How to get a good credit score at 18??

Babyben18

Hi I am 18 soon to be 19 and thought now would be a good time to start builidng my credit rating. I got declined for a couple of things so I joined to see all my credit ratings for free (experian, equifax and call credit) they all said it was low but good at the same time. I spoke to a woman from experian and she said my bank was failing me as they hadnt made them aware of the current accounts Ive got with Halifax and that there was no reason why I should be getting declined as i'm on the electrol role and have no debt, i'm running out of suggestions and dont know what to do over Halifax or the best way to build my credit score, please help me!?!

matttye

Don't pay any attention to the 'scores' given out by Equifax, Experian and Noddle as they don't mean anything.

What you should do, however, is try to build a good credit history. You could get a phone contract, pay a utility bill that reports to credit agencies, apply for a bad credit credit card or, failing that, a prepaid credit card.

Do you have any kind of credit or airtime account already? If so, make sure you pay in full and on time every month.

Also make sure that everything on your credit reports with the three agencies is correct. Something as small as one wrong letter in your postcode could result in a rejection. Make sure Halifax have your details correct and try to find out why they're not reporting your current account, as they should be! They've probably got your date of birth wrong or something.

Finally, do you have a job?

[Deleted User]

If you have the discipline to pay it off in full ever month, the best move would be to get a sub prime card such as aqua, vanquis etc and use that regularly for the things that you buy anyway.

You're likely to get declined from mainstream providers initially due to a lack of history. At the moment, they have no way of knowing whether you are a disciplined, trustworthy member of society or Kerry Katona.

Babyben18

I dont have any credit phone or anything out in my name, i'm wanting to get a contract phone and stuff like that but scared to go apply incase i'm rejected and affect my credit score even more

matttye

Babyben18 wrote: »

I dont have any credit phone or anything out in my name, i'm wanting to get a contract phone and stuff like that but scared to go apply incase i'm rejected and affect my credit score even more

Initially you should try to find out why Halifax isn't reporting. Make sure EVERYTHING on your credit files and details the Halifax have is correct. How old is the account?

Babyben18

im off for a meeting with halifax this saturday to ask some questions, yes i have a full time and part time job. I got my debit card a year ago when i turned 18

matttye

Babyben18 wrote: »

im off for a meeting with halifax this saturday to ask some questions, yes i have a full time and part time job. I got my debit card a year ago when i turned 18

The account should be reported every month then. That indicates a discrepancy between the information your bank has on you and what the CRA's have on you. Could just be a different format address or something.

Babyben18

am i best changing banks? is there some kind of credit builder card i can use that i wont be declined on

matttye

Babyben18 wrote: »

am i best changing banks? is there some kind of credit builder card i can use that i wont be declined on

Up to you but like I say, it could be a simple information discrepancy that's very easily resolved if found.

http://www.mycashplus.co.uk/offers/cashplus/creditbuilder/?pc=GAW511&apskw=creditbuilder&apsad=6901792349&apsds=S&apspl=&apsmt=e&gclid=CK-pq53_l7cCFXDMtAod_g0AJQ - this is a credit builder card you can't be declined on.

You just pay if £5 a month if I remember correctly.

Should be a last resort though as you're paying for nothing

Babyben18

Thank you!

Moneysaverchris

Babyben18 wrote: »

Thank you!

Im a similar age (2years older) and my history is perfect, some advice-

Stop applying everywhere,
get a capital one classic card here - http://www.capitalone.co.uk/creditcards/credit-card-range.jsf - you will get it. - manage it well etc.

Change bank - Natwest/LLoyds/barclays etc

and If you wanna push your luck get a barclaycard inital butdont apply for anything for a good while after all this!