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Best way to use credit card To improve credit scoring
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kimplus8
Posts: 994 Forumite
I am five years post bankruptcy discharge from four years ago. I am currently waiting for my credit card to arrive. I want to buy my weekly shop on this and pay it off to try and improve my credit by showing that I can be a responsible person to lend to for a future mortgage.
My question is do I pay the balance of immediately after buying my shopping or do I wait for the monthly bill to be generated and then pay off the balance in full or does it not matter.
Many thanks
Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!
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Comments
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You wait for the statement, then pay in full by the due date. A DD would be a good idea.0
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I had a direct debit to pay the balance in full every month. Much easier0
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Will set a DD up ASAP. Thankyou for your repliesJust a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0
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Do all credit cards offer a "pay balance in full DD" option?
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I suspect they all do, never seen one that doesn't .................. but you never know !steve_Ferro said:Do all credit cards offer a "pay balance in full DD" option?
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I would advise caution when using this card, credit cards can be the spawn of the devil where debt is concerned.
Just be careful how you use it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
AFAIK credit cards have a 'pay the minimum by DD' option and 'pay the full balance by DD'
At least set the former up so you cannot default.0 -
Set it up to pay in full, then you start with the mentality that everything you buy, you must already have the money to pay for it.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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I totally understand this so I’m just buying one weekly shop and paying in full at end of month. Hopefully will make me a bit more credit worthy for a mortgage next yearsourcrates said:I would advise caution when using this card, credit cards can be the spawn of the devil where debt is concerned.
Just be careful how you use it.Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less!0
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