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Why it is good for your credit rating to have a credit card

Having a credit card isn’t just about the flexibility it gives you when paying for goods and services, it can also help your credit rating.

This is why. An important factor of getting accepted for credit is your credit history. By having one or two credit cards that are well managed, this will show as a positive on your credit file. This in turn will make it easier for you to get accepted for other credit such as a loan or mortgage, and at a realistic interest rate.

For a credit card to be well managed and to therefore have a positive affect on your credit rating, follow these simple tips:

· Never use up all your balance, unless you are paying at least 60% of it back when your monthly statement arrives. A credit card showing an ongoing balance close to its credit limit is not perceived as well managed
· Always make sure that you pay your credit card bills on time. Even just a day late may show up on your credit file and you will probably also be charged a late payment fee by your credit card company
· Ideally, pay off your balance in full every month. If you cannot, never have an outstanding balance of more than 40% of your total credit limit
· Have one or two credit cards only and run the accounts responsibly. Having too many credit cards can smack of financial desperation and negatively affect your credit rating.

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