Using a credit card to boost fair credit rating

Louise_Rigby

Hello, I recently checked my credit file and noticed that my excellent credit score had been reduced to fair. Last year, my husband and I re-mortgaged and to ensure we could get a good rate, paid off all existing credit card debits. We now have a joint credit card, which we pay off monthly and use to accumulate points. However this is in my husbands name, not mine, so doesn't appear on my credit file. My mobile phone contract and all household bills are also under my husbands name, so I now have no credit (apart from current mortgage) in my name. I suspect this is what is effecting my current score, so am thinking about applying for a credit card, to build up a current history. We are planning on applying for a mortgage again in both our names, next year, so I would like to improve on this if I could before then. My question is what type of credit card I should apply for? I know that there are specific credit cards to build up a bad credit file, however mine is not bad (has been excellence) now fair. I have also done an eligibility check with Martin's Money tips and would be 95% eligible for cashback cards with a lower rate, than those specifically used to build on credit scores, so wondering whether this would be the best option? I plan to spend a minimal amount each month, 50 pounds max and pay off whole amount monthly. Any advice gratefully received

glentoran99

Louise_Rigby wrote: »

Hello, I recently checked my credit file and noticed that my excellent credit score had been reduced to fair. Last year, my husband and I re-mortgaged and to ensure we could get a good rate, paid off all existing credit card debits. We now have a joint credit card, which we pay off monthly and use to accumulate points. However this is in my husbands name, not mine, so doesn't appear on my credit file. My mobile phone contract and all household bills are also under my husbands name, so I now have no credit (apart from current mortgage) in my name. I suspect this is what is effecting my current score, so am thinking about applying for a credit card, to build up a current history. We are planning on applying for a mortgage again in both our names, next year, so I would like to improve on this if I could before then. My question is what type of credit card I should apply for? I know that there are specific credit cards to build up a bad credit file, however mine is not bad (has been excellence) now fair. I have also done an eligibility check with Martin's Money tips and would be 95% eligible for cashback cards with a lower rate, than those specifically used to build on credit scores, so wondering whether this would be the best option? I plan to spend a minimal amount each month, 50 pounds max and pay off whole amount monthly. Any advice gratefully received

You are misunderstanding slightly, those cards you refer to are only advertised as that as they are available to those with a poor credit history.


Bout overall, just ignore, "points" "score" or the mythical number generated by the CRA

YorkshireBoy

Why not apply for a credit card from your bank?...the one that receives your salary. After all, no-one knows you better (financially) than they do.

Louise_Rigby

glentoran99 wrote: »

You are misunderstanding slightly, those cards you refer to are only advertised as that as they are available to those with a poor credit history.


Bout overall, just ignore, "points" "score" or the mythical number generated by the CRA

Ignoring the score then - Do you still think it is worth me applying for a new card? - I've had cards in the past - but they are all closed accounts- so no current history

[Deleted User]

Yes. Use it regularly, pay off in full each month.