Credit Rating

Lokolo

Wasn't really sure what section of the board I should put this but anyway.

Quite young and I was just wondering about credit rating and what actually effects it?

Basically I have no credit card, loan, mortgage etc. as I am studying at university and the only thing I can think that may effect my current one is my O2 Phone Bill which I missed a payment in the first month (they said they were going to notify me when my bill is due but never did, and 16 months later, still don't) but I then paid that the next day.

Also from September I will be renting a place with 4 other guys at uni, but I will likely be put incharge of electric etcetc bills, are these the sort of bills that will effect it? And even if it's just in my name, will all the guys in the house, their credit scores effected?

Anything else I should really be aware of? (not the obvious things like credit card, loan and mortgage...)

Thanks,


p.s. its mainly as I want a good credit rating so I can get a decent mortgage when I leave uni and things preparing for the future basically.

jimbo26

Utiltiy companies don't pass deatils onto credit reference agenices. Your O2 contarct will probably feature on at least one file.

If you are looking at getting a mortgage at some time consider getting a Capital One credit card. Spend a small amount on it each month and clear the balance. This way you will start to build a good credit history. Most important pay credit card and O2 bills on time every time.

CLAPTON

I would suggest a few things

Nothing to do with credit rating but......
if you are sharing a house with friends make sure each person is responsible for a single bill and has it it their name. So one person does elec, one person does gas, one person does phone/internet, one person does water (as you are all students you are exempt from council tax ... but make sure you claim the exemption). Then do a reconcilation after each bill is paid so noone is out of pocket.

For your mobile bill why not pay by DD? In any event don't you have internet access to the bill

For your credit rating first try your bank for a CC.. presumably you have a student a/c and they often do a CC for students with a low credit limit. Use it regularly for things you anyway will buy. Set up a DD for the CC so the entire balance is paid off each month so you're not tempted to borrow or miss payments