How to build your credit score? Any tips or help?

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Posted 3rd Jun
Hello everyone I'm new UK, came here in October 2019 and looking for ways to build up my credit score. I'm already paying my phone bill on my name etc but my credit score has been the same since the beginning. any tips will be appreciated
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Why are you desperate to build it? Pay your bills properly on time and you will be fine. And if you are eligible, register to vote.

Credit score in the UK doesn't work like in the US where everything is decided by it. Banks look at multiple factors in their loan decisions.
If you have a proper bank account (not a new online fintech based), call your bank if they can provide you a basic credit card and start using that where allowed, clear off the balance monthly.
bozo00703/06/2020 06:00

Why are you desperate to build it? Pay your bills properly on time and you …Why are you desperate to build it? Pay your bills properly on time and you will be fine. And if you are eligible, register to vote.Credit score in the UK doesn't work like in the US where everything is decided by it. Banks look at multiple factors in their loan decisions.


Very, VERY wrong. Take one simple example; it DIRECTLY affects the interest rate you pay on a mortgage and that is worth 10s if not 100s of thousands of pounds over the life of a mortgage. It affects your ability to to access all sorts of things including Insurance deals, Credit, Car Hire, Utilities and more. I know a multi millionaire who had a card dispute and applied for a new one. He was refused the credit card because his score was too low.

OP - take a look at the moneysavingexpert site which as good advice.
ccnp03/06/2020 08:38

Very, VERY wrong. Take one simple example; it DIRECTLY affects the …Very, VERY wrong. Take one simple example; it DIRECTLY affects the interest rate you pay on a mortgage and that is worth 10s if not 100s of thousands of pounds over the life of a mortgage. It affects your ability to to access all sorts of things including Insurance deals, Credit, Car Hire, Utilities and more. I know a multi millionaire who had a card dispute and applied for a new one. He was refused the credit card because his score was too low.OP - take a look at the moneysavingexpert site which as good advice.


What part of "pay your bills properly on time, register to vote, etc" do you disagree with?
bozo00703/06/2020 08:54

What part of "pay your bills properly on time, register to vote, etc" do …What part of "pay your bills properly on time, register to vote, etc" do you disagree with?


That won't build your credit though. I've been registered to vote and paid every bill on time yet my credit was shocking.

If you wanna build credit you have to put some effort into it. Get credit cards, use them, pay them off, get credit limits raised, repeat.
maybe it’s because you compared the Uk to the US for no apparent reason.. or maybe because you say pay your bills on time and you will be fine... not really sure this is great advice as it’s very open - what about if the person pays their bills on time whilst moving house 5 times in a year without being on the electoral at the same time as taking out a high interest payday loan and changing bank accounts a few times.. certainly not going to have a good score after that.. I think that’s the issue with your open statement.
Here's some advice from one of the Credit Score companies:
experian.co.uk/con…tml
bozo00703/06/2020 06:00

Why are you desperate to build it? Pay your bills properly on time and you …Why are you desperate to build it? Pay your bills properly on time and you will be fine. And if you are eligible, register to vote.Credit score in the UK doesn't work like in the US where everything is decided by it. Banks look at multiple factors in their loan decisions.


Not entirely true sadly. For people who have just come to the U.K., lack of credit history is a real problem with getting accepted for applications.

Likewise some lenders have minimum scores for certain applications - hsbc 850 on experian for a mortgage for example, or YBS needing 400 on equifax. The difference is each reference agency has a different way of scoring and lenders don’t make this stuff public.

Used to work in underwriting and banking.
borrow and pay back
ccnp03/06/2020 08:38

Very, VERY wrong. Take one simple example; it DIRECTLY affects the …Very, VERY wrong. Take one simple example; it DIRECTLY affects the interest rate you pay on a mortgage and that is worth 10s if not 100s of thousands of pounds over the life of a mortgage. It affects your ability to to access all sorts of things including Insurance deals, Credit, Car Hire, Utilities and more. I know a multi millionaire who had a card dispute and applied for a new one. He was refused the credit card because his score was too low.OP - take a look at the moneysavingexpert site which as good advice.


Actually bozo007 was correct.
Credit scores are not used in the UK. Credit scores are an indication created by a credit referenced agency, to allow them to sell reports and subscriptions.

Your recorded history on how manage debt, residency stability, job stability, age, wage, value of disposable income, post code etc are all used to make a judgement of lending suitability. It is not based on a ‘Score’.
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