Will this raise my Credit Rating?

parabox

Hi all

Was really unsure where to post this but this part of the forum has the word 'credit' in the title


Would purchasing items from places like Littlewoods on buy now pay later deals raise my credit rating? I can afford the good outright but I need the credit rating rather than the money.


Thanks!

CLAPTON

what's wrong with your credit rating?

bigadaj

parabox wrote: »

Hi all

Was really unsure where to post this but this part of the forum has the word 'credit' in the title


Would purchasing items from places like Littlewoods on buy now pay later deals raise my credit rating? I can afford the good outright but I need the credit rating rather than the money.


Thanks!

Probably not or at least not significantly. THe best option would be to get a credit card and pay on this regularly, at least well above the minimum payment, the problem might be if your credit is poor you may not get a card or only one with a very high rate.

Money_Man

Look for a "stronger" reference, i.e HP or credit card

izools

As above. Mail order accounts aren't weighted as heavily as credit cards in a lot of credit scoring systems.

The best way to get a good credit score a year from now is to take out a sub prime credit card and pay it off in full each month.

This one would be great:

http://www.aquacard.co.uk/credit-cards/reward-card

If you take it out and set up a direct debit for the full payment each month you won't pay any interest - so long as you don't take cash out on the card - and all the while you'll earn 3% on your spend - so bettering your credit score can also make you 3% better off if the card is used for all your usual spend (Groceries, travel, etc).

Just remember though that for the first six months of having opened a new account your credit worthiness is in fact impeded. It's after this timeframe that it starts to have a positive impact.

Good luck!