Turned 18 recently and my credit score is very poor?

ed1999 · 27 July 2017 at 6:01PM

Just got credit score with EquiFax and my credit score with them is very poor, around 240!

Was wondering why it's so low, I've been on the electoral roll for a year now and have no former history. is this normal? How can I build it?

worried_jim · 27 July 2017 at 6:04PM

Ignore it, it's a meaningless number only you see. Lenders look at your credit history.

[Deleted User] · 27 July 2017 at 6:05PM

Your credit score is as real as unicorn poo. Ignore it.

You need to start building credit history. A good way, if you trust yourself, is to get a credit card (probably sub prime), use it a little each month and always clear in full.

Mobile contracts will also help.

indierocker85 · 27 July 2017 at 6:24PM

When you turn 18, you won't have had any credit, and therefore they have nothing to base the "score" on, get a credit card, and make payments you would have made anyway, and always pay it off in full, it will help you build a rating and a good history. Good luck

ed1999 · 27 July 2017 at 6:32PM

Thanks guys!

My parents pay for my phone contract atm so once that expires in October, on my next contract I will put it in my name. I also got an ocean credit card so I'll use that for basic purchases and pay off the balance at the end of each month.

Do I get charged purchase fees for most purchases with this? It said nothing for introductory period but around 3% for long term interest though I'm not sure how long the introductory period is?

[Deleted User] · 27 July 2017 at 6:33PM

I'm not aware of any credit cards charging purchase fees.

Is this a real credit card or something else?

Edit: I see it's a Vanquis card. There will be no fees unless you start taking cash, using forex, go over limit or miss payments.

And no interest as long as you clear in full each month. Set up a DD.

Turned 18 recently and my credit score is very poor?

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