What credit card is best for me

SimonR22

And should I always wait for the statement to come through before starting to pay it off?

eDicky

SimonR22 said:

And should I always wait for the statement to come through before starting to pay it off?

You need to have some activity and payable balance showing on your statement if you want any record of your credit utilisation and repayment to be registered in your credit history. If you pay it down to zero before your statement is generated there will be zero record and zero benefit to your credit history.

Nasqueron

SimonR22 said:

Yeah see I wasn’t sure how that would work. As I get paid weekly I obviously don’t get a big income of a couple grand every month so it’s better for me to pay it weekly. Will my credit score still increase overtime and is there any negative by doing it this way or will it make no difference to that at all? 

Ignore the fake credit score, it goes up and down with the wind 

Provided you have a statement of say £150 and you pay £150 before the deadline, it will build a good credit history which is what is important - it's just a bit messy to spend and pay off every week.

Have you considered putting your money in a pot for the CC though? I use Kroo personally to hold all my cash (literally have as close to 1p as possible in my current account) as they pay interest - dropped from 4.35% to about 4% now unfortunately but still not bad - then move it into the main billing account as and when. If you were paid weekly then move what you spend into a second account or even a pot like Monzo or Kroo offer and take bills from there. You could even look at something like Santander who pay a cashback sum on direct debits if you were really organised.

SimonR22

eDicky said:

SimonR22 said:

And should I always wait for the statement to come through before starting to pay it off?

You need to have some activity and payable balance showing on your statement if you want any record of your credit utilisation and repayment to be registered in your credit history. If you pay it down to zero before your statement is generated there will be zero record and zero benefit to your credit history.

That’s perfect thank you, making more sense to me now

SimonR22

Nasqueron said:

SimonR22 said:

Yeah see I wasn’t sure how that would work. As I get paid weekly I obviously don’t get a big income of a couple grand every month so it’s better for me to pay it weekly. Will my credit score still increase overtime and is there any negative by doing it this way or will it make no difference to that at all? 

Ignore the fake credit score, it goes up and down with the wind 

Provided you have a statement of say £150 and you pay £150 before the deadline, it will build a good credit history which is what is important - it's just a bit messy to spend and pay off every week.

Have you considered putting your money in a pot for the CC though? I use Kroo personally to hold all my cash (literally have as close to 1p as possible in my current account) as they pay interest - dropped from 4.35% to about 4% now unfortunately but still not bad - then move it into the main billing account as and when. If you were paid weekly then move what you spend into a second account or even a pot like Monzo or Kroo offer and take bills from there. You could even look at something like Santander who pay a cashback sum on direct debits if you were really organised.

Ahh okay I’m understanding now, effectively they don’t have it recorded as me paying off debt until the statement comes through.

To be honest with the amount I’d actually be spending on the card I can very easily pay £150 off over the 3/4 weeks I’ll have to zero the account. Maybe didn’t make it clear but I’m using it on things that I can afford with me weekly pay but would obviously leave me with not very much for the rest of the week. If I received a monthly pay I wouldn’t have any bother at all it’s just due to it being weekly it makes things harder. 

Thanks for the help though I understand what’s going on now and how to pay it off ect. The whole credit rating thing is way over my head but it seems like it’s way over everyone’s head 🤣 cheers guys