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Higher education

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Original poster

How can a student improve credit score?

9 replies

Devotedtomydogs · 26/05/2023 20:20

My DS wants to join the police and, as part of vetting, they look at credit ratings etc. DS looked at his today online and it is ‘fair’. He has no overdraft or debt so was surprised but it is apparently because he is never been credit checked and, while being checked too often is bad, not being checked at all is not good either. He now wants to boost his credit score so is contemplating applying for a credit card (which he would use sparingly and pay off in full immediately). Is this a good idea? He is reluctant to come off our family mobile contract (which is in my name) because it only costs him £10 per month so needs to look at any other ideas….

OP posts:
Bigglebiggle · 26/05/2023 20:24

Credit card is the best way as long as used responsibly.i used to out fuel on mine then pay off in full on pay day. Never put anything else on it, but with some people the temptation can be too much, and that's how debt begins

Bigglebiggle · 26/05/2023 20:26

Sim only contract is also a good idea, often cheaper then a contract you get with a new phone and paid direct debit so no missed payments.
With any credit, he just needs to makesure all minimum payments are made on time as missed payments are defaults and stay on your credit report for I think 6 years (may be wrong on length of time so don't quote me on that)

BodGaoithe · 26/05/2023 20:27

Pay for everything on credit card but pay it off in full every month.

FatAgainItsLettuceTime · 26/05/2023 20:29

They arent looking at his credit score, they're looking at his credit history and for a very specific purpose.

They want to know if he's in debt above what he can reasonably pay, or if he has lots of defaults. The purpose is to understand if he is financially vulnerable and at risk of being bribed.

He doesn't need to do anything to improve his credit score.

bibbityboppityboo · 26/05/2023 20:35

As PP said, they're not looking to see if he's got a 999/999 score!

It's similar to the checks my company do, they check there's nothing on your file that would cause an issue in your job - are you in debt and open to bribes etc.

The employer doesn't see your score from what I understand, they see your credit liabilities and they can help verify your identity from a credit report too. Bad credit / lots of debt is a warning sign for some employers.

SpikeOfAnnoyance · 26/05/2023 20:41

You have said he is a student, if he is a student they don't give credit cards to students as they do not class the maintenance loan as income. Ds is really good with money but couldn't get a rewards credit card which is what we have. We even looked on MoneySavingExpert. He wanted it to build his credit rating too.

Your Ds should shop around for a mobile phone contract/sim only deal that he can put into his name. Ds did this, came off our family plan but he is sim only and it cost the same amount. Ds also has Amazon Prime and Netflix in his own name too.

Original poster
Devotedtomydogs · 26/05/2023 20:45

@FatAgainItsLettuceTime @bibbityboppityboo oh I see! He was really gutted only to be ‘fair’ when he regards himself as good with money. Thank you both for your helpful replies

OP posts:
Original poster
Devotedtomydogs · 26/05/2023 21:05

@SpikeOfAnnoyance PP have explained the situation to me now but yours is a very good idea. Just checked and Vodafone do one for £11 a month which is only £1 more than we pay on family plan. Thank you

OP posts:
goodcharIotte · 26/05/2023 21:06

Credit card and does he drive? Could he finance a car?

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