# Building up good credit quick?... best tricks?



## adamck (Dec 2, 2010)

Hi Guys.
Ok so... i have good credit, ive been renting for 2 years and have tons of direct debits coming out (all the house bills, rent, 2 phones, car & motorbike insurance).
Ive never lent money, had a credit card, had a loan or an overdraft... which i know is usually a good way to make good credit, but lending scares me lol.

My Mrs... she's had credit cards, loans, and owed money in the past, some she didnt keep up with.
As she lives with me now... she is under a strict understanding that paying for stuff we dont need (or cant afford) on a credit card, then paying it back later isnt something i do... EVER.
She now only owes a couple of hundred on the credit card and nothing else (phew!)

She went to open a bank account the other day with a different back and got declined.
They didnt say much about why... but they just didnt allow it.

So we need to build up her credit... as she earns <£1000/mo i was thinking of setting up a standing order to send her £500 every month from my account, then setting up another standing order on her account to send it back, would this work for helping her credit? as most banks want £1000+ going through the account each month...

Also i want to transfer money into her account to pay the council tax and rent from so she has some direct debits coming out too.

i know the quickest ways are loans and credit cards, then paying them off, but they do scare me lol.

Any ideas?


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## MidlandsCarCare (Feb 18, 2006)

Have you looked at her profile on Credit Expert?


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## bigslippy (Sep 19, 2010)

adamck said:


> Hi Guys.
> Ok so... i have good credit, ive been renting for 2 years and have tons of direct debits coming out (all the house bills, rent, 2 phones, car & motorbike insurance).
> Ive never lent money, had a credit card, had a loan or an overdraft... which i know is usually a good way to make good credit, but lending scares me lol.
> 
> ...


No quick fix I'm afraid , credit score will improve when there is a history of attaining credit and maintaining it diligently.

I would also get a credit report for Mrs to see what's on it that would have prevented that bank giving her the account


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## adamck (Dec 2, 2010)

She did a thing a while ago for credit expert but shes lost the login details i think.
Will contact them and see.


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## Lee.GTi180 (Apr 28, 2010)

Having a credit card isn't a bad thing. I have 1 and my credit rating is the maximum it can be without me being a home owner (which I now am but haven't checked since!).

I got mine to build credit rating by using it for purchases I know I have the money for (go home and pay it off straight away) and for stuff like fuel which you would only use a debit card to pay for anyway! Saying that it still took a couple of years to get as high as it is.


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## Pezza4u (Jun 7, 2007)

I've had credit cards since I was 18 and as long as you're sensible they're a good thing, plus you get the protection when paying online. I've got abit of debt on mine but should have that cleared in a couple of years providing the cost of living doesn't go up much!!!


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## Claireeyy (Jul 20, 2009)

Did try and apply on line or in the branch?


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## adamck (Dec 2, 2010)

She applied in branch.

Yeah we are thinking of taking a few £1000 loans out in the next couple of years and paying them off pretty quickly with out savings money etc...


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## Duke Wellington (Dec 1, 2009)

It upsets me to see this has happened. Something not right here, a potential new customer walked into a branch, applied for a current account, she is working with regular income and they turn her down.

Was an overdraft facility included in the application? 

Credit scoring is for credit, if she was applying for an overdraft facility they could decline it but if she wants to open a current account without an overdraft facility I see no reason why should they decline. Maybe they think she is a money laundering risk or involved with fraud? Check if there is a CIFAS warning on her credit file.

The Bank won’t give you the reason directly but did they say something like: “We advise you to take a look at your credit file” This basically means there is adverse information their checking system is not happy with. It could be something else like they could not find her at the address she gave.

Credit Scoring is only part of the requirements when applying for a mortgage. The best way to shoot yourself in the foot is to buy a car on an expensive financial agreement to “improve” your credit score before applying for a mortgage. The lender will take the car finance you are committed to pay into consideration then roll down the maximum amount they are prepared to lend to you.

Ability to pay is a big factor.


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## The Cueball (Feb 8, 2007)

get a look at her credit file... it's scary how many of these have incorrect information on them...

I don't think the DD to and from you I'll help anything as this is not credit...

if she already has a credit card, change the DD to take the full amount each month and start using the card for the food shopping and petrol etc etc...

no point having credit and not using it....

:thumb:


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## adamck (Dec 2, 2010)

She applied for a current account with nothing special, the only reason for moving is due to HSBC not giving her internet banking or a solo/visa card unless she has £1000+ in her account, shes currently self service only 

The idea of sending money from my account to hers and back again was to increase her incoming payments to over £1000 so she can get online banking and a basic card she can use in a shop, not so much for credit.

Hopefully will have a look on credit expert when they pop us the new password.


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## CM TDI (Oct 26, 2011)

would this mean it would be her second current account? 

apparently banks dont like people having 2 current accounts, when i started my tiny ebay business but wanted to keep finances seperate i tryed to just do it through another current account with a different bank and they said I couldnt do it so I had to go through the hassle of opening a business account.

So if you already have a current account open that may be why.


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