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Starting a credit history- PLEASE help!

BatulN
BatulN Posts: 94 Forumite
edited 9 May 2009 at 3:11PM in Credit cards
Hi all!

Just a query- really hope someone can help me. I currently have no credit but am wanting to build up a rating as I'd like to get a mortgage in approximately 2/3 years (I am due to graduate this year and have a job offer already :D). I have no student loan or credit card/ catalogue account etc- nada!

So, basically how do I start my rating off? I am due to open a bank account next week (Barclays Current Plus) but aside from this, I know little else about what to do. I thought the next step should be a credit card- and from reading here, I think I would be best off applying for a Vanquis/ Aqua card? However, as I have no credit history would they even accept me? I don't want to leave 'footprints' on my file if I won't be accepted.

Oops- almost forgot- I recently had the voting poll cards sent to my house but I didn't receive one and when I queried this with my council, they said I was never on the electoral roll :mad: but I have been put on now, as of the 1st May- so I don't know how this would affect my rating.
Sorry for such a long post folks- but I really need some help as I truly have no idea how to go about this.

All help/ comments/ suggestions will be very much appreciate.

Many thanks
BatulN
What doesn't kill you only makes you stronger
«13

Comments

  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • BatulN
    BatulN Posts: 94 Forumite
    What doesn't kill you only makes you stronger
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    BatulN wrote: »
    Ooooh- excellent NID thank you so much! :j


    Enjoy and remember to go for J D Williams Group first because they are likely to accept you so long as you do show on the Electoral Regsiter. If not, wait til you do or you'll just get declines / refers..... :beer:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    I thought the next step should be a credit card
    You have a limited credit history, so from the lender's perspective you're something of an unknown quantity. They are likely to see your lack of a payment history as too great a risk, as I think you realise. If Barclays holds your main current a/c, Barclaycard Initial may be the best place to start.

    http://www.barclaycard.co.uk/personal-home/cards/initial/

    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
    People who don't know their rights, don't actually have those rights.
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    OP says he is due to open a Barclays account next week, therefore a Barclaycard at this stage would be almost certainly declined...
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
    OP says he is due to open a Barclays account next week, therefore a Barclaycard at this stage would be almost certainly declined...

    Well spotted, NID

    In that case, the bank that holds his/her current account may be the best place to start ;)
    People who don't know their rights, don't actually have those rights.
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    Moggles wrote: »
    Well spotted, NID

    In that case, the bank that holds his/her current account may be the best place to start ;)

    Yes agreed, as most will use internal behaviour scores of course :beer:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • Innocent_Guy
    Innocent_Guy Posts: 5,369 Forumite
    Yes agreed, as most will use internal behaviour scores of course :beer:
    If run correctly his "Limits" would adjust and possibly allow a pre-approved barclaycard.
    Bank Accounts - Barlcays Premier[/B] - £1000 o/d, HSBC - £200 o/d- First Direct - £500
    Credit Cards - Barclaycard £2000 - Silver Card £1300 - Flybe £7500 - HSBC £1000 - First Direct £2500 First Direct Gold £3000
    6 credit accounts closed in 2010!

    Official SOS Club number 001 - Dry until 01.07.10
  • ipodchick2144
    ipodchick2144 Posts: 42 Forumite
    The day i turned 18 i took out a credit card with virgin, who accepted me right away, no questions asked, they are doing really good balance transfer deals at the moment as well, what to do is, get a credit card, buy something each month, and set up a direct debit to pay that amount in full every single month, this way you are not paying any interest whats so ever and you are building a good credit rating and payment history
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
    The day i turned 18 i took out a credit card with virgin, who accepted me right away, no questions asked, they are doing really good balance transfer deals at the moment as well, what to do is, get a credit card, buy something each month, and set up a direct debit to pay that amount in full every single month, this way you are not paying any interest whats so ever and you are building a good credit rating and payment history

    Proves that credit is individual and what works for one will not work for another. I am nearer 40 and have big mortgage and 2 mainstream gold cards plus full bank account, i.e. 5 live accounts and I can't get Virgin.

    See my point..... well done by the way on having a Virgin (MBNA) card, MBNA must read these forums and see what I write and block my IP Addy LOL :beer:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
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