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Buy Your Diesel with a Credit Card.
The Simple Habit That Builds Your Credit.
Hugo Deane
September 17, 2024
Welcome back to Hugo’s Habits!
This week’s habit will be focusing on WEALTH.
P.S. Take some time this fine morning to check out the best links section! Some amazing content in there! 👇️
In today’s issue:
Boosting your credit score with routine purchases.
Which credit card is best for you?
How to set up auto-pay for your credit card buys.
and more…
Did a friend forward this email?
(Estimated read time: 2 minutes)
Best Links This Week ⚡️
Here are the best articles and information I found while researching this week.👇️
(Click “Link” to open the entire article. 😉 )
🧠 😁 Boosting Happiness
What You Were Taught About “Happiness” Isn’t True (Link)
The Neuroscience of Pleasure and Happiness (Link)
How Much Control Do You Have Over Your Happiness (Link)
💪👨⚕️ Health Hacks
Health Experts Debunk 3 Popular Sleep Hacks: Try These Alternatives Instead (Link)
Cellphones Not Linked to Brain Cancer Risk, WHO Review of 63 Studies Finds (Link)
Weekend Warriors’ Get the Same Brain Health Benefits As Regular Exercisers (Link)
🤑📈 Wealth-Building Tips
10 Practical Steps To Build Wealth (Link)
Principles of Building Wealth (Link)
12 Wealth-Building Habits for 2024 (Link)
💳 The Simple Habit That Builds Your Credit:
Using a Credit Card for Diesel Purchases
Establishing and maintaining a good credit score can sometimes seem like a daunting task, especially for those just starting.
One simple habit that can help is using a credit card to pay for routine purchases, such as diesel.
Below is a list of purchases you should ALWAYS BUY WITH A CREDIT CARD. 👇️
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This seemingly small action can have a significant impact on your credit score over time.
Below, we'll explore how this habit can benefit your credit health, detail credit card options for beginners, and explain how to set up automatic payments to keep everything running smoothly.
🤔 Busy Last Week?
Did you miss last week’s article? Read it through the link below 👇️
🚗 Boosting Your Credit Score with Routine Purchases
Small Purchases, Big Impact
Using a credit card for regular diesel purchases is an excellent way to demonstrate your creditworthiness.
Each time you use a credit card and pay off the balance, you're showing that you can handle credit responsibly.
This is particularly important for your credit score, as payment history accounts for a significant portion of your score calculation.
Click below to see how your credit score is calculated ⬇️
(It’s Quite Interesting!)
Credit Utilisation and Its Effects
Credit utilization—how much of your credit limit you use—plays a crucial role in credit scoring.
By using your credit card for small, manageable purchases like diesel, you keep your utilization low, especially if you pay off the balance in full each month.
This is ideal because experts recommend keeping your utilization below 30% of your total credit limit to positively influence your credit score.
🥇Golden Rule - Do Not Spend Over 30% Of Your Credit Limit!
ClearScore is the easiest and fastest way to get your credit score checked.
To build your credit score, you need to know where you are starting.
Check yours below, for free. Takes 2 minutes!
🏦 Choosing the Right Credit Card for Beginners
Finding Low-Limit Credit Cards
For those new to credit, a low-limit credit card is a great starting point.
These cards often come with limits ranging from £200 to £1,000, making it easier to manage spending and maintain low credit utilization.
Click here for a list of UK-based credit-building cards.
Banks and credit unions typically offer “starter” cards, and many major issuers have options specifically designed for people with little to no credit history.
After research, in my opinion, the best is an Aqua card.
The card has a £900 limit every month, is very easily obtainable, and is perfect for building credit!
Sign up below, it’s incredibly easy and a very powerful tool ⏬ (Click the Link)
The best part of the Aqua credit card is within the app, which is expanded on below.
⚙️ Setting Up Credit Card Automation
The Benefits of Auto-Pay
Setting up automatic payments can be a game-changer, ensuring you never miss a payment and consistently build a positive credit history.
Auto-pay can be configured to cover the minimum payment or the full balance each month, depending on your financial flow.
🥇Golden Rule - Always Pay Back the Full Amount Every Month!!
How to Set Up Auto-Pay ⚙️
Setting up auto-pay is straightforward:
Log into your online banking portal.
Navigate to the payments section and select your credit card.
Choose the automatic payment option and decide whether you want to pay the minimum due or the full statement balance each cycle.
Confirm the details, and ensure you have enough funds in your linked account to cover the auto-payments to avoid overdraft fees.
By consistently using your credit card for diesel purchases and automating your payments, you not only simplify your financial management but also build a solid foundation for your credit score.
This small habit can pave the way to greater financial health and is especially powerful for those starting their credit journey.
That’s all for this week!
Any questions?
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See you next week,
Hugo.
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