Capital One ID Check

boo_star

Matty36 wrote: »

Like for example, use it for my weekly shop then immediately pay it off

Not much point in doing this as you'll run the risk of having a zero balance when your statement is generated so there won't be anything to report to the CRA's.

Just do one shop and leave it until the statement is generated then pay it off.

Willing2Learn

Matty36 wrote: »

Got acceptance email today with a very low starting limit (doesn't bother me as only using it to build credit score & report) Like for example, use it for my weekly shop then immediately pay it off

That is not the best way to use the card (since you are using it to build a solid credit history).


If you pay it off each week then it will appear on your credit file that you are not using the available credit. What you want to do, is to spend on stuff such as monthly grocery shopping and then pay off the statemented balance each month before the due date. A DD is the best way to automatically have the full balance paid each month.

Matty36

Ahh i see,. been a long time since i had one . Always thought activity is reported regardless of the balance. I will set up a DD to be paid in full each month like you say. Thanks for the advice

cymruchris

That's good news that you've got one - and don't worry too much about it being a low starting point. Use it well - and the credit limit will rise. After 6-8 months - you can then try the eligibility checkers for Vanquis or Aqua to see if you can get another account, rinse and repeat as it were.

As the others have said though - don't spend on it and pay it off 24 hours later - that's a waste of time and wont help you one little bit.

Use it - don't worry how much - as long as it's within the credit limit, wait for the statement - and then pay the statement balance in full each and every month. If you can - set up a direct debit to take the full amount monthly - although you'll likely have to pay manually for the first statement if it's not set up in time.