Credit Card to build score

lorryC

Hi Everyone,


I'm new to the site so I hope I'm posting in the correct section. I moved to the UK for work last March having lived in the Republic of Ireland from birth. I had always had a very good credit rating in ROI and hadn't really thought about having to start all over again when I moved up here but now I'm faced with trying to build up a whole new credit score.


I set up a bank account as soon as I moved up here and have had my wages paid into it each month, I also have an overdraft which is repaid each month and I've registered to vote. I've been offered a few credit cards in the post and am seriously considering taking one out. The interest is exceptionally high however I would intend on never using them or paying them back each month which wouldn't be an issue as this is how I've always operated the credit cards I had in ROI.


I'm just wondering would doing this positively affect my credit score? How long does it generally take for someone to build up enough of a score to be approved for a mortgage? I'm getting married this year and would hope to buy a site out of savings in the hope to get a mortgage to build so I really would be hoping to get this within the next year or so, is that a complete pipe dream? Is there anything else I can do to speed this up?


Thanks for any help,


LorryC

[Deleted User]

Getting a card is the easiest way to build a credit history. But only if you use it regularly and ideally pay back in full each month.

Not using it would be pointless.

kingstreet

People get mortgages after being in the UK six months with no UK credit. Having a card for six months plus will improve your standing in lenders' eyes, but until you've lived in the UK for three years some of the lending market will remain closed to you.

After a year in the UK, an EU citizen has about three lenders to choose from; with more coming along after two years and the rest after three.

I'd speak to an independent mortgage broker about your options sooner rather than later as you may be thinking your credit card use will do more good than it actually achieves.

Thrugelmir

lorryC wrote: »

I also have an overdraft which is repaid each month

Interesting way of improving your credit rating. I assume your overdraft gets repaid when your salary goes in. Which means you are actually in debt.

DCFC79

Your not building your credit score, your improving your credit history.