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Building up credit rating

Last post Wed, Dec 31 2008, 12:58 AM by conmankiller. 5 replies.
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  •  Wed, Dec 31 2008, 12:58 AM

    Re: Building up credit rating

    Speak to your credit card issuer, they will take your bank details and set it up so that the minimum payment always reaches your credit card account..... before the date it falls due.
    • Post Points: 5
  •  Wed, Dec 31 2008, 12:46 AM

    Re: Building up credit rating

    Alright mate thanks for the help really appreciate it. Great tip also for the DD to take out the minimum, I think I'll set something like that up with mine, to do that can I set it up with my HSBC online banking or do I have to contact the credit card company directly?
    • Post Points: 20
  •  Wed, Dec 31 2008, 12:38 AM

    Re: Building up credit rating

    Payments made on time and in accordance with your agreement show on your credit file as favourable and help to build you a positive credit rating.

    I make all my payments online and pay as much as possible, I also set up a direct debit with the credit card company to always pay at least the minimum amount automatically before the due date from my bank account, that way you cannot forget to at least pay the minimum, this avoids any late payment charge and bad marks on your credit reference caused by you being distracted and overlooking them.

    • Post Points: 20
  •  Wed, Dec 31 2008, 12:26 AM

    Re: Building up credit rating

    Thanks mate, that helps alot, much appreciated. Will the minimum payment go on my credit report and can I make the payments online as I have already set up my HSBC bank account online?
    • Post Points: 20
  •  Wed, Dec 31 2008, 12:10 AM

    Re: Building up credit rating

    Hi -- You don't have to pay the balance in full, but you always need to pay at least the minimum monthly payment into your account so it has cleared by the due date shown on your statement.

    Remember though that paying the minimum amount will cost you more in interest long term, than paying off a larger amount, credit card issuers like that because they make more profit.

    • Post Points: 20
  •  Wed, Dec 31 2008, 12:01 AM

    Building up credit rating

    Hi guys, sorry I'm clueless, I'm currently in the process of getting a credit card and just wondering how I could use it to build up my credit score. To increase my score do I have to pay the whole balance due or can I just make the minimum payments to help build my rating?

    Thanks in advance
    • Post Points: 20