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Best ways of building credit score

Any tips on best ways to build credit score?

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 7 May 2021 at 5:56AM
    Yes. Ignore it and build credit history instead with well managed accounts.

    What's your current situation?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    For a mortgage? Save a healthy deposit.  In itself a good signal to send to mortgage lenders as demonstrates financial discipline. 
  • ACG
    ACG Posts: 24,942 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are no quick fixes, have some credit - a credit card maybe, mobile phone, bank account, that should be enough. 
    Pay your bills on time - set up a DD. 
    If you have bad credit, time is the greatest healer. But it may not prevent you getting a mortgage, speak to a broker with experience in bad credit, there may be options. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Stenwold
    Stenwold Posts: 198 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    It's not the score that's important, it's the credit history.

    My partner and I have credit reports that are damn-near identical, the only difference being she has a credit card which is paid in full each month, and I haven't had a credit card for about 6 years. We're looking at options to borrow some funds to part-finance some home refurbishments; the best loan rate I could get was 10%, whereas she has been offered 3%.
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