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Credit

Missl2019
Missl2019 Posts: 4 Newbie
Seventh Anniversary
in Credit file & ratings
Will taking out credit build your credit rating over 5yrs of being good with payments ontime etc

Comments

  • binaryuniverse
    binaryuniverse Posts: 912 Forumite
    Part of the Furniture 500 Posts
    If you have no previous credit history, then getting a credit builder card is the way to go.
    And yes, if you make purchases on it, and pay the balance on time, you will start building up a credit history that will give you better offers on credit products, such as 0% purchase deals.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Missl2019 wrote: »
    Will taking out credit build your credit rating over 5yrs of being good with payments ontime etc

    It will help yes but it wont improve your credit rating, your credit history is what lenders can see and it is what will be improved.
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