Building a credit rating, turning 18

Plxply

DVardysShadow wrote: »

Spam prelude. Hit spam, everyone

Spam bots are starting to get stranger and stranger they seem to randomly mash up previous posts.

wiseshark

Plxply, don't apply for any cards until it's been confirmed that you are on the electoral roll. The voters roll is now being updated, so it will probably be sometime in the spring before your name appears on it.

As you don't have any credit history, perhaps you should consider taking out a small loan with Provident who will not credit search your application, but will report your repayment history to the CRA.

It would also help to have a contract mobile phone.

Good luck, your head seems well and truly srewed on. I am so impressed by the fact that you are doing your research. Remember, always be sensible and responsible and welcome to the world of credit.:cool:

fracturedsun

Even if you don't get a credit card there are other ways to start building up your credit. For example could you get a better deal using a contract mobile phone? It's not much but it is some credit and can be an easy start.
If you're going to university (which I assume from your earlier post) many student accounts come with small overdraft facilities and credit cards, it may be worth waiting until then to worry about credit cards as you may find these give you better deals and are more likely to accept you.

Plxply

fracturedsun wrote: »

Even if you don't get a credit card there are other ways to start building up your credit. For example could you get a better deal using a contract mobile phone? It's not much but it is some credit and can be an easy start.
If you're going to university (which I assume from your earlier post) many student accounts come with small overdraft facilities and credit cards, it may be worth waiting until then to worry about credit cards as you may find these give you better deals and are more likely to accept you.

At the moment I don't use my phone enough to justify getting a mobile phone contract but unfortunately it seems that any way I think about trying to get a credit rating it's going to cost me even if I repay the money as fast as possible. Also, with overdrafts how do the banks report to the credit referencing agencies? If I never use the overdraft will there be any reporting or will I have to go into it for a day then immediately pay it off for it to display on my credit file?

wiseshark wrote: »

Plxply, don't apply for any cards until it's been confirmed that you are on the electoral roll. The voters roll is now being updated, so it will probably be sometime in the spring before your name appears on it.

As you don't have any credit history, perhaps you should consider taking out a small loan with Provident who will not credit search your application, but will report your repayment history to the CRA.

It would also help to have a contract mobile phone.

Good luck, your head seems well and truly srewed on. I am so impressed by the fact that you are doing your research. Remember, always be sensible and responsible and welcome to the world of credit.:cool:

Thanks for your help, the only problem I see is that if I take a loan with the Provident even the smallest amount £50 for the shortest time would lead me to paying back £70 over 14 weeks. Obviously this is only leaving me £20 out of pocket but how much will this benefit my credit score?

Will I be better off if I instead use the "Cashplus Creditbuilder" as this will show as a year of payments? However it does cost £60 which is quite a lot if you're a student