Credit Score

sean1979

Hey guys i am a 1st time poster and i have a problem.

i just checked my experian credit score and it says that my score is 716. apparently thats poor.

now the problem is i have never ever had credit or anything else that could affect my score. so i dont know what to do.

any help would be excellent as i am confused lol.

Jon_B_2

First tip. Don't waste your hard earned on credit scores they mean NOTHING.

phild145

Sean,

Dont worry about your credit score.

The fact that you dont have any credit affects your score as you have no history of making payments. So people dont know if you will be a good risk or not.

If you apply and get credit and make the payments on a regular basis that will build up the history and you will find your score will go up.

Phil

danouk

Are you on the electoral roll? If not, that's a significant down-marker on a credit file and will cause many companies to automatically decline you. It's easy to get on to it - apply via your local council, there should be a link on their website.

After that, the best way to improve your credit score is to get some credit and manage it well. A starter credit card like Capital 1 Classic, Vanquis, Aquacard may well approve you. The limit will be low to start, and the interest rate will be high. Use it regularly for things you would buy any way (petrol, for instance), and pay it off in full as soon as the statement arrives and you will pay no interest and build your credit rating. It'll take a couple of years to really build a strong rating, but keep your nose clean and it will happen.

And don't waste any more money on Experian or Equifax scores - they tell you nothing about whether any lender will approve or decline you. it's a good idea to check your reports once per year to make sure there are no errors - to do this you want their Statutory Reports, which cost £2 and require no ongoing contract/commitment/purchasing of scores.

sean1979

yeah i am on the electoral roll.
i will try for a credit card but i doubt i will get one lol.