocabulary they may not be.
In 99% of the public who come here they use rating / history / file interchangeably. They mean "your credit file and the data within it". Indeed your credit "worthiness" or "rating".

But you can continue confusing them all by showing how much smarter than them you are. :dance:

rsb1965purple

Sorry I should probably explain the bill is for council tax that was in both of their names. He refused to pay and so she was left with the whole balance. The local council turned it over to a collections agency but they don't charge any interest on the balance. Unless you stop paying it of course.

The MSE Credit club says the top money transfer card only has a 40% chance of a successful application. So chances are a second card is going to be refused.

If you make a purchase on a credit card then pay the balance straight away. Would that work in the same way as paying it off at the end of the month to improve credit history ?

[Deleted User]

No. Wait for the statement.

JimmyTheWig

rsb1965purple wrote: »

If you make a purchase on a credit card then pay the balance straight away. Would that work in the same way as paying it off at the end of the month to improve credit history ?

This would probably show as the card not being used.
Best to pay in full after the statement has been received but before the due date.