Not a citizen but want to improve credit score

Robinhoody

Jamesyb123 said:

Robinhoody said:

Jamesyb123 said:

Robinhoody said:

Jamesyb123 said:

How long have they lived here?

Twenty years

So how have they lived financially without any bank accounts or anything? They must have some products?

Yes bank accounts and investments 

but not able to vote

some say it really helps to get on the electric register 

is there anything else similar to that that would help?

Is the electoral register not electric 😂 sorry that tickled me. They need to speak to the bank that they have held an account with all these years to see if they are willing to offer a credit card if they have had an account with them for 20 years and have investments and have run them well then they maybe prepared to offer a credit card which used correctly can improve credit history.

Several credit cards 

but the question is how can someone improve even more if not on electoral register 

cymruchris

Robinhoody said:

cymruchris said:

Robinhoody said:

If someone can’t get on the electoral roll is there a way to improve their credit score?  

Why do they want to 'improve their score'? Have you had a chance to read up on credit scores to know that although they might be a guideline, they can also be quite inaccurate.  If on 'indefinite leave to remain', they'll certainly have some existing accounts? Have they been kept in good order? Is there an aim for this credit score raising exercise? Like getting a mortgage? 

The question you are asking could apply to pretty much everyone on here,

why does anybody ever want a better credit rating? 

I thought the answer is obvious 

The scores are a marketing exercise - they mean nothing - so having a better score is worth about as much as a packet of cornflakes reduced to clear in Tesco on a Sunday at ten to four. 

What is more important is the history. Having accounts that are paid on time and managed well. 

If there's no aim - such as to obtain a mortgage - then it's not worth chasing the score. (not that it's worth chasing the score anyway - as only they will see it - no lenders see it)

Do they have overdrafts or any credit cards right now? Mobile phone contracts?

The investments won't show anywhere on their files though sadly, so although they might have ''£XXXX" in there - that won't influence lender decisions. 

Robinhoody

cymruchris said:

Robinhoody said:

cymruchris said:

Robinhoody said:

If someone can’t get on the electoral roll is there a way to improve their credit score?  

Why do they want to 'improve their score'? Have you had a chance to read up on credit scores to know that although they might be a guideline, they can also be quite inaccurate.  If on 'indefinite leave to remain', they'll certainly have some existing accounts? Have they been kept in good order? Is there an aim for this credit score raising exercise? Like getting a mortgage? 

The question you are asking could apply to pretty much everyone on here,

why does anybody ever want a better credit rating? 

I thought the answer is obvious 

The scores are a marketing exercise - they mean nothing - so having a better score is worth about as much as a packet of cornflakes reduced to clear in Tesco on a Sunday at ten to four. 

What is more important is the history. Having accounts that are paid on time and managed well. 

If there's no aim - such as to obtain a mortgage - then it's not worth chasing the score. (not that it's worth chasing the score anyway - as only they will see it - no lenders see it)

Do they have overdrafts or any credit cards right now? Mobile phone contracts?

The investments won't show anywhere on their files though sadly, so although they might have ''£XXXX" in there - that won't influence lender decisions. 

Yes better than referring to it as score what is better way to refer to credit information?

cymruchris

Robinhoody said:

cymruchris said:

Robinhoody said:

cymruchris said:

Robinhoody said:

If someone can’t get on the electoral roll is there a way to improve their credit score?  

Why do they want to 'improve their score'? Have you had a chance to read up on credit scores to know that although they might be a guideline, they can also be quite inaccurate.  If on 'indefinite leave to remain', they'll certainly have some existing accounts? Have they been kept in good order? Is there an aim for this credit score raising exercise? Like getting a mortgage? 

The question you are asking could apply to pretty much everyone on here,

why does anybody ever want a better credit rating? 

I thought the answer is obvious 

The scores are a marketing exercise - they mean nothing - so having a better score is worth about as much as a packet of cornflakes reduced to clear in Tesco on a Sunday at ten to four. 

What is more important is the history. Having accounts that are paid on time and managed well. 

If there's no aim - such as to obtain a mortgage - then it's not worth chasing the score. (not that it's worth chasing the score anyway - as only they will see it - no lenders see it)

Do they have overdrafts or any credit cards right now? Mobile phone contracts?

The investments won't show anywhere on their files though sadly, so although they might have ''£XXXX" in there - that won't influence lender decisions. 

Yes better than referring to it as score what is better way to refer to credit information?

Usually we just want to improve our creditworthiness through keeping a good credit history. We get these 'scores' shoved down our throat by the CRA marketing teams that they are the be-all and end-all of our credit journeys.

As asked above - what are they trying to achieve? Higher credit card limits? mortgages? Buy now pay later for a Currys TV? 

cymruchris

Robinhoody said:

but the question is how can someone improve even more if not on electoral register 

Pay all existing accounts on time. Credit cards to be paid in full each month by direct debit. Don't use credit cards up to the limit - try and keep use to around 20 percent of overall credit available (Unless the credit limits are something like £300 - then it's ok to spend up to the limit and pay in full monthly in order to facilitate a credit limit increase)

macman

Mobile phone contract? Gas, electricity, water, landline? All require credit. A record of credit being taken and repaid every month is what lenders want to see.