eggy790

iTrader: (20)

just done an experian credit check

and it says i have a good rating/score but 30% of people still have a better credit rating than me lol

so how do i make it better?

im basically 21.. Got a:

Student Account - 2k interest free overdraft
Current Account
Credit Card - 1.5k limit

rent wages bills etc. all paid by direct debit..
purchases made on credit card for security..
direct debit set up to take full credit card payment from Student Account

soo i think am on top of my finances, use overdraft here and there .. usually when lending money to friends.. so that has been used for periods of around 6 months.. not really any longer..

and once in first year of uni i was paying minimum payments on credit card when i had it maxed out but that was only when it was on 1k limit..

erm no debts or student loans or personal loans either..

is my credit score not higher due to me having limited expereince with credit? i.e. no loans.. no other credit cards? actually i have a store card lol used only a few times though..

how can i make it better? think i need to take more risks and more credit?

or should i not worry as my credit score is good enough?

any tips advice are appreciated

cheers

mamoon2

It may not be possible for you to do but:

1. Pay off credit card in full each month
2. Do not apply for any credit
3. Use the store card and pay it straight off so there is no interest.
4. Are you on the electoral roll?

eggy790

iTrader: (20)

1. Pay off credit card in full each month - Done Already
2. Do not apply for any credit So not applying for credit boosts your rating?
3. Use the store card and pay it straight off so there is no interest. Done Already
4. Are you on the electoral roll? Whats this?

EddScott

Having no credit cards will effect your score but in a negative way.

Its better to have a couple of grand outstanding and be seen to pay it off on time. The reason why yours could be better is because you haven't got enough credit for them to make a decision.

eggy790

iTrader: (20)

thanks EddScott

i thought that was the case. So i suppose as i get older.. graduate etc. it'll sort of get better after experiencing more?

ChefDude

don't miss any payments - they never forget.

eggy790

iTrader: (20)

never missed any payments

p.s. just searched google for electoral roll

did a search on 192 and yes i am on it

does that make a difference?

fivetide

iTrader: (1)

Yes. Being on the electrol roll shows you aren't fly by night and likely to do a runner.

Also not applying for credit doesn't put your score up per say. What it doesn't do is put your score down.

Every time you are credit scored it shows up. So if you've beend scored for loans 6 times in a month it doesn't look good whether tyou've paid them off or even taken them out. Does that make sense?

I wouldn't advocate managing a couple of grand on a credit card, simply be seen to pay bills. A contract phone is a good one. Pay on direct debit and that will help your score. Likewise similar sorts of deals...

5t.

AndyC_772

iTrader: (2)

I wouldn't do anything at all. If you've not been turned down for any financial products that you actually want, then you don't have a problem.

eggy790

iTrader: (20)

cheers guys

nah im fine, havnt been turned down, and aint really looking for anything at the moment

just thought id make use of the free trial and see what my rating is like..

lol and the way they wrote 30% people have a better rating than you , made me think well how do i make it better

fivetide: i get what your saying, and i ive had a phone contract ever since i was 18 so that should be in my favour

i think ill just continue as i am

ScoobyWon't

Who do you use for your student account?

eggy790

iTrader: (20)

HSBC

note. overdraft isnt 2k immediately.. i upped it during placement year, going into final year now

ScoobyWon't

Thanks. Just wondering about opening a student account as I am in full time education for the next two years.

eggy790

iTrader: (20)

no worries

tbh when i finished a levels in 6th form i went with hsbc due to them giving a free ipod lol better than what other banks are offering..

but am glad i did, never had any problems with them

upped credit card limit and overdraft limits whenever i needed them

also had credit card cloned (some joker was buying wood in other end of country lol), and they sorted it out within 24hours, i had a new card following day..

also had my student account comprimised online, they sorted that in 3 days.. ( due to compensating for money etc)

overall never let me down, so dont think you can go wrong with them

Dedrater

Ever the pessimist, look at the other angle, you have a better score than 70% of people, so for every 10 people you walk past in the street, you can look down on 7 of them!

dunx

iTrader: (3)

My sister was a typical Yorkshire lass, pay cash or sod off !

Her credit score was abysmal, they wouldn't give her a mortgage for a new home, £38K a year ! And £50K mortgage, stupid.

dunx

eggy790

iTrader: (20)

lol ^ reminds me of my friend , hes same, he has a basic cash account he opened before he was 16 and thats all..

wages go in that.. lives at home.. no bills.. pay as you go fone.. pays cash for everything

drives a scoob + m3 .. currently 20k short for paying for a house upright in cash.. borrowing off mates.. and paying them back at £200 a week .. so £10,400 of each.. paid off in a year

not the best house but its a decent enough 2 bed to put on rent, right near BRI

seems to think he'll be fine, i think he'll realise later on, and regret it

note. hes been working since he was 16.. 24 now.. also a yorkshire lad!

eggy790

iTrader: (20)

lol i like your thinking.. makes me feel better

paulg1979

iTrader: (1)

It seems the more credit you have the better your credit rating is. Cancelling credit cards isn't good. The best thing you can do is have a few credit cards use them but make sure you pay them off each month. Applying for loans and not taking them is bad too. Getting rejected is even worse but like other people said if you haven't been refused a loan I wouldn't worry about it.

eggy790

iTrader: (20)

what about applying for increased limits and being refused? is that also a big negative?

austinwrx

I think if you need to worry about yr credit rating, you need to stop borrowing/living on credit.

there is only one way forward (being a yorkshire man) and thats cash.

I've never ever bothered about my credit rating- I owe nobody anything, except for a small mortgage. its not my problem if I'm ranked in top 30 or 70 % etc etc.

if it really matters to you, having equity is the only way forward- being a student/low earner and having nothing of substance ain't going to help.

StickyMicky

I love how the uk went **** up due to "credit"

then everybody complained about it

and then people are helping this lad get a better credit rating

Leslie

Keep paying up on time.

Les