18 in three weeks, what will be my credit rating be like?

BrookesAndrew

Hello all,

I am 18 in a few weeks time. I have had quite a few jobs ever since I left school which was at 16 and I started working straight away. I have had money going to my account from working and also selling things and stuff like that.

I have got my self a good job and I earn over a thousand pound a month. I have only been in the job since the 20th May and I haven't got my first pay yet, I won't get that until after my birthday. I just want to know what my credit rating will be like when I am 18.

I earned 7000 pound last year but it was through mixed employers. Will that go against me? Does anybody know what your credit rating is based on when you turn 18?

My friend who has a good job had a good credit rating when he was 18 as he is earning over a thousand pound a month. My girlfriend didn't have a very good though because she only earn't around 100 pound a month.

If anybody could help me on this then that would be great. If I have put this is the wrong forum then please just let me know.

Tixy

Your credit files will effectively be blank.They'll only show that you are on the electoral roll (if you are).
You will have no credit history so nothing positive but also nothing negative.

All lenders assess information differently and have different criteria.
Any potential lender or service provider will likely view your credit file, but they'll also consider the other information you provide in your application (such as how much you earn, how long you've been in your current job etc) to help them make a lending decision.

My friend who has a good job had a good credit rating when he was 18 as he is earning over a thousand pound a month.

The credit rating or score that the credit reference agencies will sell to you does not take in to account earnings. But potential lenders will.

What is it you are hoping to do? are you looking to try to start building a credit history? do you want to open a mobile account or take out a loan or what? If you can explain what you want to know your credit rating for people might be able to offer advice.

Cycrow

you credit file will only list your credit, and as under 18's dont get credit, it wont list anything.

jobs/salary etc dont make a difference to your credit file. They might make a difference when applying for credit but its not on your credit file.

if you want to start building up a credit history, it will be best to start with a current account with overdraft (but without really using it)

are you looking to actually apply for credit?

DCFC79

My advice is don't worry about your credit rating, it will just build up naturally (if you do things correctly)

Caladan

If you're looking to build some credit history, I would suggest talking to your own bank once you've had 3 months wages come in from when you turned 18, so 3 salary payments from after your birthday. Then talk to them about getting a credit card. As they have your banking history they're more likely to approve you than another company that only goes on your (non-existent) credit score.

Just don't be a muppet with the card, pay it in full every month.

Maestro.

Caladan wrote: »

If you're looking to build some credit history, I would suggest talking to your own bank once you've had 3 months wages come in from when you turned 18, so 3 salary payments from after your birthday. Then talk to them about getting a credit card. As they have your banking history they're more likely to approve you than another company that only goes on your (non-existent) credit score.

Just don't be a muppet with the card, pay it in full every month.

this advice doesn't always ring true, it depends on the bank. Certainly my own bank took no notice of my past history with them when I tried to acquire a card (for credit building) - they just told me they couldn't credit score me. It annoyed me and the negative impact it has on them will have them wishing they were a bit more understanding, as I will likely never use them in the future for any sort of lending - but that's another story.

If "own bank" method doesn't work there is always the possibility of getting credit with companies like Vanquis, which is really a "have to" situation than anything else.

CKhalvashi

Maestro. wrote: »

If "own bank" method doesn't work there is always the possibility of getting credit with companies like Vanquis, which is really a "have to" situation than anything else.

Capital One is also one of the better ones out there for first timers, so my niece has told me.

The trick is to put a small amount on the card each month, then pay it off in full, as doing it like this you're not paying anything to build a credit score.

This, phone contract and good history on a bank account should be enough for now.

CK

geoffky

Stay away from debt...That is the best birthday present i could give you..

DCFC79

geoffky wrote: »

Stay away from debt...That is the best birthday present i could give you..

And save save save.

Caladan

Maestro. wrote: »

this advice doesn't always ring true, it depends on the bank. Certainly my own bank took no notice of my past history with them when I tried to acquire a card (for credit building) - they just told me they couldn't credit score me. It annoyed me and the negative impact it has on them will have them wishing they were a bit more understanding, as I will likely never use them in the future for any sort of lending - but that's another story.

If "own bank" method doesn't work there is always the possibility of getting credit with companies like Vanquis, which is really a "have to" situation than anything else.

You're quite right here, and it also depends on who you speak to. Where I work I've managed to get many first time credit card applicants 'reject' decisions overturned just by talking to our underwriting team, in this case it's not always a computer says no.

BrookesAndrew

Thanks for the help. I don't want to get a credit card or anything but I want to buy my own house when I am 21 or 22 (something like that). So I just wanted to maybe build a good credit rating up. I might just stay away from credit cards and everything like that.

Thank you for all your help though.