How to get credit if you have none???!

KingElvis

If you have no history try the following steps.

1. Get a Cashplus Card and activate CreditBuilder.
2. Get your gas through British Gas, they report to Experian every month.
3. Get a sim only mobile contract.
4. Get a current account
5. Apply to Vanquis, Cap 1 or Aqua

*Kat*

KingElvis, where do you get a Cashplus card?

x

KingElvis

http://www.mycashplus.co.uk/

Here, it costs a fiver a month but people say it's worth it for the green marks it puts on your credit record. Make sure you treat it as a form of credit though as they will report red marks too if you miss the fiver LOL

Elvis

*Kat*

Can you pay it up for like a year? Just deposit the £60 or whatever? lol. Or does it have to be monthly nad thats what they report to the credit agency

KingElvis

I don't have one but I think it goes like this.

1. Buy Cashplus card and activate creditbuilder.
2. They sorta kinda lend you a years fees, you never see or have access to that money.
3. You pay them back a fiver per month from the card itself. Top it up from you bank account £60 and you'll just be able to leave it to run I guess.
4. After three months they report to the CRAs and then on a monthly basis.
5. After a year, cancel the card and the account shows settled etc and looks good on your report.

Hope that helps.

*Kat*

chexum wrote: »

Check the following credit/debt tests, and mind the questions - consider the electoral registration, how long you have been at your current place, at your current job, etc.

http://www.moneymadeclear.org.uk/tools/debt_test.html
http://www.moneysavingexpert.com/loans/credit-rating-credit-score#checker

If noone is willing to lend to you, and you want to build a credit history, your own bank is the best to talk to, or one you recently had history with.

If you had a joint current account that had overdraft, you should have some public history though. You may want to check your credit reports (the £2 statutory ones only, never mind the score or the free trials).


If they still say no, it's the subprime lenders, usually one of Capital One, Aqua, Vanquis, and Barclaycard Initial work for most people. You need to fulfill some basic requirements, so if you have less than 6 months credit history at all (new to the country, not on the electoral roll, didn't have any bank account so far), then all you can do is wait.

As a last resort, the cashplus creditbuilder option can be a way to put a credit account on your credit history, for £60 a year, if you have lots of IDs that you can readily send. And it still won't bring any immediate result, so you still need to wait about a year or so to start your sub-prime journey.

What £2 ones?

Also the cashplus thing is worth it if im looking to get/want a mortgage in the next 3-5 years?

KingElvis

If you want a mortgage Kat, you need to get building a decent credit record for at least 18-24 months.

sharpy2010

The CashPlus card is a good idea, the credit builder part of it is not, as most companies granting credit now know what it is, and that it isn't really credit at all, and will ignore it anyway.