How to get a good credit score at 18??

closed

https://forums.moneysavingexpert.com/discussion/comment/49547393#Comment_49547393

matttye

Moneysaverchris wrote: »

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!

I think it's more important to figure out why his current account isn't appearing on his credit report first, as a well ran current account for the last year will obviously better his chances of being accepted for any kind of credit.

Can't disagree with your advice, just think it's a bit premature.

scaifea

The trick is to start off small and easy, when your mobile contract is up, get one under your own name, and more forward from there; remember your credit history is there to protect you, don't be in a rush to build up a good score, it will come over time.

Moneysaverchris

matttye wrote: »

I think it's more important to figure out why his current account isn't appearing on his credit report first, as a well ran current account for the last year will obviously better his chances of being accepted for any kind of credit.

Can't disagree with your advice, just think it's a bit premature.

I agree only if the account has been open a year or more or ites just more effort then its worth! :rotfl:

Moneysaverchris

closed wrote: »

https://forums.moneysavingexpert.com/discussion/comment/49547393#Comment_49547393

OP Disregard this just be responsible- our elders don't understand not all of us young ones want to waste our time and money when we are young.

For me work hard whilst young chill out when we are older!!

Babyben18

these are all questions i will have to ask Halifax saturday and figure out a better bank for me, and some solutions as i would love to have my own phone contract and get a car on finance and stuff like that which im scared i'd be declined for at this moment in time. Thanks for all the advise

matttye

Babyben18 wrote: »

these are all questions i will have to ask Halifax saturday and figure out a better bank for me, and some solutions as i would love to have my own phone contract and get a car on finance and stuff like that which im scared i'd be declined for at this moment in time. Thanks for all the advise

Just have a good think about it before you make any decisions. If you get a car on finance and then lose your job you'll have to give the car back.

If you buy a used car and lose your job, it's still yours. If you buy a cheap used car you can then save up for a new car if that's what you want.

I'm not a fan of finance but it's up to you

greenlightluke

I'm in a similar situation (20 years of age, got first credit card at 18)

Obviously, once things are figured out with Halfiax (I'm with them) then, the easiest way to build credit is via a mobile contract - doesn't even have to be with a mobile handset, if you have a phone you can use just go with a sim-only contract.

My first credit card was with Halifax which was their Clarity card. I now barely use that as I have AMEX and Barclaycard - but one thing I do is pay EVERYTHING with a CC no matter how small, then I just pay it off at the end of the month. Be vigilant though - I know plenty of friends that have applied for CC's and have maxed it out and have no intention of paying it off.

Also - in regards to getting a car on finance, my advice would be to get buy a car that runs, and wait use that for a few years until your insurance comes way down. Obviously, it is entirely up to you - just friendly advice

Good luck getting on the credit ladder - use it responsibly and doors open up everywhere!

cockmad

Are Current Accounts reported to the CRA for holders who do not have or want an overdraft facility?

cockmad

[QUOTE=zx81

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.


Very aptly put. Brilliant:rotfl: