building up credit rating
#1
building up credit rating
Moving back to UK after 34 years out of country. Have opened HSBC account and have a UK a HSBC credit card. All done from Canada.
We will be renting when we first get there while we look for the right property to buy.
When buying a car, do you think we should try and do that on finance so that we can start building up a credit rating? We are retired and will be cash buyers, so the credit rating will not be necessary to get a mortgage etc, and we could buy the car for cash, but would be interested in people's views.
Many thanks
We will be renting when we first get there while we look for the right property to buy.
When buying a car, do you think we should try and do that on finance so that we can start building up a credit rating? We are retired and will be cash buyers, so the credit rating will not be necessary to get a mortgage etc, and we could buy the car for cash, but would be interested in people's views.
Many thanks
#2
Re: building up credit rating
Moving back to UK after 34 years out of country. Have opened HSBC account and have a UK a HSBC credit card. All done from Canada.
We will be renting when we first get there while we look for the right property to buy.
When buying a car, do you think we should try and do that on finance so that we can start building up a credit rating? We are retired and will be cash buyers, so the credit rating will not be necessary to get a mortgage etc, and we could buy the car for cash, but would be interested in people's views.
Many thanks
We will be renting when we first get there while we look for the right property to buy.
When buying a car, do you think we should try and do that on finance so that we can start building up a credit rating? We are retired and will be cash buyers, so the credit rating will not be necessary to get a mortgage etc, and we could buy the car for cash, but would be interested in people's views.
Many thanks
We'll be in very much the same position as you describe. I don't have any input to your credit rating question, although I know that today's Brits seem obsessed by the concept.
I'd be interested to learn why someone like you and me should bother about it? I'm likely missing something but mortgage and vehicle purchase and such like aside, what else would a credit rating be good for?
#3
Re: building up credit rating
I heard someone on R4 "You and Yours" who was having issues getting a cell phone plan. he bought his house for cash, his car for cash but had to get a pay as you go plan on the mobile!
have had some contact with a rental agent who told me that, even though we would pay 6months rent upfront, we would need to have a credit check.
have had some contact with a rental agent who told me that, even though we would pay 6months rent upfront, we would need to have a credit check.
#4
Re: building up credit rating
I heard someone on R4 "You and Yours" who was having issues getting a cell phone plan. he bought his house for cash, his car for cash but had to get a pay as you go plan on the mobile!
have had some contact with a rental agent who told me that, even though we would pay 6months rent upfront, we would need to have a credit check.
have had some contact with a rental agent who told me that, even though we would pay 6months rent upfront, we would need to have a credit check.
#5
Re: building up credit rating
Like you, I went the HSBC route, prior to moving back. I don't think you need to incur the costs of financing a car to establish your credit rating. I put my name on the electoral roll and started paying my bills (broadband, council tax, electricity) and that seems to have been sufficient. The only time that, to my knowledge, my credit rating was checked was when I changed from a pay as you go mobile to a contract. However, you could probably pay that up front too. Others on here have managed to rent without a credit rating, but as you mentioned had to pay 6 months upfront.
Good luck with your move.
Good luck with your move.
#6
Re: building up credit rating
excellent, many thanks for that info. knew about getting name on electoral roll as soon as possible. havd an unlocked iPhone so quite happy to start off with a pay as you go.
#7
Banned
Joined: Sep 2014
Posts: 3
Re: building up credit rating
Didn't know about getting name on electoral poll asap, good info. Thanks!!
#8
BE Forum Addict
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,931
Re: building up credit rating
Cell phone accounts usually do the credit check whilst you are in the store -people want to walk out with their new phone!
#9
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: building up credit rating
We had to buy phones instead of getting a contract because of no UK credit rating. We are trying to get a mortgage, which is not straightforward without three years' UK residence. However, npower ran a US credit check with no problems.
#10
Re: building up credit rating
As well as the info above, get another credit card and pay it off each month or set up a standing order to cover the minimum payment each month.
Open a store card. Some cards like M&S give you cash-back vouchers to use in-store.
Pay your utilities monthly by Direct Debit.
I have no interest in credit rating because I don't need credit but my children are neurotic about it.
Open a store card. Some cards like M&S give you cash-back vouchers to use in-store.
Pay your utilities monthly by Direct Debit.
I have no interest in credit rating because I don't need credit but my children are neurotic about it.
#11
BE Enthusiast
Joined: Aug 2012
Posts: 800
Re: building up credit rating
As well as the info above, get another credit card and pay it off each month or set up a standing order to cover the minimum payment each month.
Open a store card. Some cards like M&S give you cash-back vouchers to use in-store.
Pay your utilities monthly by Direct Debit.
I have no interest in credit rating because I don't need credit but my children are neurotic about it.
Open a store card. Some cards like M&S give you cash-back vouchers to use in-store.
Pay your utilities monthly by Direct Debit.
I have no interest in credit rating because I don't need credit but my children are neurotic about it.
#12
Re: building up credit rating
We recently failed a credit rating to open a premier account at HSBC. We were allowed to open a standard account. However, I was surprised I failed as I am on the electoral roll, have had a different bank account for over twenty years, a credit card always paid up, utility bills for the past four months, etc! I presume after more time back here, I will eventually get a good rating!
#13
Re: building up credit rating
We recently failed a credit rating to open a premier account at HSBC. We were allowed to open a standard account. However, I was surprised I failed as I am on the electoral roll, have had a different bank account for over twenty years, a credit card always paid up, utility bills for the past four months, etc! I presume after more time back here, I will eventually get a good rating!
#14
Re: building up credit rating
I'd use your existing UK credit card to build your credit rating - if you use it for all your everyday purchases and pay the whole balance before the due date you won't incur any interest and you'll establish yourself as a good credit risk in no time.
I'd strongly advise against buying a car on finance, you'll pay a ton of interest and I don't think you need to do this to establish a credit rating. Best of luck
I'd strongly advise against buying a car on finance, you'll pay a ton of interest and I don't think you need to do this to establish a credit rating. Best of luck
#15
BE Enthusiast
Joined: Aug 2012
Posts: 800
Re: building up credit rating
If you have an Amex you can actually change that to a UK Amex once you get back without having to go through the UK credit stuff as its based on your current Amex account. They dont give you a high credit line but its enough to start building up your UK credit.