19 year old looking to boost score

[Deleted User]

The best way of building history is a credit card. Phone contracts can help, but they're minor.

Check your three files to see what is being reported.

DCFC79

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.

It was an example.

I'm not saying he's lying about his was salary, just saying I don't buy it, it's my opinion.

DCFC79

Buy a car with cash you have saved up.

ViolaLass

1. Get a CC. Use it every month for things you would buy anyway. Pay it off in full. Show that you are trustworthy.

2. Range Rover sports appear to cost a lot less than £90k. Just pay cash. It'll take you only a couple of months to earn it back.

worried_jim

I thought the schools went back on Monday.

Lokolo

You're looking to purchase a property in the next year or two but want to take on a massive £ leased vehicle.

Doing this would limit your borrowing power and therefore the type of property you can afford.

What's more important to you, spending more on the car, or more on the house?

[Deleted User]

koda998 wrote: »

*would that help build my credit history?

No it won't - but you're not listening to the fact that the credit scores are made up and mean absolutely nothing in terms of your credit worthiness

System

koda998 wrote: »

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).

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.

If you have £90k in savings and earn £55k a year you don't need to be renting a car on lease.

MallyGirl

koda998 wrote: »

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?

Ignoring the score element, sim only contracts won't do much (if anything) to improve your credit history. Nor will leasing an expensive car at your age. Regular moderate spending and paying off in full will help. Your age will go against you since you just won't have much history by the time you are seeking a mortgage next year - so build up as much deposit as possible so that your LTV % makes you look less risky. Don't throw lots of money away on a status symbol whose value will decrease steadily.

you never loan anything from someone - you borrow it. Best to get your terminology right before you get yourself in a pickle.

National_Debtline

Hi koda


You're not going to have much credit history at the age of 19, that is an unavoidable fact. On the other hand, having the savings required to put down a very significant deposit on an averagely-priced house (not to mention good regular earnings) would go a long way towards negating that problem.


Do focus more on what you can control i.e. the content and accuracy of any data held in your credit report, rather than any arbitrary "score" - this won't give you any guaranteed indication of whether you'll be approved for a particular loan/card/mortgage etc.


Dennis
@natdebtline