19 year old looking to boost score

koda998

I have just checked my credit score and its 300. I'm assuming thats fairly poor since I have never had a loan before.
Im looking at buying a new car on lease with mother as a guarantor however she does not have enough credit score for the car I'm looking at (Range Rover sport).

I see that people are saying credit cards are the best chance of improving your score. If my limit is £1200, would it be better to just spend the entire lot and then pay it off? or only spend what I need (none of it really).

Im about to turn 20, earn roughly £55k a year and have a fairly stable job, 90k in savings etc...
so its really just my poor score thats holding me back.

Eagles1905

If what you have said is accurate you're in an insane position cash/earnings wise at just 20 years old, you shouldn't be worrying about credit score etc when you can just go out and pay for (a new car for example) cash.

Don't get hung up on the score, I simply use my report as a security check each month.

[Deleted User]

Your score isn't holding you back any more than the weather is.

Save for a car and get a credit card to build a credit history. Use for regular purchases and clear in full each month.

DCFC79

A Range Rover Sport, why is my first question ?

What's wrong with a 2004 Clio/puegeot 206 (other suitable cars are available) as a first car ?

Im not buying it that you earn 55k at nearly 20 but that's me.

koda998

Thank you for the reply, the reason why I was saying the credit score is holding me back is because I want to be in the position to purchase house by the end of next year. From what I have read, you get the best mortgage rates when you have 600+ credit score.

Understandably people tend not to believe me when I state how much I earn yearly, but thats besides the point. Im just trying to improve my credit score. I only stated my yearly income to see if there would be any more options in terms of building credit score, such as maxing out a credit card on a monthly basis, etc..

[Deleted User]

That's nonsense. Credit scores are not used in the UK. You can tell people your score is whatever you want it to be.

You need a good credit history for the best deals.

Semple

DCFC79 wrote: »

A Range Rover Sport, why is my first question ?

What's wrong with a 2004 Clio/puegeot 206 (other suitable cars are available) as a first car ?

Immnot buying it that you earn 55k at nearly 20 but that's me.

If you're earning circa 55k why would you even consider a 2004 shed?

Frankly what does the OP even gain by lying about his earnings? They're not out to impress anyone on these forums as most people couldn't give a **** what they earn, or wish to spend their monies on.

Back on topic, OP you don't need to spend the full credit balance to start increasing your score, it's more about regular repayments. Spend it on things that are essential such as fuel and food etc, then just ensure you clear the balance each month. I don't know how quickly the score will move, but you're better off checking it again in a few months rather than after 1 month.

Also do you have things like a phone contract - those can also help build a credit history.

Semple

koda998 wrote: »

From what I have read, you get the best mortgage rates when you have 600+ credit score.

The best mortgage rates you get are based on the LTV - essentially how much you're borrowing from the bank.

For example a 95% mortgage will have a much higher rate of interest than a 60% mortgage.

Also, one thing to note if you really are considering getting a mortgage very soon, is that having a car (especially of that value) on finance will likely reduce what a lender will loan you. Just something to bear in mind when looking at how much you can be loaned versus the value of the property you're interested in.

koda998

Semple wrote: »

If you're earning circa 55k why would you even consider a 2004 shed?

Frankly what does the OP even gain by lying about his earnings? They're not out to impress anyone on these forums as most people couldn't give a **** what they earn, or wish to spend their monies on.

Back on topic, OP you don't need to spend the full credit balance to start increasing your score, it's more about regular repayments. Spend it on things that are essential such as fuel and food etc, then just ensure you clear the balance each month. I don't know how quickly the score will move, but you're better off checking it again in a few months rather than after 1 month.

Also do you have things like a phone contract - those can also help build a credit history.

Thank you for the reply, yes I have 2 phone contracts out currently but they are sim only. would they help towards the score? Only reason I ask is because I'm not actually loaning anything from them?

[Deleted User]

koda998 wrote: »

would they help towards the score?

Since you're not listening, why not just go bankrupt? That will reset your score to 999 within 2 years.

Job done.

koda998

Deleted_User wrote: »

Since you're not listening, why not just go bankrupt? That will reset your score to 999 within 2 years.

Job done.

*would that help build my credit history?