Fixing My Low Credit Score

I've just checked by credit score with TransUnion and I have a score of 555, which is quite low on their scale and they describe it as 'needs some improvement'. I turned 18 six months ago and I have signed up to the electoral register. I have never had any debt or taken out any loans, which I know means that I have a thin credit file as credit agencies have no info on how I manage loans and debt.

Most info I have seen online has recommended a builder credit card. I have done a soft check on Money Super Market to see which builder/starter credit cards I am eligible for so that I can build up my credit score, only to find out I am not eligible for any.

Does anyone have any tips on how I could improve my score, seeing as it is below average and I cannot apply for any builder credit cards?

Reply 1

StriderHort

21

You don't mention any income, do you have regular wages from a job? Without this almost no lender will touch you, builder card or not.

Reply 2

Matilda_Moo

6

Your credit score is utterly meaningless, and seen by no one, apart from you (this is for the UK)

What does your file look like? Many credit agreements e.g. credit card, contract mobile phone etc., with up to date payments and no black marks, or do you have some missed payments, defaults, or CCJs?

The better forum for those discussions is the MoneySavingExpert boards

Reply 3

StriderHort

21

Original post by Matilda_Moo

Your credit score is utterly meaningless, and seen by no one, apart from you (this is for the UK)

What does your file look like? Many credit agreements e.g. credit card, contract mobile phone etc., with up to date payments and no black marks, or do you have some missed payments, defaults, or CCJs?

The better forum for those discussions is the MoneySavingExpert boards

They already said they don't have credit entries in their file.

Reply 4

unknxwnx

OP

13

Original post by StriderHort

You don't mention any income, do you have regular wages from a job? Without this almost no lender will touch you, builder card or not.

Yes, I have a part-time job where I get paid monthly and sometimes do temp jobs in which I get paid every 2 weeks.

Reply 5

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by unknxwnx

I've just checked by credit score with TransUnion and I have a score of 555, which is quite low on their scale and they describe it as 'needs some improvement'. I turned 18 six months ago and I have signed up to the electoral register. I have never had any debt or taken out any loans, which I know means that I have a thin credit file as credit agencies have no info on how I manage loans and debt.

Most info I have seen online has recommended a builder credit card. I have done a soft check on Money Super Market to see which builder/starter credit cards I am eligible for so that I can build up my credit score, only to find out I am not eligible for any.

Does anyone have any tips on how I could improve my score, seeing as it is below average and I cannot apply for any builder credit cards?

The following article is worth a read:

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

Reply 6

shamensaki

13

Original post by unknxwnx

I've just checked by credit score with TransUnion and I have a score of 555, which is quite low on their scale and they describe it as 'needs some improvement'. I turned 18 six months ago and I have signed up to the electoral register. I have never had any debt or taken out any loans, which I know means that I have a thin credit file as credit agencies have no info on how I manage loans and debt.

Most info I have seen online has recommended a builder credit card. I have done a soft check on Money Super Market to see which builder/starter credit cards I am eligible for so that I can build up my credit score, only to find out I am not eligible for any.

Does anyone have any tips on how I could improve my score, seeing as it is below average and I cannot apply for any builder credit cards?