Young person credit rating

[Startingout19]

My son is 19. He's just he's just got on to a job/training course he's well paid at around 200,000 a year. He is still at home at the moment. He wants to save and then buy his first home. He does not really want to rent. How would he do this ? How does he get a good credit rating. Is there anything else he can do to set himself on the right path ?

Mine took out a credit card when she was 18.

Is that a typo??

Oh haha I didn't even notice that

@FAQs

Is that a typo??

You mean the amount? 2 hundred thousand a year

Ffs I totally messed up . Wtf did I say that .

£200k a year or £20k a year? There's a big difference! Wish I could bring home £200k a year

@Startingout19

Ffs I totally messed up . Wtf did I say that .

Well what did you mean

I have asked to Have this removed. Even when above somone Said is that a typo and I end repeated the amount in words . And it still did not hit my thick head.

But no hes not on 200,000 he's on 50,000
Maybe I was thinking house prices I don't know

Anyhoo there's some fairly simple stuff that can help - being on the electoral roll, long standing banking habits (as in being with one provider for a long time) an element of credit whether that be phone contracts etc plus actually it can be worth taking out a CC provided not abused and repaid as required. All those things help to build a credit 'footprint'

@Startingout19

I have asked to Have this removed. Even when above somone Said is that a typo and I end repeated the amount in words . And it still did not hit my thick head.

But no hes not on 200,000 he's on 50,000
Maybe I was thinking house prices I don't know

Bloody hell £50k at entry level? I'm in the wrong job!!

Make sure he is on the electoral roll and take out some credit and pay it back (on time every month) - he could put petrol/travel on a credit card and pay in full every month to avoid interest. Make sure his phone is in his name and he is paying it each month. Mortgage lenders do not use the credit score to determine whether they will lend (they use their own policies) but will take a lot of the same factors into account. Other than that a bigger deposit usually means a better interest rate so he should save as much as he can for deposit and other moving costs (solicitors, stamp duty etc). It would be worth him talking to a financial advisor before applying for a mortgage if he doesn't have much credit history.

Blimey 50k a year at 19. What job is it I might apply

But yes make sure he is on electoral role and get something on credit like a credit card or mobile phone.