All Things Credit (Cards, Limits, Scores)

[hannng]

I’m replying here to avoid being off topic on Flex thread.

@l33t

remember they also try to sell you credit cards so its not necessarily the best advice

@jo this. Having too much available credit compared to your annual income would reduce your chance of acceptance for loans/car finance, makes you look like a risky borrower.

@LordRec

I’m also under the impression making regular payments and holding a balance is good for score building, but surely you wouldn’t on that rate?

Nope, holding a balance long enough to generate a monthly statement and pay that statement off is good (aka don’t pay it off before the monthly statement is generated). My score slightly reduced when I left a card unused for 3-6 month.

Credit-builder cards are - low limits high APR - only useful for people with poor credit history. If you were a blank slate, having enough data on your customer profile with your main bank gets you much better deals - that’s how I started out with LBG.