SHOULD I WAIT FOR STATEMENT TO BUILD CREDIT??

ScoopDogg · 15 July 2020 at 9:20AM

I'm using a credit card to build and improve my credit score in preparation for mortgage applications after a couple a miss haps led to it dropping last year.
I'm only using it to pay petrol costs and paying off as soon as possible to do so... Am I doing it correctly or should I be waiting until the monthly statement is generated? Or does it not make a difference?
Thanks for any help in advance

jay1804 · 15 July 2020 at 9:30AM

Wait until the statement is generated then pay off the balance in full. - You can setup a DD for the full balance, so it's more automated.

[Deleted User] · 15 July 2020 at 9:30AM

Wait for the statement before clearing in full by the due date.

Your score is likely to fall as a result of the usage but that doesn't matter, as you'll be building good history.

cymruchris · 15 July 2020 at 11:13AM

Don't chase everything you buy with the need to pay it off immediately - wait for the statement - and have a direct debit set up to pay in full. Otherwise your account will be reporting a zero balance monthly, if every statement is £0 - so it'll look like you're not using the card at all. You want to show good financial management - so let the statement record a balance - then on your files it'll show as 'Balance £200 - Payment £200' for example.