We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
First Credit Card
danielmarriott
Posts: 9 Forumite
in Credit cards
Just got my first credit card 
It really is tempting just go go out spending, hopefully i wont submit to that.
Will be spending about £160 on the card and paying it back almost straight way.
My question is....
How long does it take to build up a credit rating?
It really is tempting just go go out spending, hopefully i wont submit to that.
Will be spending about £160 on the card and paying it back almost straight way.
My question is....
How long does it take to build up a credit rating?
0
Comments
-
Well, you already have a credit rating. It just might not have much info to go on.
So it's a continual process. A year or two of good card usage would make it better than it is today, but not as good as another few years of good credit management.0 -
Deleted_User wrote: »Well, you already have a credit rating. It just might not have much info to go on.
So it's a continual process. A year or two of good card usage would make it better than it is today, but not as good as another few years of good credit management.
Is there anything that can be done to speed this up. Hoping to move out this year and get a mortgage.0 -
Nope. All you can do is use your credit card each month, and pay off in full each month, be on the electoral roll, and don't miss payments on anything or go overdrawn.0
-
danielmarriott wrote: »Just got my first credit card
It really is tempting just go go out spending, hopefully i wont submit to that.
Quite simple really - dont! You only have to read these forums for people who have racked up massive debt on credit cards!
Like the other poster says buy something like a tank of fuel on it once a month and then pay it off in full every month - direct debit so you dont forget. Your credit worthiness will increase in the eyes of potential lenders then. Credit cards are not for long term borrowing please remember that and dont fall into temptation. Do use them for big ticket purchases and items online as you have section 75 coverage you dont have with a debit card (basically the card company is jointly liable for the quality and delivery of goods) you are also covered for fraud etc. better than your debit card as the funds cannot be taken direct from your current account.0 -
ahh okay
I dont plan on missing payments, i want to use this card properly to make getting a mortgage in the future easier.0 -
danielmarriott wrote: »Just got my first credit card
It really is tempting just go go out spending, hopefully i wont submit to that.?
Every time you're tempted to buy something that you didn't plan for, just think about this...danielmarriott wrote: »Hoping to move out this year and get a mortgage.
...and ask yourself, "Do I want this thing more than I want to be able to move out and get a mortgage?"
And if you have to think about the answer, go home and think about it there!0 -
danielmarriott wrote: »Is there anything that can be done to speed this up. Hoping to move out this year and get a mortgage.
Not speed it up, but certain things help. Being on the electoral roll, having lived at your current address for some time, having a landline, utility bills in your name, etc.0 -
danielmarriott wrote: »It really is tempting just go go out spending
Do yourself a favor - don't. Make sure there is no "hopefully" about it.
There are very few things I genuinely regret in my life but one of them is definately getting myself into debt.
It starts small. It does for almost everyone. And then slowly over time it creeps up - and up - and up. Each purchase on its own feeling small and insignificant and easy for you to justify to yourself until one day you realise it has snowballed out of control. You think it won't happen. Everyone does. But debt can wreck people's lives. Please do remember that...
I'm not anti-credit cards at all. I have several in fact but it took me 10 long years of debt-hell to learn how to use them properly and responsibly. How I wish I had seen this website back then!
Wish you the best of luck with your mortgage dreams (the one debt I'm mostly OK with
) 0 -
MoneyMagic01273 wrote: »Do yourself a favor - don't. Make sure there is no "hopefully" about it.
There are very few things I genuinely regret in my life but one of them is definately getting myself into debt.
It starts small. It does for almost everyone. And then slowly over time it creeps up - and up - and up. Each purchase on its own feeling small and insignificant and easy for you to justify to yourself until one day you realise it has snowballed out of control. You think it won't happen. Everyone does. But debt can wreck people's lives. Please do remember that...
I'm not anti-credit cards at all. I have several in fact but it took me 10 long years of debt-hell to learn how to use them properly and responsibly. How I wish I had seen this website back then!
Wish you the best of luck with your mortgage dreams (the one debt I'm mostly OK with)
Thank you very much.
Thank you to everyone that replied.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.4K Work, Benefits & Business
- 615.3K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards