Credit rating and credit cards

jackc12

Hi all, looking for some help with improving credit rating.

I'm a postgraduate student with regular income and decent savings but haven't been able to get an overdraft off Santander, nor any student accounts (with credit) at other banks when I tried last year.

I've looked at my equifax credit report, all seems fine, it has 2 old store accounts from 2009 with nothing on them (and no action past 2009, both were a single transaction which was instantly paid off). Mobile phone which is direct debit and paid in full, and current account which is always positive balance.

I'm on the electoral roll and there's nothing under the fraud and all that business.

So I'm guessing my credit score isn't high enough because of the lack of history of using credit? This is not such an issue now, but it worries me that in the future it may prove a problem with mortgage etc.

Would my best bet to be to get a credit card to build some history, or is there some other route I should take?

Edit - although have just noticed the report says my current account balance is £0, which it isn't, not sure if it only deals in negative balances?

YorkshireBoy

jackc12 wrote: »

Edit - although have just noticed the report says my current account balance is £0, which it isn't, not sure if it only deals in negative balances?

It's a credit report, so only shows debt (and potential debt in the form of credit limits).

The only exception to this is if you have a positive balance on a credit card (perhaps due to a refund after paying off the card), which is then shown as, say, +£35.87

CLAPTON

it makes sense to get a credit card; use it regularly every month for things to buy anyway (petrol, groceries or whatever) and pay in full by the due date.
this will help you build a credit history

try you bank for the CC in the first instance;
otherwise try the Vanquis, cap 1 or barclaycard initial .. shocking APRs but as you are going to pay in full then it won't affect you

jackc12

Ok thanks, have been accepted £800 on barclaycard initial, which should do the trick for building some history.