18 Years old, looking to build credit? (HELP / ADVISE / GUIDANCE)

domduv87

Hi all,

So i'm 19 in JULY and in a serious relationship to which we are starting to save to move out etc, i'm quite old headed and very responsible but wanted some advice on building credit as i know no credit is as bad if not worse than bad / adverse credit.

So KEY things about me;

I have a bank account, but thats the only thing i have.

I have today (18/01/16) signed up online on the GOV website and put myself on the Electoral Register.

I lived at my previous address for 7 years but recently moved to a new address with my mother 2 months ago.

I am in full-time employment with the NHS

I did a ELIGIBILITY check on a website for a store card with a popular high street retailer earlier which doesn't impact my credit file and it came back as an ''unfortunately we cannot at this time....''

So just wondered if anyone could give me any advise etc?

I earn a good wage and as mentioned i am responsible, i was going to use the scorecard to buy something then ring up and pay when i got home (clearing the balance, never minimum payment) in the hopes this would look good on my credit file but obviously cannot do that now :rotfl:

any advise would be greatly appreciated

thanks!

[Deleted User]

Apply for a sub prime card
If successful, use regularly for normal spend
Clear in full when you get the statement (not before)
Repeat
And don't start posts with 'So'. It makes my teeth itch.

Superscrooge

A couple of suggestions;

1. Try the MSE eligibility checker to see which credit card providers are likely to accept you.

https://www.moneysavingexpert.com/eligibility/credit-cards/

2. Speak to your bank and see what they can offer you? If you have operated your bank account responsibly and your salary is paid in every month I would expect they would be willing to offer you a credit card.

Use your credit card regularly and always pay the balance in full and you will soon build up a good credit history.

m4rc

Just to add, it looks like you think you need to clear the balance the same day, but chances are that won't help your credit history, your card will look unused. When you spend you have an interest free period, so you can buy groceries, fuel etc, get your statement and THEN clear the account before any interest is added. This will show on your credit history and mean it's making an impact. Otherwise they will simply report nill balance every month, not a bad thing but it will simply look like you have a credit card you don't use, nobody will see you pay it off quickly so it's just a hassle really and a little pointless.

than_prutt

domduv87 wrote: »

Hi all,

So i'm 19 in JULY and in a serious relationship to which we are starting to save to move out etc, i'm quite old headed and very responsible but wanted some advice on building credit as i know no credit is as bad if not worse than bad / adverse credit.

So KEY things about me;

I have a bank account, but thats the only thing i have.

I have today (18/01/16) signed up online on the GOV website and put myself on the Electoral Register.

I lived at my previous address for 7 years but recently moved to a new address with my mother 2 months ago.

I am in full-time employment with the NHS

I did a ELIGIBILITY check on a website for a store card with a popular high street retailer earlier which doesn't impact my credit file and it came back as an ''unfortunately we cannot at this time....''

So just wondered if anyone could give me any advise etc?

I earn a good wage and as mentioned i am responsible, i was going to use the scorecard to buy something then ring up and pay when i got home (clearing the balance, never minimum payment) in the hopes this would look good on my credit file but obviously cannot do that now :rotfl:

any advise would be greatly appreciated

thanks!

You shouldn't be thinking that you have a bad credit. This is not the case at all!! You are just at the start of a credit building journey. IMO, you are doing everything right, just apply for a credit card for credit building and go from there. One step at a time and good luck.

National_Debtline

Hi

You might find this MSE article on building credit history useful:

www.moneysavingexpert.com/loans/build-credit-history

James
@natdebtline

Futuristic

I started off with this at 18:
http://www.capitalone.co.uk/creditcards/classic-mastercard-credit-card.jsf

Of course pay full amount every month

CalumHeath

Deleted_User wrote: »

And don't start posts with 'So'. It makes my teeth itch.

zx81 is dead right. Best advice I've seen on here.

domduv87

Hi all,

Many thanks for your replies

I tried to use one of the above links to see what i'd be suited to and it couldn't find me.

Can anybody tell me how long it takes for the Electoral Roll to be updated and shown on my credit report? (I know it won't be immediate as i only did it yesterday)

Thanks

[Deleted User]

Could be up to a year, depending on when your council report to the CRAs.

Check with them - you may be able to provide evidence to the CRAs and get them to do it manually.

Superscrooge

Experian state on their website they receive monthly electoral role updates.

http://www.experian.co.uk/consumer/questions/electoral-roll/electoral-roll-1.html

But I agree with zx81 it can take longer for updates to feed through to your credit file, although hopefully not a year:eek:

Credit providers often accept alternative proof of address such as council tax bill, utility bills etc. if you decide to apply for credit before your credit file is updated