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Credit Rating - How to Build one?

(6 Posts)
Nix01 Mon 24-Mar-14 15:07:27

I have an unusual problem....

We returned to the UK awhile ago and are planning to buy a house in the next year.

I'm averse to debt but realise I need to get into some debt in order to get a mortgage! The only credit we have is our O2 phone contracts. I applied for a Sainsburys credit card but was actually turned down as I have no credit history!

What would you do?

Pink700 Mon 24-Mar-14 15:43:39

I'm in the same situation sort of, the only credit I have is a contract sim, keep payin that every month on time and it should help build up ur credit history, also make sure u are on the electrical roll and staying at the same address for a longer period of time will help. Different company's have different criteria so just because u get rejected for one doesn't mean u will get rejected for them all but applying for 2 many will look bad, terrible that if u have hardly any credit u can't get any!

fideline Mon 24-Mar-14 15:48:50

Mail order credit (Very, Jacamo etc) is easier to get than credit cards etc.

Sub-prime cards (Vanquis, Luma, Capital One) might be worth a try.

Whichever you choose, you must use them regularly and pay off (tiny purchases is fine) to establish a borrowing/settling pattern.

NigellasDealer Mon 24-Mar-14 15:52:40

get a landline
get some credit cards and pay them off every month

specialsubject Mon 24-Mar-14 21:37:02

get on the electrical smile electoral register (don't forget to tick the opt-out box for the 'edited register' or you will be deluged with junk mail).

you don't need to get debt, but you need financial activity. Open accounts, pay for things (not difficult!) and so on.

Nix01 Tue 25-Mar-14 13:54:13

Thanks.

We have a landline, are on the electoral roll etc.

Applied for the initial card at Barclays and got it, thank goodness. Think I'll buy something on credit from Argos or H&M or something as well to build the rating up.

Thanks for your advice.

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