Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Electrum
    • By Electrum 2nd Dec 16, 10:40 AM
    • 210Posts
    • 73Thanks
    Best way to rebuild credit score
    • #1
    • 2nd Dec 16, 10:40 AM
    Best way to rebuild credit score 2nd Dec 16 at 10:40 AM
    Is the Luma card good for rebuilding credit? If I pay it off every month ontime?
Page 2
    • Anthorn
    • By Anthorn 5th Dec 16, 8:01 PM
    • 3,580 Posts
    • 924 Thanks
    I don't think either method affects ones credit file adversely. I think they're both beneficial means to keep your credit history in the green. It could be argued that it is however safer to pay the balance in full each month, so as to keep on top of things.
    Originally posted by Stigy
    Ok let's consider another angle, that of the minimum payment marker: It's said on MSE and elsewhere to avoid the minimum payment marker and various objections to it are posted.

    Ok if we pay more than the minimum payment we don't get the minimum payment marker. But equally if we completely miss the payment and don't pay anything at all we don't get the minimum payment marker.

    The absence of the minimum payment marker creates doubt in the lender which could be so great as to have an application referred so that a real person can have a look at the account history.

    On the other hand the minimum payment marker shows that we have paid the minimum payment and we are keeping to the terms of the agreement. So the minimum payment marker actually improves a credit history.

    So now that's two fallacies, paying off the full balance and avoiding the minimum payment marker.

    marker is the new MSE word of the moment.
    • Electrum
    • By Electrum 14th Mar 17, 1:11 PM
    • 210 Posts
    • 73 Thanks
    No. I pay the full balance each month and it makes no difference. What you might find is that you won't be offered an increase in your credit limit if you only spend 10% of your available limit each month as it appears you don't need it. Of course you could spend 90% and the creditor think you can't handle an increase I guess? You cam't usually request an increase in credit either. However it does work in your favour the more available credit you have, as long as your use is relatively low/mediocre. I had a Vanquis card with an initial 200GBP limit, over time this was increased to 1000GBP. I then got a Capital One card with a base limit of 2k. This is more than enough as far as I'm concerned. I use both regularly but pay them off each month in full, using them for things such as fuel usually.
    Originally posted by Stigy
    Can anybody else clarify, what is the best way to get an increase in available credit? Is it best to use about 10% of your allowence everry month or 90% or somewhere in between?
    • alewin
    • By alewin 20th Mar 17, 9:27 PM
    • 72 Posts
    • 109 Thanks
    Does it matter about the timing when making the payment, minimum or otherwise. Straight away when the statement is received, or just before the due date normally three to four weeks later.

    Just wondering because the credit reports are updated monthly and if payment was made straight away wouldn't it always show a zero balance. If payment was made just before the due date then the report would show a balance which is then cleared the next month.

    I am thinking rubbish.
    • zx81
    • By zx81 21st Mar 17, 5:22 AM
    • 16,832 Posts
    • 17,836 Thanks
    Anytime between receiving the statement and before the due date.
    • Dobbibill
    • By Dobbibill 21st Mar 17, 6:23 AM
    • 3,055 Posts
    • 3,976 Thanks
    You could also consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account, but this only makes the minimum payment on your credit cards and does not help instill a sense of money management.
    Originally posted by babyishcare
    If a DD is set up, you can normally choose for 1 of 3 options.

    1) minimum payment
    2) payment in full
    3) a set amount

    If there is any CCs out there that don't offer the 3rd option, there's always a SO which would achieve the same.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    It's not about being the best -
    It's about being better than you were yesterday.
    • aeclubwoi
    • By aeclubwoi 21st Mar 17, 7:11 AM
    • 1 Posts
    • 0 Thanks
    Thank for your idea. lol
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,101Posts Today

7,193Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin