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Poor Credit - New Credit Card - Payments Frequency


dazza72
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Hi Folks,

 

I'm a 45 year old male who is at the start of a very long process in rebuilding my credit score after years of poor credit management, pay day loans etc caused by gambling (now in remission!). All my creditors are being paid back on time each month as agreed.

 

In order to help rebuild my credit I have managed to acquire a high interest rated credit card (Ocean by Capital One) with a basic limit of £200. I'm going to be using this card to pay for my petrol each month (no more than £130 per month) and obviously pay off each month in full.

 

My question is simple, I have heard contradictory theories as to when is best for me to repay the monthly amount. Do I wait for the monthly statement and pay it off then prior to the due date or am I best paying it off prior to the statement being issued?

 

My theory on waiting for the statement is if I pay before this then my credit file will show my balance as 0 each month which, to some creditors, will mean they cannot establish if I am able to manage credit well as I have not used the account therefore they would be reluctant to lend me, in the future, a larger amount of credit.

 

Any ideas on my best way forward would be appreciated.

 

Darren

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Take it from me as a person who has been in your position. Wait for the statement then make payment. With me i set up a Direct Debit for the Credit Card company to take the minimum payment and pay extra each month through online banking.

 

Again my own system is that i pay it off with these extra payments but always carry over say £5-£10. And forget credit scores, they mean squat. It is a payment history with green markers that count, the longer the better.

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pay it off each month when you've got the statement then you don't get charged interest.

green dots is the idea

but not garner their pocket with interest...

 

 

trouble is though

if you've got defaults

wont help you at all until they vanish. on 6yrs

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I'd make sure you set up a Direct Debit to make the minimum payment each month even if you are paying the balance in full every month, obviously the minimum payment will not be taken if the balance is paid.

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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