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Gorman | 16:06 Wed 25th Aug 2004 | Business & Finance
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How do you get a credit rating? I have never had any credit and as such can not get any to start a decent credit history. Can anybody suggest an easy way of getting on the credit ladder?
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It's really difficult. It's like a vicious circle, you need good credit to get credit. I applied everywhere when I turned 18 and couldn't get anything. In the end I managed to get a mobile phone from 02, paid it on time every month until the contract was finished and after that I was accepted for 2 credit cards. So you could try getting a mobile. Also, www.universa.co.uk have a really high acceptance rate, my best friend got one when she was that situation. Hope this helps.
If you have a bank account, then try applying for a credit card from that bank. Once you have that this should open up more credit opportunities. I would use the credit card whenever you would normally pay cash, but pay it back in full every month.
Make sure that you are on the electoral register. This adds weight to your application, as does having a bank account. If you don't have a bank account that gives access to a credit card, see if you can upgrade any accounts you may have had as a child (even if unused for years) into an adult account, then you have banking history too.

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