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    • Arozy
    • By Arozy 30th Nov 17, 10:28 AM
    • 1Posts
    • 0Thanks
    Tips on how to build credit
    • #1
    • 30th Nov 17, 10:28 AM
    Tips on how to build credit 30th Nov 17 at 10:28 AM
    Hello everyone, I am a long time reader of this forum specifically the debt free wannabe page, I have finally for the first time in what feels like years, found myself in a good position with my wage and outgoings and I have now started to build my rainy day fund for the first time in at least 4 years.
    Anyway my main question is regarding my credit score, it is abysmal, whenever I do one of this free credit checks it always comes back as very poor, so i have made it a new years goal to get this improved however I applied for one of those credit cards that are for people with poor credit and I was rejected, I guess I'm wondering if any of you fine folks have any tips regarding how I can start to build it up again after years of neglect. Long term aim is to apply for a mortgage in the next 3-4 years for my wife and daughter to have a settled home instead of jumping from one rented place to the other how possible do you think that would be starting from literally the bottom?

    Thank you.
Page 1
  • National Debtline
    • #2
    • 30th Nov 17, 10:54 AM
    • #2
    • 30th Nov 17, 10:54 AM
    Hi Arozy

    I wouldn't look much further than the following guide on this very site as a starting point:

    I'm sure folks can contribute their own individual experiences and anecdotes as well, but remember that what works for one individual won't necessarily apply to others whose circumstances may differ.

    Good luck

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • EssexHebridean
    • By EssexHebridean 30th Nov 17, 11:12 AM
    • 8,710 Posts
    • 45,923 Thanks
    • #3
    • 30th Nov 17, 11:12 AM
    • #3
    • 30th Nov 17, 11:12 AM
    What Dennis says!

    Also, for the time being don't worry too much about it - concentrate on getting your household budget and expenses straight and nailing down anywhere that you can make savings. If you're first time buyers get yourself a HTB or LISA opened (If you meet the requirements) and save the maximum you can into that - then put any balance in the best savings account you can find - a starting point may be to see if your bank has a regular saver linked to your current account - those often pay 5%.

    If you haven't already join the MSE Credit Club - it's free and gives you access to your Experian credit history and will also help you through the pointers to improve things as well.
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