Minty_Fresh
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Registered: 1st May 08
Location: westmidlands
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Unfortunately me and my fiancé had a credit search cause a fail in a mortage meeting yesterday.
He couldn't show who or what has caused it, I have done a credit check and it was caused by me.
I have a excellent rating but failed due to never having credit, so because I have managed my money very well I'm being punished because I have never borrowed money :/
He recommended a credit card, ie for fuel or a purchase (that we would have made regardless).
I'm not clued up on credit cards etc onbviously from the above, which would people recommend that would be best suited?
Thank you in advance.
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johnny86
Premium Member
Registered: 15th Feb 10
Location: in a bus stop.
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Get one from your bank with a 500 limit use and pay for a few months should help
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spencer88
Member
Registered: 6th Oct 08
Location: cornwall
User status: Offline
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As Johnny says.
Get a card, use it for your everyday purchases.
The money you would use, put aside and use it to pay off your card when you receive the monthly statement.
This way you get no interest charged, you are no way out of pocket but you buidl your credit rating.
You could even get a cashback card which rewards you for spending, and as such earn money from this 
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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Opt for a card with fringe benefits like the Santander 1-2-3 card and so long as you're paying the balance off in full each month before interest is accrued, you can make the card effectively earn you money. My better half use her's for all car related purchases only and receives 3% cash back on fuel, not much but more than without the card.
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FlaFFy_91
Premium Member
Registered: 30th Sep 08
Location: Formby, Merseyside
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I'm in the same situation at the moment. Saving for a house but I've got no credit rating atall. Never even been overdrawn in my bank account.
So. Applied for a credit card with my bank. Get it through next week hopefully. And I'm going to do the exact same thing
Just use it on everyday stuff I would of bought anyway and pay it off at the end of the month.
Although strangely enough even though it's my first card and I have no credit what so ever I have a £2400 limit on it...
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Marc
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Registered: 11th Aug 02
Location: York
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As said. Your issuing bank will almost always give you a card. A thrid party provider will be as reluctant as your mortgage broker.
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Twitch
Member
Registered: 3rd Nov 09
Location: Flitwick, Bedfordshire
User status: Offline
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get a credit card. then cut it up and not use it. you dont need to use it to increase your credit just own one . ( source my dad is a banker )
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GB123
Premium Member
Registered: 21st Nov 11
Location: Kent
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That's not the case any more unfortunately.
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Cole
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Registered: 11th Nov 02
Location: eastbourne Drives:zafira sold now a qashqai
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2 yrs ago I had no credit couldn't even get a bank account it was that bad have had ccjs etc. managed to get an account with natwest finally after 6 months got a credit card with them after doing a free credit check saying it was the best chance of getting one with my bank. 18months later after using it for all my everyday purchases I had a pretty muxh perfect score got accepted for a mortgage which I would of never thought possible 3 yrs ago
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Generation
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Registered: 7th Jul 09
Location: Essex
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Cutting up is no good.
Source me, also work in a bank.
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Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
User status: Offline
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As others have said, having a credit card for every-day use is the way to go. Just be sure to pay it off in full at the end of every month.
Another bonus is that if you get the right credit card, you'll be able to rack up points. I didn't realise it was happening, but i was alerted to the fact that i had something silly like 15000 points on my Natwest credit card last Christmas...which translated to about £90 of Amazon vouchers.
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Cole
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Registered: 11th Nov 02
Location: eastbourne Drives:zafira sold now a qashqai
User status: Offline
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quote:
Originally posted by Aaron
As others have said, having a credit card for every-day use is the way to go. Just be sure to pay it off in full at the end of every month.
Another bonus is that if you get the right credit card, you'll be able to rack up points. I didn't realise it was happening, but i was alerted to the fact that i had something silly like 15000 points on my Natwest credit card last Christmas...which translated to about £90 of Amazon vouchers.
ah the good old your points card same one I got and have done the same
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Generation
Member
Registered: 7th Jul 09
Location: Essex
User status: Offline
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Tesco credit cards is where I went, some good deals and club card points too.
