New to credit score and reporting...

headoffinance

Hello everyone!,


My son just turned 18 yesterday and he like me is interested in finances and he wanted some advice on how to start building his credit as soon as possible.


I gave him some advice to the best of my knowledge but I'm not sure what's on the market for youngsters these days.


Any advice would be greatly appreciated


Thank you!

[Deleted User]

First off ignore any scores and ratings.
They’re not used by lenders.

He will need to build a credit history.

Ways to do this:

Get on the Electoral Roll

Get a SIM-only mobile contract

Have utility bills in his name

Obtain a sub-prime credit card, use for normal monthly spends then pay back in full each month after the statement

Then time will do the rest.

headoffinance

Thank you for your reply I will show him this after and what sort of credit cards would you suggest maybe Barclaycard initial or capital one card?

Ben8282

headoffinance wrote: »

Thank you for your reply I will show him this after and what sort of credit cards would you suggest maybe Barclaycard initial or capital one card?

Yes. Or Vanquis, Aqua etc

Willing2Learn

Great advice from Gary.

Just wanted to add that it is also good practice for you (and your son) to check your three credit files every few months or so. You would be checking for accuracy of the data recorded on your files. Your data needs to accurate as lenders use it to determine whether or not to accept a credit application.

headoffinance

Thank you all for your replies me and my son was only talking this morning about getting him a contract sim and we put him on the electoral roll today. Thanks again

[Deleted User]

Yup.
You’re doing the right.
Just make sure he doesn’t fall behind in any of the debts and keeps paying the CC off monthly.