Credit card to improve credit score (and finding one's score)

MrCostington

I was watching random videos on Youtube and came across one by Frank Abagnale of all people to take financial advice from. Anyway, his point was, he never used a debit card, always a credit card, the main benefit being it improved your credit score, as well as enhanced fraud protection.

In the comments someone said you should not be getting close to your limit for best scoring.

How true are these points in Ireland? I've had debit cards for the last 10 years or more.

Also, how can one check their credit score, and if you do is it noted against you?

Jim2007

The best advice I can give you is to stop listening to talking heads on the internet, especially ones that are convicted felons in a foreign country. Without exception none of them are there for anything other than their own benefit.

It does not matter if you have a credit card, a debit card or use cheques, the banks concern will be: are you complying with the terms of the account you are using. Persons who regularly abuse their financial facilities are just as likely to fail to stick to the terms of a loan/mortgage agreement.

A large part of the decision to grant you a loan/mortgage will depend on the report they receive from the CCR. You can apply for a copy of the report from their site here.

miamee

You can request your credit rating from two places, free of charge

• http://www.icb.ie/credit_rating.php
• https://www.centralcreditregister.ie/

To the best of my knowledge using a debit card will not negatively affect your credit rating in any way.

cruizer101

Credit ratings work differently in different countries.

In Ireland your credit rating will only really show anything if you have missed payment on a loan/credit card if you have always made your payments it won't show that, it will just show nothing, which is good.

That said I do believe credit cards do offer more protection for some purchases so can be worth using.

MrCostington

Thanks everybody for your help, I'll hold off on the credit card for now. I think I may as well get my credit report, no harm in knowing what's there.