Question about credit/debit cards and rating Watch

-Blade-
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#1
Report Thread starter 8 years ago
#1
Hi,

If I make a purchase on my debit card, does this too help with improving my credit rating? Or is it just purchases on credit card? Does the price of whatever I purchase on my credit card have an impact too?


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IndiePixie
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#2
Report 8 years ago
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Just credit and not debit cards. I don't think the price of what you buy has an impact on your credit rating. Your credit rating is based on how well you manage your credit, though perhaps ironically you can end up with a better credit rating if you don't pay off the entire balance each month.
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Jennie1987
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#3
Report 8 years ago
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(Original post by IndiePixie)
Just credit and not debit cards. I don't think the price of what you buy has an impact on your credit rating. Your credit rating is based on how well you manage your credit, though perhaps ironically you can end up with a better credit rating if you don't pay off the entire balance each month.
Yes as long as your paying at least the minimum payments on time for credit cards, credit on cars/furniture/loans then your rating is good. Debit cards have no impact as long as you dont have several cards widely overdrawn
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-Blade-
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#4
Report Thread starter 8 years ago
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Also, if you make one late payment (with HSBC in my case) but you explain everything , and this is you first late payment, how crippling is that?

About a year ago I made a late payment, explained the situation, and HSBC sent a letter but I can't remember 100% if they said there would be no effect on my credit rating and now I can't get this information out of them again.

Anyone had any experience to answer this?
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hollyy13
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I find HSBC are quite good with their charges! I dont have a credit card with them but I have both a joint and single accounts with them, and especially on the joint account I have gone over drawn quite a few times recently (cos my part time job keeping putting payments in late as they are having problems with their payment process!) and ive never been charged so long as I get the money into the account within a couple of days of it happening!

I have a credit card with natwest (my student account... i joined for the railcard lol which is why I dont have a student account with my preferred bank of HSBC!) ... and it really annoys me its better for credit rating if you dont pay your bill off every month as I always do, as I hate knowing im even slightly out of control with money! Then again, paying it off every month has to be better than being in loads of debt each month... so i'l just keep going as I am for now!

Apprently, it does look slightly negative to some banks if you spend up to your limit on your credit card each month btw, apparently if you have a £500 limit for example, you should spend no more than £350 a month! But who knows... its all just a really annoying game! Who knew it was all so complicated... you would assume you could spend anything and it would look great if you paid it off every month.... but no!
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