How do I build up my credit rating fast?

K789

Hi

So I want to get a mortgage but my credit score is causing a slight problem.

I have never damaged my credit history, however I think the problem is that I haven't ever taken out much credit in the past so it's hard for potential lenders to to lend to me.

I had just attempted to apply for what I thought would be an easy to get loan (so I could put footprints on my credit file) and I was turned down.

Can anyone recommend a loan company who would accept someone with a lack of credit history so that I can create footprints, so show that I am responsible with money?

[Deleted User]

Ignore your score and forget about getting loans.

Get a card with a sub prime provider. Use regularly and clear in full each month.

That is the easiest and free way to build a credit history (not a score). Make sure you're on the ER.

When you come to apply for a mortgage, use a broker who can place your application correctly.

K789

Do you know how long that may take before I have a good credit score?

Candyapple

K789 wrote: »

Do you know how long that may take before I have a good credit score?

Deleted_User wrote: »

Ignore your score and forget about getting loans.

Get a card with a sub prime provider. Use regularly and clear in full each month.

That is the easiest and free way to build a credit history (not a score). Make sure you're on the ER.

When you come to apply for a mortgage, use a broker who can place your application correctly.

Did you even read the post? :wall:

[Deleted User]

Ignore your score.

The longer you demonstrate good behaviour, the better. It varies by lender, but a mortgage is going to require more than a few months of using a card.

It all depends on your complete circumstances.

K789

That's why I was hoping to take out a few personal loans and pay them all back in full early. But I was hoping someone could put me onto companies how would definitely give me a loan

K789

If I used a guarantor to get a loan would that still show up on my credit file as if I were the one taking out the loan?

Superscrooge

Why are you obsessed with taking out a loan which will mean unnecessary interest payments when you can simply follow ZX81's advice and take out a sub prime credit card. Pay the balance in full each month and build a credit history for free?

If you have little credit history, any loan applications will either be refused or will be at a very high rate of interest

cjmillsnun

K789 wrote: »

If I used a guarantor to get a loan would that still show up on my credit file as if I were the one taking out the loan?

Please do not use a guarantor to get a loan. Amigo loans are IMO worse than loan sharks. They have criminally high interest rates, and if you get into financial trouble, the poor guarantor is lumbered with a debt they never wanted. Also mortgage companies may view it poorly as getting into unnecessary debt which could impact affordability.

ZX81 is right to suggest getting a card. Use it to no more than half the credit limit and pay off in FULL every month.

If you're on a PAYG mobile get a sim only contract as well. Other than that, it takes time. There is no quick fix.

[Deleted User]

K789 wrote: »

That's why I was hoping to take out a few personal loans and pay them all back in full early. But I was hoping someone could put me onto companies how would definitely give me a loan

Taking out 'a few personal loans' will tell lenders you are desperate for cash, with no contingency funds.

Surprisingly, that's not a good look when you're applying for a mortgage.

DCFC79

K789 wrote: »

If I used a guarantor to get a loan would that still show up on my credit file as if I were the one taking out the loan?

A guarantor isnt the answer.

Just dont go there.