Starting a credit history- PLEASE help!

BatulN

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 ). 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

never-in-doubt

BatulN wrote: »

Many thanks
BatulN

Look here: http://forums.moneysavingexpert.com/showthread.html?t=1626277

Perfect thread for you.....

These are main links:

1. The Basics

2. New to credit

3. Clean Credit File - Adverse Data in the Past

4. Soiled Credit File - Currently Have Adverse Data Registered

5. Appeal Letter

BatulN

never-in-doubt wrote: »

Look here: http://forums.moneysavingexpert.com/showthread.html?t=1626277

Perfect thread for you.....

These are main links:

1. The Basics

2. New to credit


3. Clean Credit File - Adverse Data in the Past

4. Soiled Credit File - Currently Have Adverse Data Registered

5. Appeal Letter

Ooooh- excellent NID thank you so much! :j

never-in-doubt

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:

Moggles_2

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

never-in-doubt

OP says he is due to open a Barclays account next week, therefore a Barclaycard at this stage would be almost certainly declined...

Moggles_2

never-in-doubt wrote: »

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

never-in-doubt

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:

Innocent_Guy

never-in-doubt wrote: »

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.

ipodchick2144

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

ipodchick2144 wrote: »

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: