Establishing a Credit Score

lorcangallagher91

Hello all.

I'm a 25 year old who has been working for 2 years now since I left university and in the last year I've started saving towards buying my first home. When I reach the stage of applying for a mortgage obviously Id like a reasonable credit score. Up until now I've kept my banking life fairly simple using only a simple current account and a debit card to carry out all my transactions.

My question is, would it be wise to apply for a credit card now and begin to use it so that I can work up a respectable credit score by the time I apply for a mortgage? or am I in some respects best to keep things simple and carry on just using a debit card

[Deleted User]

Get a card, clear in full each month and ignore the score. Everything else will taken care of itself.

DCFC79

In addition to the advice posted use the card wisely, don't go spending more than the limit, keep track of what you have already spent.

sourcrates

Young people and credit cards are seldom good bed-mates.

If you get a card, do pay it off in full each month, dont get into debt over this, the temptation to keep on spending can be enormous, you dont want to end up like lots of others on these forums.

norsefox

sourcrates wrote: »

Young people and credit cards are seldom good bed-mates.

If you get a card, do pay it off in full each month, dont get into debt over this, the temptation to keep on spending can be enormous, you dont want to end up like lots of others on these forums.

That's a tad patronising is it not?

Get a credit card with your bank and use it as your would your debit card. Get a standing order setup to pay it off in full every month.

That way your behaviour doesn't change, but you start to build a credit history. A CC also provides better consumer protection than a debit card does.

Thrugelmir

Ensure your registered on the electoral roll, pay your utility/mobile phone bills on time. Use a HTB ISA or cash LISA to boost your savings. You'll be fine.

Churning cash through a credit card means relatively little. Proves nothing in fact.

Fireflyaway

Have you checked your files to see what they say first?
I'm like you. I like to keep it simple now as in the past I messed up by getting a credit card and loan.
You could get a card just for the purpose of the mortgage plan then cut it up afterwards! If you get a card be really careful. I got one to improve my credit but ended up making it worse. Don't make lots of applications when you chose a card. Only spend a small bit and don't ever withdraw cash on it. Pay it in full and never be late, even a day. Hope you get your house.