Paying back credit with credit.

Jpayce

Hello,

new to the forum and sorry if this is a silly question.

I was contemplating different ways to increase my credit score, I was wondering if what the outcome would be if I took out finance, and paid the monthly repayments with my credit card, and made then paid off the card in full every month. Would this positively or negatively effect my score?

Thanks

J

Willing2Learn

You have got this wrong. Your 'credit score' is meaningless in the real world. Lenders don't use it. Lenders don't see it. Don't take out finance just to boost something that no-one uses.

To build positive data within your credit file, you should use your card each month for things in your normal monthly budget, such as groceries and travel. Then once you receive the monthly statement, you simply pay the full balance before the due date.

Edit: Hi Jpayce and welcome to the forum

BoGoF

You will be doing well to get a loan or finance that accepts credit card psyments.

sourcrates

Jpayce wrote: »

Hello,

new to the forum and sorry if this is a silly question.

I was contemplating different ways to increase my credit score, I was wondering if what the outcome would be if I took out finance, and paid the monthly repayments with my credit card, and made then paid off the card in full every month. Would this positively or negatively effect my score?

Thanks

J

That is a terrible idea, post 2 (above) explains why.

Every creditor has there own credit scoring system, which is never shared with joe public, the “score” you see on your credit report, is a number generated by a company who do not lend money, it’s purely there as an indicator of how a creditor may view you, and is used by the CRA’s to sell you credit building products, cards and loans, as some act as credit brokers.

[Deleted User]

[Deleted User] wrote:

I look at it this way, regardless of the supplier I chose, only 40% of the electrons coming through the big wire into my house are from renewable energy. Picking a green supplier doesn't change the fact that 41% of the electricity boiling my kettle will be from gas generation.

I'm happy for people to buy "green" energy to ease their conscience, I personally ease my wallet by buying the cheapest knowing I'm getting exactly the same gas and electric entering my house and my impact to the environment is exactly the same as my neighbour on an all green tariff.

Having said that I'm currently on a 100% renewable electricity tariff but only because it was the cheapest when I switched.

Good to know.

sourcrates

[Deleted User] wrote:

I look at it this way, regardless of the supplier I chose, only 40% of the electrons coming through the big wire into my house are from renewable energy. Picking a green supplier doesn't change the fact that 41% of the electricity boiling my kettle will be from gas generation.

I'm happy for people to buy "green" energy to ease their conscience, I personally ease my wallet by buying the cheapest knowing I'm getting exactly the same gas and electric entering my house and my impact to the environment is exactly the same as my neighbour on an all green tariff.

Having said that I'm currently on a 100% renewable electricity tariff but only because it was the cheapest when I switched.

Have got the forums mixed up per chance ?