19 year old looking to boost score

sourcrates

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).

Don`t mess about with a glorified Discovery chassis.

On that sort of wedge go straight for the daddy of them all, the 3.0 TDV6 Auto.:T

Although expect your insurance to be equally exotic.

macman

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?

Of course you are borrowing from them: each time you use your phone they give you credit which is billed monthly. That's why most phone contracts, SIM only or not, are credit checked.
PS: have you checked what the insurance is going to be on your RR?
As others have said, your credit score is meaningless: what matters is your credit history.

Candyapple

If you are 20, your credit history file is likely to be very thin given you could have only accumulated 2 years worth of history.

First thing's first, you need to obtain copies of all 3 of your reports.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Tips
1. Make sure you are registered on the electoral roll and that it shows on all 3 files

2. Make sure your bank account / mobile phone shows up on all 3 files

3. Take out a credit building credit card (try Capital One or Aqua) and set up a direct debit to clear the FULL balance each month. Spend something small on it each month and wait for the direct debit to collect and clear it each month.

4. Check your credit reports monthly to make sure everything is being reported correctly and you are getting those green zeroes added. That way when it comes time to get your mortgage, everything should be plain sailing.

Now, for the above advice I charge £100, where do I send the bill to?

destroycarthage

I'd say go for the small purchases here and there. Constantly pay off your balance. Build that report with whatever bank you choose. Oh and never go over say... 40% of your CC limit?

destroycarthage

destroycarthage wrote: »

I'd say go for the small purchases here and there. Constantly pay off your balance. Build that report with whatever bank you choose. Oh and never go over say... 40% of your CC limit?

I'd also say to be sure to have some utility bills in your name. Water/ gas/ electric/ phone bill/ etc. The history and multiple things reporting positively on you can't be a bad look.

Ben8282

£90K in savings is believable; it could have been an inheritance or something similar.
A 19 year old earning £55K pa is somewhat unusual though. You are too young to be a graduate or obtained professional qualifications which raises questions as to what your job is exactly. If you are going to claim this income then make sure you can substantiate your claim. Your CATO figures should correspond to this income level. Be prepared to produce payslips, tax records etc if questioned.
Presumably your income is paid into a current account. Presumably this £90K in savings is wisely invested somewhere.
I don't know how long you have been in this job and if this employment is permanent or not. I would suggest waiting until your bank has been receiving this income for several months and then apply to them for a credit card. If they can see that you are in stable permanent employment and the money is coming in to your account regularly in a manner consistent with it being a salary, then I would imagine that they would be able to give you a card without undue difficulty. A warning not an accusation. Do not inflate or lie about your income. You will be found out and probably receive a CIFAS marker if you do.
I don't quite understand why you would need your mother to act as a guarantor or why you believe her credit score is not good enough for a Range Rover sport. Do you believe that when the imaginary score passes a certain magic number you can get this type of car?
I do understand your wish to possess a nice car at your age but it really is not a good idea. The insurance will cost an absolute fortune. The value of the car will drop quickly. As a young person driving such a car you are likely to stopped more often by the police. Use your savings and pay cash for something nice but more appropriate. You don't have to buy an old banger. Get something nice but more reasonably priced. Your friends/girlfriend etc will be just as impressed.
With regard to how to use a credit card when you get it, presumably you spend some of your income. Transfer as much of your spending to the new card as possible, set up a full balance direct debit and allow the card to be repaid in full each month. If the card is repaid in full each month, then don't worry too much about the utilisation % but do ensure that you keep some distance from the credit limit. Resist the temptation to take advantage of any 0% offer if you get one.
At 19 a £55K pa income may seem like a lot but believe me it isn't. Once you get your car and start paying for it's insurance and upkeep, once you get your own home and start paying your mortgage, utility bills, council tax etc you will realise that (and probably regret the expensive car).

ViolaLass

destroycarthage wrote: »

Oh and never go over say... 40% of your CC limit?

Wouldn't have thought it would matter if you're always paying off in full.

DCFC79

Hope your not going to get it blinged OP, it just ruins it.