New to the UK and trying to build credit

sammyvalencia

Hey guys,

I'm new to the UK and am looking for ways to build my credit score as quickly and soundly as possible as I'd like to do the usual stuff; gain a credit card, buy a car, buy a house..etc
I know there are no tricks to the trade, so to speak, but there's some great advice on here such as registering to vote.

I tried calling Aqua, as their website suggests they can help people who are new to the UK, however the agent on the phone told me I had to be here 2 years before I could apply - surely 2 years means you're no longer new to the UK!? Does this sound right?
(I've been here just over a month now).

I've signed up for all the usual stuff; internet bills, gas/electric, water, however some companies have indicated that I must pay a downpayment of £x as I have no credit history, and it will be reimbursed after x months - does anyone know if this is good or bad for my credit score?

Is it worth signing up for sites like Experian.co.uk to track my score?

Do things like automotive insurance HELP my credit score if I'm paying yearly?
I also have a dog; will paying for yearly pet insurance also help my credit score do you think?

Thanks in advance for any help you can offer!

Thrugelmir

You've been here a month and could disappear in a couple more. Relationships are built over time. You are expecting far too much so soon.

surely 2 years means you're no longer new to the UK!? Does this sound right?

Running up debt and disappearing is common. So of course lenders will be cautious. They'll want to see that you've put roots down.

sammyvalencia

Oh for sure, I don't expect to have a perfect credit score in a matter of a few months, but obtaining a credit card, most definitely.
The rest, after a year or so I would hope.

Your points are valid re showing I've settled here.

I'm more just looking for tips on what is going to positively add to my credit, as in my experience, its all so different in each country.

forgotmyname

You dont have a score if you mean the Experian score. Only you and Experian will see that number and none of the lenders will ever know what it is or care that experian rate you at 100 or 999.

People with a "score" of 999 get refused credit.

Your credit file will list your history for the past 6 years so yes 2 years is still very new.

Each lender will have their own criteria and scoring system which they wont tell you about to stop people manipulating any data you give them.

As you found out AQUA's criteria is that you must have lived in the UK for 2 years.

HMB1981

Google "credit building pre paid cards".

Mastercards you load up yourself with funds, and they do some sort of jiggery pokery with loaning you their fees back or something, and it's registered on your credit file as a loan, establishing a form of credit.

Obviously they're no good if you want a real credit card from the off, but it might help strengthen your rating for the future. Just a thought

Experian_company_representative

Hi SammyValencia, welcome to the UK!

When you first move to the UK credit reference agencies will have no record of you so lenders will understandably be reluctant to lend.

As you open accounts such as utility’s and current accounts then those companies will start to supply information to credit reference agencies and your credit history will start to build.

The credit reference agencies won't have any record of whether you paid a deposit to open these accounts or not, so that won't affect your credit history.

Insurance policies won't appear on your report and so wouldn’t help build a credit history.

If you are able to register to vote then you should do this as it will help lenders to confirm your ID.

You can find out more about building a credit history here.

Hope you find this useful.
Kind Regards
Neil

sammyvalencia

Thanks guys for the helpful comments and suggestions!