Good credit score, no credit card. Worth getting?

thejinkazama

Hi all,

I've recently checked my credit rating with checkmyfile and Experian. Both have shown very good scores (almost perfect on Experian and around 800 on checkmyfile). I have not had a credit card in the past and I am wondering whether this would be beneficial. I am likely to be applying for a mortgage within the next 5 years and I am concerned that having little history on my file will go against me. What would you recommend?

Thanks

Malmo

No one in the UK has a universal or central "score". The scores sold by Credit Reference Agencies are marketing features for consumers - they are not seen or used by commercial (e.g. lenders) or public organisations (e.g. councils). Do not focus on ratings & scores. Lenders evaluate & score applicants using their own internal criteria.

Best to have a read of this MSE article for general tips & information about how credit profiling works and how to boost your general credit worthiness.

Perhaps review your chances of being successful in your application for a credit card by using a MSE Credit Card Eligibility tool, such as these ones. The tools only perform a type of "soft" search on your credit file, so the search won't be visible to anyone other than you.

If you successfully get a credit card, ensure that you set up a direct debit (not a standing order) to avoid any missed or late payments and always pay off the balance in full each month. You could pay for your groceries, fuel, other essentials on credit card so that you have a balance to pay off each month. This will lead to a responsible repayment history.