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Is it worth bothering?
moohound
Posts: 1,209 Forumite
I have been debt free for over a year now, and live well within my income.
The only borrowing I need is to perhaps move my mortgage when my defaults drop off in another 5 years (I only have 8 years left anyway)
Is it worth bothering to rebuild any kind of credit rating in the meantime, like by getting a subprime card, to buy fuel with for example then pay in full each month? Or will it make little difference by then anyway?
The only borrowing I need is to perhaps move my mortgage when my defaults drop off in another 5 years (I only have 8 years left anyway)
Is it worth bothering to rebuild any kind of credit rating in the meantime, like by getting a subprime card, to buy fuel with for example then pay in full each month? Or will it make little difference by then anyway?
ISA £1675 
MiniMoohound savings £3685.86 :T Plus £3800 CTF 
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
MiniMoohound savings £3685.86 :T Plus £3800 CTF 'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
0
Comments
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Assuming your existing mortgage shows all repayments have been made on time then I doubt getting a credit card to show repayments on time will make it any easier to get a new mortgage.
That said I would personally get a new credit card anyway because of the additional section 75 protection if for nothing else.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Mortgage is all paid up to date, OH has pristine credit record and it is a joint mortgage. The only other thing I have is a mobile phone contract, again all paid on time.
The thought of having a CC again scares me a bit though.ISA £1675MiniMoohound savings £3685.86 :T Plus £3800 CTF
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 200 -
Mortgage is all paid up to date, OH has pristine credit record and it is a joint mortgage. The only other thing I have is a mobile phone contract, again all paid on time.
The thought of having a CC again scares me a bit though.
You could get a CC and if they ever offer to put your limit above say, £500, reject the increase. Even if you do go and max out the £500, it's not the end of the world. You can realise that you've messed up, pay it off and cancel it.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
thebritishbloke wrote: »You could get a CC and if they ever offer to put your limit above say, £500, reject the increase. Even if you do go and max out the £500, it's not the end of the world. You can realise that you've messed up, pay it off and cancel it.
sensible advice ISA £1675MiniMoohound savings £3685.86 :T Plus £3800 CTF
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 200
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