How to build Credit Rating (First Post!)

Mst

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!

terryw

Firstly make sure that you on electoral roll.

27col

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.

Mst

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]

Just use it for regular shopping. And your repayments should be the full amount each month.

Mst

Ok, thanks.

Is there any other options besides a credit card?

[Deleted User]

Nothing that isn't going to cost you interest.

Ebe_Scrooge

A mobile phone contract ?

Mst

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

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

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