Complete noob! Help with saving/investments

punk84

Also, regarding the treats, I know i shouldn't have, but when you have spent your life living hand to mouth, I just felt like i deserved a treat. not only for getting my new job, but to make me feel better lol. But that's all done with now. Time to start being a super saver!

Thrugelmir

To build your credit score. Consider building your house deposit saving with a lender. Both the Nationwide and Nationwide offer FTB schemes. By saving regularly it demonstrates your ability to manage your money. As a mortgage will be a commitment that you'll need to meet quite possibly every month for 25 years.

Couple of links below.


http://www.nationwide.co.uk/savings/limited_access/savetobuy/introduction.htm

http://www.halifax.co.uk/savings/home-saver/

punk84

Thanks. I'v had a look at both of those. Interesting reading.

jimjames

punk84 wrote: »

Ok, so first step is to be completly debt free. So far i have calculated i have £1200 of debt to pay off. including credit card and a previous overdraft with a previous bank. My target is over the next two months to get that cleared. I am going to save approx £500 a month in cash in my safety deposit box. untill some time i decide what is fit to do with it.

I'd advise against keeping that sort of cash around, put it into an ISA as you can start them with £1. You might not get the best interest rate but it is far safer than having cash.

atush

And an isa operated online can be faster and easier to get to in an emergency than a safety dep box.

Remember to prioritise your cc and OD debt paying the most exp first with min payments to the other

atush

Also re credit, if you aren't registered to vote, do it now. It helps.

punk84

What do you mean by re credit? I am already registered to vote.

atush

Credit scoring is higher if you are registered to vote- it counts some points towards your total score.

But you have done that already, so great.

punk84

Ok, just to update everybody on my situation, Work is going great. Moving to a different section where there is much more overtime, so as a result increase in pay! Paid off all but a couple of debts ( this is not due to lack of funds but rather lack of time! ) Debt is now less than £100. I am still reluctant to get a credit card in case i am rejected and further damage my credit rating. I have looked at my report, and there are 6 markers. 2 say settled. the 4 say default. Out of these two i am going to be disputing as they are a direct result of the lend giving me wrong information. the last two, yeah i am banged to rights and accept responsibility. I have no Bankruptcies, no CCJ's or IVA's. What is the likleyhood of me getting say a Vanquis card? or some such other debt building card. I could easily afford it, and would damn sure make sure it's paid off on time!!