Turning 18... credit score

cocacola02

Hello,

So i am turning 18 in september and need some advice, i want to building my credit report but don't know where to go to get it started off. I do work and have an okay income can anyone give me some advice as to where to go from there?

P.S: i am already on the electoral roll

[Deleted User]

Ask your bank for a credit card.  

Spend on it but set up a full pay DD. Spend only the essentials.  No phones, makeovers, tech, hookers, drugs or Haribo.

If you're declined for a card, leave it a few months.

Oh - and never start a post with 'so' unless  you've already established the preceding clause.

jay1804

cocacola02 said:

Hello,

So i am turning 18 in september and need some advice, i want to building my credit report but don't know where to go to get it started off. I do work and have an okay income can anyone give me some advice as to where to go from there?

P.S: i am already on the electoral roll

Personally after around 15 days of your 18th birthday, I would try to get a sim only contract first, If you already have a contract through someone else (Parents, siblings, ect) then try to do a change of ownership to your name and wait about 4 - 6 months of paying on time then appy credit card.

george9071

I would suggest, get a sim only deal one that suits your needs, After around 3-5 months then think about getting a credit building credit card or alternatively speak to your bank as they may be able to help, after this time will tell as you have to make payments on time and a tip when it comes to credit cards.... pay them off in full every month.

DCFC79

You can put what you like on the card as long as you can pay it off in full at end of the month, oh and use direct debits.

Your score isnt what is impprtant here, lenders see your history.

cocacola02

jay1804 said:

cocacola02 said:

Hello,

So i am turning 18 in september and need some advice, i want to building my credit report but don't know where to go to get it started off. I do work and have an okay income can anyone give me some advice as to where to go from there?

P.S: i am already on the electoral roll

Personally after around 15 days of your 18th birthday, I would try to get a sim only contract first, If you already have a contract through someone else (Parents, siblings, ect) then try to do a change of ownership to your name and wait about 4 - 6 months of paying on time then appy credit card.

I do have a contract in a parents name it's a sim only i usually just buy my phones outright so i am going to pay off that sim-only in full so it can be closed, so i can get one myself, do you have any recommendations on who would be the best to take a sim only contract with? Who would be better with people beggining the build of a credit score? Thanks in advance!

cocacola02

george9071 said:

I would suggest, get a sim only deal one that suits your needs, After around 3-5 months then think about getting a credit building credit card or alternatively speak to your bank as they may be able to help, after this time will tell as you have to make payments on time and a tip when it comes to credit cards.... pay them off in full every month.

I am thinking of getting a capital one classic or a vanquis as all of my siblings have started out with a capital one and it has helped them.

cocacola02

Thanks for everyone's posts been a great help, i am dedicated to building a great report for the future i always intend to pay any of my accounts on time in full each month.

NatalieAGC

cocacola02 said:

Thanks for everyone's posts been a great help, i am dedicated to building a great report for the future i always intend to pay any of my accounts on time in full each month.

Good for you! Many will tell you scores mean nothing but to build good credit file then scores matter to give you indication of how to fair in terms of scoring models. 

Especially good for when mortgage time approaches and your already on the ball monitoring finance and credit agreements you have. 

👍🏼

DCFC79

cocacola02 said:

jay1804 said:

cocacola02 said:

Hello,

So i am turning 18 in september and need some advice, i want to building my credit report but don't know where to go to get it started off. I do work and have an okay income can anyone give me some advice as to where to go from there?

P.S: i am already on the electoral roll

Personally after around 15 days of your 18th birthday, I would try to get a sim only contract first, If you already have a contract through someone else (Parents, siblings, ect) then try to do a change of ownership to your name and wait about 4 - 6 months of paying on time then appy credit card.

I do have a contract in a parents name it's a sim only i usually just buy my phones outright so i am going to pay off that sim-only in full so it can be closed, so i can get one myself, do you have any recommendations on who would be the best to take a sim only contract with? Who would be better with people beggining the build of a credit score? Thanks in advance!

Remember what I told you earlier, your history is whats important.

Ebe_Scrooge

NatalieAGC said:

cocacola02 said:

Thanks for everyone's posts been a great help, i am dedicated to building a great report for the future i always intend to pay any of my accounts on time in full each month.

Good for you! Many will tell you scores mean nothing but to build good credit file then scores matter ,,,

Wrong.  The score provided by the CRA means diddly-squat.  It's not even a reliable indicator to yourself of your credit-worthiness, it will go down in response to any change in your credit circumstances, good or bad.

To the OP - the other advice you've been given so far is spot on.  Any form of credit that you obtain and service correctly will start to build a solid history for you - phone contract, credit card, whatever.  Essentially, any prospective lender is looking for evidence that you can borrow and repay responsibly.  If you are able to get a credit card (your own bank is a good place to start as they already know a bit about your finances), that's an easy way to start to build a history.  Use it for everyday spending, stuff you'd buy anyway, and make sure you always pay it off in full, on time, every month.  The APR is irrelevant as you won't pay any interest if you pay in full every month.  A Direct Debit is the simplest way to make sure you never miss a payment.