What credit can I get with a guarantor?

MacofMiss

Hi

I am looking for a little bit of advice, my credit rating is terrible, not due to CCJ's, bankrupt or missing payments. I have moved house a lot, due to relocation & circumstance & want to be able to get credit to improve my credit scoring & history. I want to be able to get a mortgage in the next 2-3 years & even though I have savings I want to build up my score. Not having any credit at the moment causes a world of pain!

My mum is happy to be my guarantor as I do earn money & will be paying straight off anything that I do have. I'm not a child & thankful that I do have someone who can help me to try and get onto the credit ladder so to speak

I don't really want to get a loan, is there anything else which I can do, does anyone know?

Thanks!

PeterJohnson

Are you on the electoral register?

goldenarmZ

Your best bet is one of the sub-prime credit cards such as Vanquis, Aqua or Capital One Classic. The APR is scandalous, but that won't matter if you set up a direct debit to pay the full balance every month and use the card sensibly (just for odd bits of shopping and the like).

After 6-12 months of managing this card well, you can move up the ladder a bit and try a better card such as the Barclaycard initial. Repeat the same process of paying the full balance every month until your credit rating has built up to the point where you can enter the prime market and get a card with a fair APR that you can actually carry a balance on if you need to.

Before you know it (well, maybe a couple of years), you'll build up a good credit score and have a decent chance of getting a mortgage.

MacofMiss

Thanks I will look into doing that, why I didnt accept a card years ago when everyone wanted to give me credit i dont know! Trying to be sensible i guess!

I am on the electoral role.

izools

As above, pick up a couple of sub prime cards (Capital One Classic, Vanquis, Aqua), pay them in full each month, and don't move, and you should have a solid credit profile ready to apply for a mortgage in a couple of years time

Good luck! :beer: