Newbie to CC's

phillw

Terry_Towelling wrote: »

What some people do over here (and doubtless over in the USA) is they spend on the card as much as they can and only make the minimum payment (plus $1 to avoid it showing as a minimum payment) and then save the cash they would otherwise have used to pay the full balance in an interest-paying account.

In the UK they got wise to that trick years ago and now card issuers will report the actual payment to the credit ratings agency. If you're manually doing it then it's just taking time out of your day, you're potentially losing interest on the extra money. For what is likely no benefit.

Nasqueron

AM1997 wrote: »

Thank you Terry! Is this primarily a site with UK memebers? I didn't look around too much before posting! And yes, we will definitely be shuffling whatever we can afford over to savings each month, another reason I'd like to draw out full payment on the cards to around 6 months or so! Thank you so much for the advice! I've been typing this late last night before bed and early this morning, I've been fully awake neither time. Definitely don't need 2000 pieces of furniture, but 2000 dollars worth might be nice! ��

Yes this site is UK exclusive (in terms of the advice it gives etc), though people from other countries are more than welcome, just need to be aware that any mention of laws or guidance most likely won't apply.


I believe in the US that the process of building a score is actually pretty similar to the UK (as in basics like paying off a credit card every month in full, making payments on finance / loans etc on time and so on) but the US score is very important, in the UK it's like your horoscope, a novelty but no truth in it.


Some useful advice here from a US site:


https://www.nerdwallet.com/blog/finance/how-to-build-credit/