Credit Card to improve my score

Tasty_2

Hi.

My first post so hello to everyone!


Right, I paid for my credit score from Experian today and it was "poor" for 2 reasons.

1) Because I'm not on the electoral roll (which I've now posted off to be put onto)

2) Because I don't currently have any credit.



This is my question - would getting a credit card (one with a fairly low limit as I don't want to get into too much debt) improve my score? If so, how long would it take to do so?

i.e. would it be immediate, or after a certain number of payments etc. ?


Hope this is in the right section, thank you in advance for any replies!

CLAPTON

Wait until you are on the electoral roll before applying for a CC.

If you use the CC regularly and pay it off on time then this will show you can manage debt well and will improve your credit score.

So get a card, use it for something you normally buy anyway (maybe petrol) and pay in full each month.. to prevent you accidentally forgetting to pay on time set up a Direct debit for the full amount.

It will take a little time to affect your score

Moggles_2

With today's online facilities, it's never been easier to keep track of cc spending than it is now and, used sensibly, plastic has many advantages, IMO.

If you only ever spend what you can afford to pay back each month, you'll never pay interest and you'll be building a credit rating in the process.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

Tasty_2

Thanks to both of you!