bad debt in past, get a credit card to help rating for mortgage?

ktcoil

Hi guys about 10 years ago I got quite a lot of debt which I managed to clear, there was missed payments etc so would have brought my rating down, I payed this off a year ago so debt free now, I now am hopefully looking at saving with my partner to get a mortgage instead of paying for a flat, I have received from my bank a credit card sheet that they say I qualify for, I did say once my debt is payed I didn't want anymore loans,cards etc baring a mortgage in the future but someone said that if I was to get this and don't spent on it or maybe buy a small thing once a month and pay it straight off that this may help build my credit rating back up? thanks

matttye

Yes it will help a lot.

What I do is just put all purchases on the credit card and then pay it off monthly. You need discipline not to overspend.

SeduLOUs

Sign up to Noddle and have a look at your file for free. All of the old missed payments should have long dropped off, but it's worth taking a peek to check there's nothing untoward on there.

If you haven't had access to credit in the last 6 years then your file will be quite empty, and getting a credit card and using it sensibly will be a good thing - it will give lenders some indication that you are able to handle credit without getting into a mess.

ktcoil

Thanks guys will look at that and get this card and yea I will remember to not spend a lot on it, think I have defo learnt

Thrugelmir

Focus on saving with a lender. Take a look at Nationwide's Save to Buy scheme. As it will earn you brownie points.