Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
    Basic Account Holder dazza72 Novitiate



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    Default Poor Credit - New Credit Card - Payments Frequency

    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 loansicon 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 Oneicon) 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


  2. #2
    Classic Account Holder
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    Cagger since : Oct 2013
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    Default Re: Poor Credit - New Credit Card - Payments Frequency

    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 debiticon 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.


  3. #3
    Site Team dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk Highly authoritative dx100uk's Avatar



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    Default Re: Poor Credit - New Credit Card - Payments Frequency

    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

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  4. #4
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    Default Re: Poor Credit - New Credit Card - Payments Frequency

    I'd make sure you set up a direct debiticon 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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