Plan to get mortgage in next few months, should I get credit card to boost credit sco

newtothesethings

Hello all :j ,

I have started working since last August as a junior doctor. Never had a credit card before. I'm planning to get a mortgage with Help to buy equity loan scheme within the next few months for a flat costing 150k.

I had a look at my Experian credit score - it's 'Fair' (821) with no positive and 2 negative factors ( 1. not on Electoral Roll - since I move house every few years! 2. no settled credit account )


My questions are:

1) will they accept my mortgage application with basically no credit history?

2) if I try to get a credit card now (eg. Vanquis Bank?), does that give me at least some credit background, and a better deal at mortgage?
and if they reject my credit card application, would that affect my credit score for the worse?

Butti

1. Get yourself on the electoral register.
2. You haven't had credit cards. Have you had any loans?
3. Make sure any existing loans show your current address.

newtothesethings

Good morning and thanks for your reply!

1. I have registered but it doesn't show on the credit report(?!) In any case I will be moving again next month..

2. Student loan only (under my current address), no Wonga or other nasty business

Butti

If student loan shows a good payment history that will help.

Wozza85

Butti wrote: »

If student loan shows a good payment history that will help.

I didnt think Student loans showed on credit reports

Thrugelmir

Lack of electoral history may be an issue. Moving around isn't an excuse. In fact precisely the reason it is so critical.

Focus on saving and building a good deposit. Spending money via a credit card as opposed to a debit card doesn't prove anything. If you need a credit card apply for one that gives points or cash back. So at least you'll receive some benefit.