I own a CC, but don't use it. Whats my credit report like?

PearlMk1

Would I have any credit rating/score/report?
Or would it be empty?
Any advice, should I use it but pay it back to get credit?

Thanks

NickX

Well you will have some sort of credit rating, but I would suggest that it would be "average" because the lenders do not have any history to assess you on.

Why not use the card for your normal montly expenditure (e.g. food shopping, petrol etc) and pay off in full before the Due Date ? This will raise your credit rating before to long, and you will then be able to get 0% promotions and cashback cards and start to make money from Credit Cards.

prudentsaving42

Use it and set up a direct debit to pay it off in full every month.

PearlMk1

Ok will start to do that each month, looking at buying something today which requires a credit check, would I be rejected? Or would it depend on some other things?

Only ever had a student loan, rented a house with my bf for two years, he got rejected but has never had loans, or CC's, but has rented with me and had a full time job for 5 years...

Thanks guys

PearlMk1

back to the top!!

prudentsaving42

If you're getting a mobile phone contract, you probably won't be rejected. What exactly are you purchasing?

CannyJock

PearlMk1 wrote: »

Would I have any credit rating/score/report?
Or would it be empty?
Any advice, should I use it but pay it back to get credit?

Thanks

Use the links in the Martin's article discussing credit scores to get your free 30 day trial from Experian and you'll be able to see what's on your credit report, print it out and take a look at it. Don't buy the "credit score" option when you look at your report, it's meaningless.

If you've never used the card then there won't be any activity. Your report will show that you have this card (and any others that have closed in the past 6 years). It should confirm a £ 0 balance and the credit limit.

Student loan doesn't appear on your credit report so that makes no difference, renting means no mortgage so no information for the credit providers there. Martin's article covers it in more detail, but being on the electoral register at your address and longevity with bank account all work to improve your rating.

As to whether you'll be accepted or rejected, nothing you can do to influence that in the short term. I'd say start with your credit report and make sure it's got the right details about you to begin with.