Best way to use credit cards and overdrafts to build up credit score AND KEEP current overdraft etc

money08

Hi guys, I have just acquired a new CC (£3100 limit)and an overdraft facility (£500) from Santander. Bless em.
I have had CCs and overdrafts before and dipped in and out of the balances to an extent but never O/D. I think it was Halifax a few years back suddenly decided to reduce my O/D from £1500 to around £327 (how on earth did they get that figures!) Likewise similar stories with CC limits. So, how does one work the accounts to keep these limits, or even increase them? I dont have any debt and always pay bills on time (now DD) I presume its because Im never maxing out and dont pay any fees for being O/D...they cant exist unless we pay fees right? Am I right or is there something I am missing? thanks.

MorningcoffeeIV

Wrong.

They get a fee via your credit card spending.

Pay in full month, stay out of your overdraft and ignore the pretend credit score.

MalMonroe

Hi, exactly as MorningcoffeeIV says, above.

Do remember to keep a regular eye on your credit reports so you know how what you are doing with your finances is affecting them.

If you always pay off credit cards in full every month and never use an overdraft, you'll be fine.

You can't be doing too badly though, given your recent acquisitions. 

Credit score - no-one but you ever sees. 

If you google 'mse how to use credit cards' - quite a few links pop up with info on how to manage credit cards, e.g.

https://www.moneysavingexpert.com/credit-cards/how-do-credit-cards-work/

and 

https://www.moneysavingexpert.com/borrowing/

Best advice in there - use credit cards only for needs, not wants. That's where I went wrong for so many years!