Pay by Credit Card: Credit cards can be used to help build your credit history

29 October 2013 - Which Way To Pay

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Can a credit card really boost your credit history? Credit cards explained

The simple answer is, yes!

Although we might not associate credit cards with strengthening our financial status, they can in fact do just that. Credit cards are not just useful for spending sprees; they can be a useful tool to build up your credit history so you are able to apply for larger credit products, such as a mortgage.

How do credit cards build your credit score?

Apply for a poor credit rating credit card as soon as you decide you want a credit card so you can build your credit history quickly. Provided that you ensure you make your repayments every month in full and on time -you will soon see your credit history grow. If you make your repayments in full every month, it does not matter what the interest rate is with the credit card. Use this card regularly so you build up your credit history, as soon as you have your credit history you can apply for a credit card with a more competitive rate and with fantastic benefits.

Pay off your credit card in full every month

Whenever you make a purchase on your credit card, be sure to transfer the equivalent amount of money from your bank account so you know your credit card will be paid off each month. This way you will always know you have the money in place to make the repayments building your credit history every time you make a purchase!

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