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Timely bill payments 'help credit rating'

Making bill payments on time helps your credit rating, according to a finance website.

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18 February 2009

Timely bill payments 'help credit rating'”

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Head of personal finance at the online resource Fool.co.uk David Kuo said various organisations will score customers differently and people should have "some reasonable control" over their money.

Alternative measures including pre-paid credit cards are less likely to be highest on the list of lenders' priorities as they look at borrowers' credit records, because no debt has been taken on, he added.

"One of the best ways to improve your credit rating is to ensure that you pay whatever bills arrive on time … rather than to make any delays to them," Mr Kuo concluded.

Last month, the Apacs December spending statistics revealed a rise in UK consumers using plastic cards.

Standing at £32.3 billion, the figure is a 0.3%increase on a the same period in 2007.

However, spending on credit cards decreased 4.8 per cent over the same period.

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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