Build my credit score

I have recently come out of a bad credit history and have now settled all defaults on my credit file and have a score of excellent. However the negative on my account now is that I have no regular repayments. I was considering getting a store card of some sort to help boost this and ensure that regular payments are made. I am in the process of buying my first house with my partner so need to do all I can to ensure my credit score is as good as it could be. Is this a good idea????
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  • Hi, I'm similar in that I want to build a good score.

    Is it true that having a mobile phone on contract will be good too?
    What about a magazine subscription?

    Is there any point having 2 phones, a magazine and a pair of credit cards? Or do they all tick the same box and so only need 1?
    Thanks anyone, ScotlandM
  • That's exactly what I've been told have your mobile phone bill as direct debit is a good place to start. I am just unsure whether to get a credit card &/or store card.

    Any advice
  • Moneymash
    Moneymash Posts: 510
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    edited 5 December 2012 at 10:28AM
    The best thing to do is get a credit card with a modest limit and use it to do all your food shopping on. Then set up a Direct debit to pay the balance off in full every month. If you set up a DD you won't miss any payments, your balance will be paid off in full and you won't incur any interest.

    If you use it for your food shopping this would be money you would have spent anyway.
    Debt-Free day 30th September 2014
  • This thread is helpful for me too...

    I predict my debt free date to be just under 2 years by which time defaults will have dropped off my records also... I would like to be in a position to maybe get my own place and would need a good credit rating for that...

    I have 2 years to start improving it... I have a credit card (£500 limit with zero balance at present) which I was going to cut up, as have now saved money for emergencies. If putting small amounts on each month and clearing it in full helps then I might do that. I do have a mobile phone contract on direct debit also.

    Thanks for the advice...


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  • Jemma - Get a credit card rather than a store card and as moneymash suggest use it for purchases you'd make anyway.
    There are other threads about selecting a card and too many applications in a short period also looks bad.

    I don't know if having more than one card, having more than one phone would be twice as good or not. Also a magazine subscription works in the same way as a phone contract so I thought it might help a credit rating
    Thanks
  • Try applying for a cashback credit card, and use it for your food shopping as said above. A DD which pays it off in full each month is a great way to boost your credit score. You'll also get money back for doing so!

    I know your credit score is 'excellent' but make sure you check ALL t&c's of the credit card you are applying for to make sure that you are eligible before applying. Minimise your risk of being rejected & having that mark your credit history.

    Regarding a mortgage, lenders are looking for 12 months with only 1 late payment in total allowed. Make sure you don't even MISS a payment, let alone default on anything to boost yoiur chances of getting a good mortgage rate.

    Good luck!
    Virtual Pot #25 £0.00/£350.00
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  • As lilydiddylilt says a cashback credit card would give you the added advantage of money back. Not all cashback cards accept people with a poor credit history but Aqua Reward seems to be the exception offering 3% up to a maximum of £100 cashback a year.
  • JemmaWay
    JemmaWay Posts: 16 Forumite
    Thank you everyone all really helpful. Wary of messing the credit file up so wanted to investigate before I started applying. Any other advice welcome but thank you for your suggestions so far x
  • sarah222
    sarah222 Posts: 126 Forumite
    you can get cash plus prepay credit card and build your credit score without incurring debt!
  • Hello ill tell you about my sutuation, the only thing I had credit wise is a contract 4 years still using it never missed a payment etc applied for a car Loan got declined excellent credit history then 3 months later called credit expert to get some advice they told me to get a credit card have done so my credit score has dropped to 444 they say I have 5 negotive things now because my credit limited is low £250 paid in full each month etc all the negotive things relate to this credit card so I now trying to build my score back up which think will take months :( x
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