No Credit History, how long does a good one take to build?

BP1987

Hi,

I have no credit history whatsoever, i've got by for the past few years without credit or a bank account and never thought about credit ratings and such like until now, i want to get a mortgage as soon as possible, i've never been on the electoral roll which i have been told is an important part of a credit rating. i have recently sent my documents to the local election office to register. I have now opened a bank account which is in credit and i am now paying my utilities by direct debit, i dont have an overdraft as i dont want one, i'm scared of applying for any type of credit at the moment as i dont want a negative impact on my current non existent rating. Assuming i make every payment in full and on time with my utilities, Has anyone got any advice on how long i should wait before applying for any credit building credit card or without a credit card how long would it take before i would look acceptable to get a mortgage?

MrSilk

You would need at least 2/3 years of proof you can managing and handle credit responsibly before you'd likely get offered a mortgage I'm afraid.

No harm in applying for a sub-prime credit card, Capital One or Aqua are good, last resort Vanquis

Utilities aren't really classed as credit, only subscription TV i guess, but you would need a credit card and/or a pay monthly contract go get yourself set up for a healthy credit future :T

CLAPTON

BP1987 wrote: »

Hi,

I have no credit history whatsoever, i've got by for the past few years without credit or a bank account and never thought about credit ratings and such like until now, i want to get a mortgage as soon as possible, i've never been on the electoral roll which i have been told is an important part of a credit rating. i have recently sent my documents to the local election office to register. I have now opened a bank account which is in credit and i am now paying my utilities by direct debit, i dont have an overdraft as i dont want one, i'm scared of applying for any type of credit at the moment as i dont want a negative impact on my current non existent rating. Assuming i make every payment in full and on time with my utilities, Has anyone got any advice on how long i should wait before applying for any credit building credit card or without a credit card how long would it take before i would look acceptable to get a mortgage?

without credit you won't build a credit rating
so get a CC; use it for 'normal things' and then pay in full each month by DD.
soon build a decent credit history

Tixy

I would first wait until you are on the electoral roll and that is showing on your credit reports.

Then apply for a credit card as Clapton suggests.

WifeandMummy

I got an high interest, low limit credit card back in May, I use it for diesel and pay the balance off in full each month, I am just starting to see an improvement to my credit rating. Good Luck x