never had any credit before

gjm_89

Hi, I'm 25 and have never had any credit whatsoever. No phone contracts, no credit cards, no loans and nothing on finance.

all i have is a bank account and debit card.

however, I would like to build my credit in order to apply for a loan in the distant future, what would be the best way for me to delve in to the world of credit and build up a half decent credit rating? Or should I just leave it blank?

Any advice would be massively appreciated

Tixy

The best free way to build up a credit rating is by obtaining and using a credit card. Ideally use it for a couple of purchases each month and repay in full each statement (as that way you won't pay any interest). If you don't repay in full each month then it won't be free.

If you have had no credit products before then you will likely be limited in what credit cards you will be accepted for. You could try your own bank or if not try one of the subprime credit cards.
This link lists some of the subprime cards on the market http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

If you are not on the electoral roll then it would also be beneficial to ensure that you register so that by the time you are looking for a loan you a decent history of being on the e/r.

gjm_89

solid advice thank you!