Credit rating - getting onto your parent's credit card?

designer93

Hi there

My credit rating is on the low end of 'good' on Experian, and similar on other sites. I believe this is because I moved address twice, stupidly closed 2 childhood bank accounts, opened a new bank account and got a new phone contract all in a matter of months. (I also tried to open a student account as I'm a phd student and this got declined, which is what alerted me to check my credit score). Naive...

Anyway got the mortgage deposit and I am looking to apply for a mortgage in about a years time. I am now withdrawing as a student/taking a new job, but I think my credit score will need to 'recover'.... once around a year has gone/i have been at my address for 2 years.... etc... but...

My main question is.... I don't really want to apply for a credit card as I'm guessing it will probably get declined (where this 'matter of months) was only 4 months ago.

If my dad puts me on his credit card/he gets a credit card WITH me - would this help my credit score? I would never use it but my name would be on the account? I can't find much about this online (in the UK)... I would love to know what you think? (I also dont want to mess up things for my dad, but my credit score is still classed as 'good'... i have 0 debts etc/the only 'credit' I actually believe I have is £13 a month phone contract)

Thanks

[Deleted User]

You can disregard the credit score any if the CRAs give you. It's not real and not used for lending decisions.

You need to improve your credit history and you'll only do that through sensible use of your own credit products. Being an additional cardholder won't report to your files.

Get your own card, use it and clear in full each month

Willing2Learn

designer93 wrote: »

… Anyway got the mortgage deposit and I am looking to apply for a mortgage in about a years time. I am now withdrawing as a student/taking a new job, but I think my credit score will need to 'recover'.... once around a year has gone/i have been at my address for 2 years.... etc...

Mortgage providers and lenders in general don't use your credit score and don't see it either. Lenders and mortgage providers score you independently against their own independent policies and criteria using the data in your credit files, added to the data you submit in a credit application, added to the data they may already hold on you as an existing or retuning customer.

As zx81 says, get you own card to build your own positive data on your own credit file. Being an additional cardholder won't do that. Try applying to the same bank with whom you have a current account as they will have existing data on how you manage your affairs.

sourcrates

designer93 wrote: »

Anyway got the mortgage deposit and I am looking to apply for a mortgage in about a years time.

My main question is.... I don't really want to apply for a credit card as I'm guessing it will probably get declined .

Hi,


If you can`t even get a credit card, what makes you think you`ll get a mortgage ?


Your credit history is whats important, scores fluctuate with the wind, creditors want to see a good repayment history, a history that shows you do not rely on credit to any great extent, a stable address history, no late payments, and no defaults, above all affordabillity is key, work on those things, and you should be ok.

Tubbss

This would create a financial association between yourself and your Dad - if your credit profile is poor then this could tarnish his

[Deleted User]

Not in the vast majority of cases. I believe there is only one lender where this has occurred.

boo_star

Tubbss wrote: »

This would create a financial association between yourself and your Dad - if your credit profile is poor then this could tarnish his

It wouldn't.

Joint credit cards (i.e. a card with two people being jointly and severally liable for the debt) don't exist and secondary cardholders aren't financially linked to the primary cardholder.

gionnetto

designer93 wrote: »

My credit rating is on the low end of 'good' on Experian, and similar on other sites. I believe this is because I moved address twice, stupidly closed 2 childhood bank accounts, opened a new bank account and got a new phone contract all in a matter of months. (I also tried to open a student account as I'm a phd student and this got declined, which is what alerted me to check my credit score). Naive...

First off, don't panic. As you've said, you have no debts - so no CCJs, no defaults etc which is very good.

Secondly, with time, both your bank account and phone contract will build your credit back up.

Third, you are better off applying for a sub-prime credit card (Vanquis, Aqua, etc) and start building your own credit. Just use it regularly and pay it off every month via direct debit. Stay at your current address for as long as possible, and get yourself on the Electoral Roll.

Everything is ok!!! :beer:

Dobbibill

Welcome to the forum.

Your Dad adding you to his card will not show on your credit report as it is his account.

Try a sub-prime lender.
If you are unable to get one just now, wait and try again in a few months.

Make sure your address details are all up to date with your bank account/mobile contract and filtering through to the CRAs. Also make sure you are on the ER.

If you are able to get a credit card - use for normal spending (don't get excited with it) set up a DD to pay off in full - repeat.

Time will do the rest.