[odkfn]

I finished uni with no debt last year, I'm 11 months into my job, I earn 30k+ a year, I still have no debt. I pay my phone contract every month, I've never missed a payment or been late.

I went to see a mortgage advisor and applied for a mortgage for a 90k flat (even though on my wage I should be able to borrow up to 130k) and got declined.

I went into my bank to try get a credit card (so that I can use it to build my credit) and got declined.

I literally have no debt, a good wage and I can't get any form of credit as I don't have a credit history. How can I build a credit history without someone giving me a credit card or mortgage!?

Cheers.

[OU Student]

Do you have a current account with a bank? I'm sure I was told that was enough. Or a phone contract.

[PinkMobilePhone]

Aye it can be a problem having no credit, though you'd think it should be an advantage as you have never been in debt, but oddly enough it can be detrimental to have never had credit.

Try one of those "no credit, no problem" type of loans. Just get a small loan over a short amount of time, and pay it back promptly, and see whether or not that helps.

[tsnake23]

Have you checked to see if there's anything wrong with your credit record? You can find links to the main credit agencies on here: http://www.moneysavingexpert.com/loa...g-credit-score

[odkfn]

(Original post by tsnake23)
Have you checked to see if there's anything wrong with your credit record? You can find links to the main credit agencies on here: http://www.moneysavingexpert.com/loa...g-credit-score

ive just applied with creditexpert to see my credit score but you need to wait five days to get a code in the post to activate your account -_-

[loupgarou]

I looked at mine and found I had a low credit rating, despite like yourself, having no debt etc. My bank, Lloyds, suggested I get a credit building credit card, so I did, and used it for small amounts each month for a year or so. My credit rating now is excellent, so perhaps this may work for you?

[rach2012]

You should definately get one of the credit building credit cards because if you're smart enough to pay it every month and resist temptation to spend lots then you won't have to pay lots of interest like a loan.

[odkfn]

(Original post by loupgarou)
I looked at mine and found I had a low credit rating, despite like yourself, having no debt etc. My bank, Lloyds, suggested I get a credit building credit card, so I did, and used it for small amounts each month for a year or so. My credit rating now is excellent, so perhaps this may work for you?

is there such a thing as a "credit building" credit card - or is any credit card "credit building" as long as you pay it off promptly?

Thanks.

[hvh]

Things like littlewoods are also good for building a credit history. You can purchase things on credit and pay back interest free.

[The_Jakal]

I think it will definitely be because of your credit rating. I know you can check them for free and read all the info you need at Savethestudent here.

I hope that helps and you get your flat

[tsnake23]

(Original post by odkfn)
ive just applied with creditexpert to see my credit score but you need to wait five days to get a code in the post to activate your account -_-

Have a look at the callcredit one (called noddle). Its free to sign up and you can view it straight away.

[clownfish]

I'd have a look on moneysavingexpert and perhaps post on the forums there too for advice.

[odkfn]

(Original post by tsnake23)
Have a look at the callcredit one (called noddle). Its free to sign up and you can view it straight away.

Would this be detrimental to me? The mortgage adviser I saw said that every time you check your credit score or check if you COULD get a loan or bank card it leaves a mark on your credit history so too many marks too close together could be another reason I coulldnt get a card as they wonder why you're looking to get so much stuff! Do you think signing up for callcredit so soon after I applied for credit expert might hinder me?

[tsnake23]

(Original post by odkfn)
Would this be detrimental to me? The mortgage adviser I saw said that every time you check your credit score or check if you COULD get a loan or bank card it leaves a mark on your credit history so too many marks too close together could be another reason I coulldnt get a card as they wonder why you're looking to get so much stuff! Do you think signing up for callcredit so soon after I applied for credit expert might hinder me?

No, this is only the case if too many third parties (i.e. lenders) check your credit score in a short period of time. Any checks you make yourself via the credit agencies are not visible on your report.

[The_Jakal]

I find it hillarious that someone with your record cannot get a mortgage whereas someone who has got into debt previously buy paid it off quickly can get most loans.

Moneysavingexpert even suggest spending and borrowing to improve your credit rating.

You wonder why we are in a recession.....

[odkfn]

(Original post by The_Jakal)
I find it hillarious that someone with your record cannot get a mortgage whereas someone who has got into debt previously buy paid it off quickly can get most loans.

Moneysavingexpert even suggest spending and borrowing to improve your credit rating.

You wonder why we are in a recession.....

Tell me about it, my brother has no job, but when he was a student (before he dropped out) he took a student loan, a bank loan and has 2 credit cards - he is now in like 20k of debt. How did he get 2 credit cards? He also has a car on payments.

The system is well and truly ****ed.

[loupgarou]

(Original post by odkfn)
is there such a thing as a "credit building" credit card - or is any credit card "credit building" as long as you pay it off promptly?

Thanks.

Yes, it is specifically for building credit, and was suggested by my bank. If you look at comparison sites for credit cards they often have a sub category for those that are specifically for this purpose.

[PhoenixFortune]

(Original post by odkfn)
Would this be detrimental to me? The mortgage adviser I saw said that every time you check your credit score or check if you COULD get a loan or bank card it leaves a mark on your credit history so too many marks too close together could be another reason I coulldnt get a card as they wonder why you're looking to get so much stuff! Do you think signing up for callcredit so soon after I applied for credit expert might hinder me?

Definitely sign up to Noddle. I've found it so helpful and it will show you where you might be going wrong.