As said, just pay off In full, and all is golden
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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Thanks for the replies
How long does it take to build credit rating (mines 974 - excellent) to be able to be accepted for a mortage.
As said above my rating shows it's excellent just it's marked red where I have never had credit so they can't judge me on this.
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Twitch
Member
Registered: 3rd Nov 09
Location: Flitwick, Bedfordshire
User status: Offline
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Have you never had a contract phone? That should count as a creadit? Or car insurance paid monthly.
Only reason i say to cut up a creadit card as its what my dad told me to do this year as im also looking into a mortgage. He works very high up for one of the top banks so i do trust his judgement. Although too much golf and whine with customers may of caused him to loose track of things haha
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ed
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Registered: 10th Sep 03
User status: Offline
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The rating you see on any of the website you visit to check the file is just a made up figure. Lenders don't go onto Noddle and give you a mortgage because because you've got a 4/5 rating.
They're interested in your history of managing debt and payments. Most the things I've read have said that using a credit card for at least 6 months is a good place to start if you've never had any credit before, buy your petrol once a week and pay it off every month or something. As Twitch has said though, phone contracts, car insurance and other things you may have already had will give you history.
[Edited on 01-08-2014 by ed]
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tom130691
Premium Member
Registered: 13th Sep 08
Location: Daventry
User status: Offline
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quote:
Originally posted by Minty_Fresh
Thanks for the replies
How long does it take to build credit rating (mines 974 - excellent) to be able to be accepted for a mortage.
As said above my rating shows it's excellent just it's marked red where I have never had credit so they can't judge me on this.
think ive turned mine around in 5months of leaving uni, by clearing my credit card overdraft then dipping back in to them,
got a credit rating one from the top? while 1k in to my overdraft
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MatthewR
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Registered: 21st Oct 02
Location: Rickmansworth
User status: Offline
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Setting up direct debits helps i found also as opposed to just ringing up and paying off chunks. It also means you'll never miss a payment which can effect your credit rating
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3CorsaMeal
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Registered: 11th Apr 02
User status: Offline
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Send me £100 a week. Source: Me, I am from the internet.
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gav93
Member
Registered: 27th Nov 10
Location: Bexleyheath Kent
User status: Offline
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quote:
Originally posted by 3CorsaMeal
Send me £100 a week. Source: Me, I am from the internet.
 
this threads interesting to read as im only 21 but obviously have the dream to own my own house or flat, so I best start thinking about getting a credit card some time this year t build my rating up over time
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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I read somewhere that paying off your balance in full isn't always best, as the credit card company earns no money out of you.
As said, get a credit card and use sensibly. Get a phone in contract, pay for it monthly etc. But don't go mad like getting a car on finance, as whilst it might boost your credit rating it will affect your affordability rating.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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How do people not know this by now, and get so far without them.
I used to buy my car insurance on a credit card and pay off over a few months. Interest was much lower than the insurance companies charge.
You should really buy certain things using a credit card to take advantage of the protection also.
Phone contracts etc are good for this too.
Corsa 2.0 16v Vegas - Sold
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Minty_Fresh
Member
Registered: 1st May 08
Location: westmidlands
User status: Offline
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Been looking at credit cards etc
More benefits and longer 0% period will make it a even slimmer chance of me being successful
But who does a standard 12months 0% card these days, all seem to be 15-19months+ and transfer 0% :/
I'm worried that il apply and won't be accepted which will dent my already low credit rating.
I think I'm right in saying I need a 0% 12months on purchases as I want to make a purchase of £500 in one but also use it for fuel costs (I would pay the £500 off over say 5months) and keep the fuel outgoings on the card for the full 12months
[Edited on 05-08-2014 by Minty_Fresh]
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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Just get a capital one first timer card. High APR but if your paying it off then you have no issues.
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Pop
Member
Registered: 8th May 03
Location: Reading
User status: Offline
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Get yourself in the electoral role if you aren't already
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