No credit for 10 years - how to improve poor rating now?

weeian75

Sorry to butt in on this thread but i'm new to this and can't find what i'm looking for. I'm finding it hard to get credit of any kind I haven't had any debt for over ten years and i'm guessing that's why i've got a crappy credit rating??? What I'd like to know is how to get myself back on the credit building ladder? (I need a new car)

Tixy

weeian75 wrote: »

Sorry to butt in on this thread but i'm new to this and can't find what i'm looking for. I'm finding it hard to get credit of any kind I haven't had any debt for over ten years and i'm guessing that's why i've got a crappy credit rating??? What I'd like to know is how to get myself back on the credit building ladder? (I need a new car)

[STRIKE]Its usually best to start a new thread, however in answer to the question...[/STRIKE]

Have you applied for a loan/finance and been declined? or have you just looked at your credit reports and think they don't show a good credit history or what?

If you have looked on your credit files - do they show any credit accounts at all (even things like utilities/phone contracts etc)?

Are you on the electoral roll? - and does this show correctly on your file?

Sinhanada

Make sure you're on the electoral role and then apply for a mobile contract and a credit builder credit card such as Capital One or Vanquis. Make small purchases on the cards and ensure it is paid off in full each month

chrisfreelander54

Sinhanada wrote: »

Make sure you're on the electoral role and then apply for a credit builder credit card such as Capital One or Vanquis. Make small purchases on the cards and ensure it is paid off in full each month

I did this and my credit rating has improved dramatically, but as mentioned above you must pay the balance in full every month to ensure that you don't get charged any interest, which is 34% iirc.

ThierryHenry

Sinhanada wrote: »

Make sure you're on the electoral role and then apply for a mobile contract and a credit builder credit card such as Capital One or Vanquis. Make small purchases on the cards and ensure it is paid off in full each month

Are these cards actually good for building credit or are they just the last option for people with bad credit?

If they are for re-building credit, can you explain how? I'm in a position where I need to build credit so advice would be great.

Cheers

Thrugelmir

Do you register on the electoral roll every year?

ThierryHenry

Thrugelmir wrote: »

Do you register on the electoral roll every year?

I do, yes.

Thanks for your reply on other thread too.

mattyprice4004

ThierryHenry wrote: »

Are these cards actually good for building credit or are they just the last option for people with bad credit?

If they are for re-building credit, can you explain how? I'm in a position where I need to build credit so advice would be great.

Cheers

Well in the post you're replying to, you've been told they'd help you build your credit rating.
They show you can borrow and pay back - so any card is better than nothing. With no credit history you're an unknown quantity to lenders.