Building credit rating 19

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  • Jas7
    Jas7 Posts: 10 Forumite
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    Yes this is legit, I don’t know this is why I come here. Yes I know Amex decline me but this is like 1 month ago I can apply within 2 more. I know they want a good score like 700 ish, what must I do and how long would it take to achieve this, like my original question, forget the car etc, what must I do and how long would it take. Shall I open more accounts? I just wish Amex saw how much cash I am bringing into my account. I just want to benefit from the points
  • boo_star
    boo_star Posts: 3,202 Forumite
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    Jas7 wrote: »
    Yes this is legit, I don’t know this is why I come here. Yes I know Amex decline me but this is like 1 month ago I can apply within 2 more. I know they want a good score like 700 ish, what must I do and how long would it take to achieve this, like my original question, forget the car etc, what must I do and how long would it take. Shall I open more accounts? I just wish Amex saw how much cash I am bringing into my account. I just want to benefit from the points

    Your score doesn't matter to Amex. I'd say they'll probably be wanting to see a few years of good credit card account management before they accept you. At least based on my personal experience of them. If you have a thin file I wouldn't even bother trying again in two months even if they allow it.
  • Jas7
    Jas7 Posts: 10 Forumite
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    Read online and on the phone they said it was about rating. Like I said nobody told me how long it would take to get to 6/700 score also how can I make my credit file grow bigger. Thanks sorry if this seems rude but I am very confused and just want answer/ ideas on what I can do to I crease score + history
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    You’re probably looking at American sites where credit scores somewhat matter.

    In the UK they do not.
  • boo_star
    boo_star Posts: 3,202 Forumite
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    Jas7 wrote: »
    Read online and on the phone they said it was about rating. Like I said nobody told me how long it would take to get to 6/700 score also how can I make my credit file grow bigger. Thanks sorry if this seems rude but I am very confused and just want answer/ ideas on what I can do to I crease score + history

    Maybe you're reading US-based sites?

    In the US they do have a "universal" credit score that is used by lenders to determine eligibility. Over here lenders use their own internal scoring.
  • System
    System Posts: 178,097 Community Admin
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    What are you on about!? If you are in the UK you don't have a FICO score.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
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    ToryJay wrote: »
    Right now FICO says 761.

    OK, let's try and make this simple.

    In America, credit scores ARE taken into account by lenders. FICO is an American credit reference agency.

    In the UK, the 3 CRAs issue scores, but they are seen by no-one except you and the CRA. They are nothing more than marketing tools, aimed at getting the uninitiated to pay for a worthless service.

    A lender will look at the DATA contained in your credit file, run it through their systems, and come up with their own internal credit score. No-one is privvy to what their criteria are, it's confidential and commercially sensitive.

    To improve your credit-worthiness, you basically have to show a history of responsible borrowing and repayment. Make sure you're on the Electoral Roll, this acts as proof of UK residency. Other than that, start off by applying for a sub-prime credit card, use it regularly, and ALWAYS pay it off in full, on time, without fail. Any other credit agreements - such as a mobile phone contract, gas & electricity contracts, whatever - will also show on your credit file. If these also show a pattern of paying on time, that will also improve your history.

    Ultimately, IGNORE YOUR SCORE. It doesn't matter in the UK. It sounds very much as though you're looking at US-based websites and requirements. There's no magic way of increasing your fictitious and worthless score in the UK - you just need to build up a good history. Your history is the ONLY thing a UK lender is interested in.
  • jimbo26
    jimbo26 Posts: 954 Forumite
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    edited 11 July 2019 at 8:59AM
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    Jas7 wrote: »
    Like I said nobody told me how long it would take to get to 6/700 score

    You will never get an answer. Too many factors.

    Also which credit reference agency are you planning to get 700 with? All three have different scoring systems so which one were you told to get 700 with?
  • System
    System Posts: 178,097 Community Admin
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    ToryJay wrote: »
    In this forum not inly uk users.
    Can you repeat that?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    ToryJay wrote: »
    In this forum not inly uk users.

    It is yes - which is why your previous posts/spam have been removed
This discussion has been closed.
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