Is it worth getting a credit card to improve my credit rating for mortgage applications?

GeorgeEade

I'll be looking into buying a place within the next 12 months (hopefully sooner), and while my credit rating is pretty good, I feel it could be better as I don't have much credit history.


So is it worth the hassle of getting a credit card simply to appear more attractive to mortgage lenders? Or will it not make a huge difference if my credit rating is already pretty good?

Willing2Learn

Do not worry about your 'credit rating'. Mortgage lenders neither use nor see your 'rating' or 'score'. Hopefully your three credit files are full of data that would indicate you can successfully manage credit. Is your history of credit account conduct positive?

Ben8282

You say your credit rating is pretty good. You don't have a credit card. What accounts do you actually have showing on your credit files which are making your credit rating pretty good?

GeorgeEade

@Willing2Learn I've never had a credit card, and I think I may have gone into overdraft on a debit card but not by much and not for years. Never taken out any loans apart from student loan.


@Ben8282 the only credit accounts showing on my Experian profile are a current account and my old ISP, with an "average account age". I have no negative influencers, no credit balance, no credit applications etc.


Basically I have very little credit history which apparently mortgage lenders can be weary of.

A4445

No harm getting one as long as it’s managed correctly. I’d would ask you bank if your eligible.

Ben8282

A4445 wrote: »

No harm getting one as long as it’s managed correctly. I’d would ask you bank if your eligible.

Agree. Perhaps a mobile phone contract as well; SIM only will do.
Also think you have misunderstood 'average account age'. You are not being informed that the age of your accounts is average. The average account age should be followed by a figure in months showing the average age of your accounts.

gionnetto

GeorgeEade wrote: »

Basically I have very little credit history which apparently mortgage lenders can be weary of.

I'd definitely build my credit history up some if I were you. A SIM-only contract and a credit card would do. Just set up a DD for both and never miss a payment.