First Credit Score

waseem432000

I am new to UK (moved here two months back), work full time in IT, applied for electoral register where i will be added by first of December. I have couple of current accounts where i receive my salary and use for daily expenses. I have a SIM only contract with BT and couple of other regular payments like Now TV and Netflix. I live in a shared house where i have rented a room from my landlords so no credit history in UK whatsoever. I am not planing to apply for a credit card, fancy phone contract or loan but I do plan to rent out my own place at end of year or early next year. My employer have assured me that they will write a letter as sort of recommendation, which i can provide to perspective landlords or agency. I don't have a lot of idea how these credit checking agencies work but when, roughly speaking, can i expect my name and history to start existing? Do i have to do something specific to start building/imitating it?

[Deleted User]

First off ignore the made up scores and ratings.

The SIM-Only contract will show on your credit files.

Get yourself a credit card, use it for normal monthly purchases and then pay it off in full each month after receiving the statement - this will help build your credit history.

waseem432000

!!! wrote: »

First off ignore the made up scores and ratings.

The SIM-Only contract will show on your credit files.

Get yourself a credit card, use it for normal monthly purchases and then pay it off in full each month after receiving the statement - this will help build your credit history.

I would probably won't qualify for any credit card right now but may be, once my name is added on electoral register, i may qualify somewhere. I have heard about the credit building credit cards so will search them a bit.

toshi

waseem432000 wrote: »

Do i have to do something specific to start building/imitating it?

I really don’t think so personally, you have got already some current accounts and you will get a regular income. Then so what I would suggest is to open a regular saving account. Say, if you would save 200-250 pound monthly (which creates actual your credit history, and creditworthiness) if you can. Your bank can access your financial information directly which credit agencies will never ever know.

Then I won’t be surprised if you would get a credit card issued by your bank in relatively short time. Then as everybody said, setup a direct debit with a full payment for the credit card payment. Eventually credit rating agencies will catch up your credit history (with a fake random number called a credit score. :rotfl:)

Please note I am not against having so called “credit building credit cards”, but in a long term, it would be far better to focus upon your finance as you will start the life in the UK.

waseem432000

toshi wrote: »

I really don’t think so personally, you have got already some current accounts and you will get a regular income. Then so what I would suggest is to open a regular saving account. Say, if you would save 200-250 pound monthly (which creates actual your credit history, and creditworthiness) if you can. Your bank can access your financial information directly which credit agencies will never ever know.

Then I won’t be surprised if you would get a credit card issued by your bank in relatively short time. Then as everybody said, setup a direct debit with a full payment for the credit card payment. Eventually credit rating agencies will catch up your credit history (with a fake random number called a credit score. :rotfl:)

Please note I am not against having so called “credit building credit cards”, but in a long term, it would be far better to focus upon your finance as you will start the life in the UK.

This is actually a very solid advice. I am going to apply for a instant saving account with NatWest since my main current account is with them. Cheers