2006-11-26 08:40:59 · 8 answers · asked by jason gim 1 in Business & Finance ➔ Renting & Real Estate
3 WORDS: PAY YOUR BILLS
If you have no credit (as opposed to bad credit) it is likely that you might be able to get a credit card, but if you can't you can get a secured credit card which works a lot like a debit card in the sense that your credit line would not exceed what you have secured in a bank account with the credit card company. After about 3 months they will likely give you a regular credit card.
If you are looking to buy a house, no credit can be a good thing. mortgage brokers can use alternative forms of credit to get you qualified. They would use your payment history for your phone, cable, power, etc to show lenders you pay your bills on time. Of course if your not ... please change my original statement to: 5 WORDS: PAY YOUR BILLS ON TIME
2006-11-26 08:51:03 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
I usually see people build their credit scores WITH credit cards. I did as well.
As far as I know, most credit card companies will give you a credit card, as long as they see that you have the means to pay the bill. (ie. job, other source of income, etc.)
Credit Cards are a great way to build a good credit score, but bad at the same time. You just need to make sure that you keep on the payments. Don't make late payments, and try not to go over your limit.
As long as you can keep your balance LOW and you are responsible with it, you should be fine.
Hope this helps!-
2006-11-26 16:45:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Make sure all bills/contracts are going to your correct address. check with council your on electoral reg. Apply for store cards, make small purchasing and pay above required amount each month and on time, try not to pay off all at once. Creditors want to see that you are able to manage your money, not miss payments and be able to afford what you borrow. Catalogue and mail order shopping allow you to buy 'on account' also and pay monthly increasing your credit rating.
Apply for a credit card from the bank that holds your account and request a small limit £500. The bank will gradually increase your limit.
Experian and Equifax are companies who hold your credit history. You can usually request to see your file for a small fee £0-£15. Check that your details are correct and up to date.
Good luck!
2006-11-26 17:01:00 · answer #3 · answered by Twiglet 1 · 0⤊ 0⤋
Strangely enough owe credit cards. The greater your usage and the better your repayment history the higher your credit score
2006-11-26 16:47:46 · answer #4 · answered by ? 2 · 0⤊ 0⤋
You don't neccessarily have to get in debt, apply for store cards but don't use em. Every time you are approved for something like store or credit cards, your credit score goes up.
2006-11-26 16:46:51 · answer #5 · answered by fr3aky_lb 3 · 0⤊ 0⤋
Ensure that all your bank statments and financial documents are sent to your home address, not parents etc.
Have a current account with a bank for 10 years +
Be on the electoral roll
Don't miss any payments on existing bills (inc. mobile phones)
Don;t keep applying for credit
Clear any arrears/defaults/CCJs
If you live with anyone with credit problems, write to Experian and Equifax credit reference agencies and ask to be disassociated from them
2006-11-26 16:45:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I would check out
http://www.creditboards.com
They have a lot of useful information on improving your credit score.
2006-11-26 17:17:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Get in debt and pay it off. Sounds silly I know but it's the only way.
2006-11-26 16:43:40 · answer #8 · answered by Barry G 4 · 0⤊ 0⤋