Building my credit file

Siobhan7

Hey all

I want to build my credit rating. It’s currently quite bad from previous issues I’ve had which have since been resolved. 

I’ve now got complete control of my finances, I’ve got a steady, well paid job and I can say for the first time in my adult life that I’m not concerned about my finances. 

Currently we are unable to get a mortgage due to my credit history. I’ve got a previous bankruptcy which will come off my credit file in August 2024.

I am just wondering whether it’ll be an idea to get a small limit credit card and use that to pay for stuff like petrol or food shopping and then pay it off immediately. Would that build my credit up or will it do nothing or even make it worse? 

The bankruptcy is a long story but I’m not reckless. It was due to a number of things that happened in a very short space of time and my only option was to be declared bankrupt so I won’t be maxing out the credit cart. It will literally be for the purpose of building my credit rating. 

If anyone else has ideas on how to build my credit rating please can you advise?

[Deleted User]

Using a card responsibly can build a solid history. But always wait for the statement, then clear in full.  

Accept any limit increases, as long as you can control your spending. Add another card or two in the coming months/years.

Make sure you're on the ER, check all your files to make sure they're accurate and time will do the rest.

Siobhan7

Thank you. 

I’m definitely on the ER. I make sure both myself and my partner are whenever we move (we’ve both moved 3 times in the past 6 years) 

I just feel a bit guilty getting a credit card given my history but if it builds my rating then I need to do it. I’ve only got utilities in my name such as my car insurance in my sole name. Others like our pet insurance is under both my partner and me.