22 and need some advice about future

flaminal93

I'm 22 and have recently switched banks. 10 years with previous bank. I didn't know that switching bank would affect your credit rating, how badly does it affect it?

I'm planning for the future and need some advice to help my credit rating

I've never had an overdraft should I get one?

What else can I do to boost my credit rating? So far I have no debts or missed payments, I have a contract with mobile company, have lived in my home for 17 years and I am on voters roll.

Any help would be greatly appreciated.

Thanks

Candyapple

Your credit history will only start from when you are 18, everything else is irrelevant.

Switching banks is minor and will barely be a blip on your credit history. No point getting an overdraft if you don't need it. Try getting one of the subprime cards like Aqua or Cap One to build a credit history and then after a year try for a mainstream card with your bank.

flaminal93

Thanks. Just I'm looking to apply for a mortgage in the next 12 months. I have a large deposit so would only have to borrow the minimum 25K for mortgage. Any ideas on how to raise my score?

27col

You don't need to raise your score. Lenders don't see it. Only your credit history. Get a credit card and pay it off every month. That is the way to a good credit record. It's your credit record that a lender will see.
CRA's don't lend money. They invented the "credit score" so as to have something to sell to naive prospective customers.

MEM62

flaminal93 wrote: »

I'm 22 and have recently switched banks. 10 years with previous bank. I didn't know that switching bank would affect your credit rating, how badly does it affect it? It doesn't. Changing banks will have little, if any, impact on your financial standing.

I'm planning for the future and need some advice to help my credit rating You don't have a credit rating (Other than the made up one that CRA's use to try and persuade you to sign up to their subscription services) All you have is a credit history.

I've never had an overdraft should I get one? Why? Do you need one?

What else can I do to boost my credit rating? Nothing, as above - you do no have one. So far I have no debts or missed payments, I have a contract with mobile company, have lived in my home for 17 years and I am on voters roll.

Any help would be greatly appreciated.

Thanks

All you need to do is run your finances responsibly and you will be fine.