How to build Credit Rating (First Post!)

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Mst
Mst Posts: 14 Forumite
in Credit file & ratings
Hi folks,

It's my first post on this site, so if I've put this in the wrong place - do let me know!

Ok, a little bit about me - I'm twenty and will be starting a new medical career in December and will be earning a regular salary. I'll take home around 1100 pounds a month. I was just wondering if anyone had any hints or tips on how to improve my credit rating - so that I've a good rating for the future. Any advice would be great.

Many thanks in advance!
«13

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  • terryw
    terryw Posts: 4,396 Forumite
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    Firstly make sure that you on electoral roll.
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • 27col
    27col Posts: 6,554 Forumite
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    Get a credit card, use it often and make sure that you religiously pay it off in full each month. Thus building up a record of being in control of your finances.
    I can afford anything that I want.
    Just so long as I don't want much.
  • Mst
    Mst Posts: 14 Forumite
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    Terryw - I am on the electoral role. I never knew it made a difference to credit ratings though!

    27col - Thanks for the advice. Do you have any idea of the amounts I should look at spending on the credit card and how much the repayments would be?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Just use it for regular shopping. And your repayments should be the full amount each month.
  • Mst
    Mst Posts: 14 Forumite
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    Ok, thanks.

    Is there any other options besides a credit card?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Nothing that isn't going to cost you interest.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
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    A mobile phone contract ?
  • Mst
    Mst Posts: 14 Forumite
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    Ah ok, I think I will look into getting a mobile phone contract when my current one (which was bought as a gift) expires.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Mst wrote: »
    Terryw - I am on the electoral role. I never knew it made a difference to credit ratings though!

    The longer the history the better. Doesn't improve your score. However is a negative not to be on the register.
  • terryw
    terryw Posts: 4,396 Forumite
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    I am loathe to suggest this because of potential flaming from others but:

    Open an account with one of the esy credit providers.......mail order catalogues for example. Just buy what you need at a somewhat reasonable price and pay in full or within the credit period. This will put some record on your credit file
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
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