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Anyone know how to build your credit back up?

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07-09-2017, 23:30   #1
Lee1981
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Gf got turned down for a car other day. I applied for car loan and got it. She thinks it will help her better if s ahe buys it outright and just pays me back. Will this way help with her credit much?
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07-09-2017, 23:40   #2
ez8004
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Quote:
Originally Posted by Lee1981 View Post
Gf got turned down for a car other day. I applied for car loan and got it. She thinks it will help her better if s ahe buys it outright and just pays me back. Will this way help with her credit much?
No, buying something outright doesn't help your credit score.

You need a credit card to start with and keep on using it and paying it off. That will help.
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07-09-2017, 23:42   #3
Puggie
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Martin Lewis (the chap from Money Saving Expert) has written a very good article on credit ratings, how they work, and how to improve your own.

http://www.moneysavingexpert.com/loa...g-credit-score
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08-09-2017, 10:02   #4
Danny_Boy
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Quote:
Originally Posted by Lee1981 View Post
Gf got turned down for a car other day. I applied for car loan and got it. She thinks it will help her better if s ahe buys it outright and just pays me back. Will this way help with her credit much?
Whatever you do, do not take out payday loans. Some of them advertise that they improve your credit rating but they can stop you from obtaining credit from elsewhere.
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Financial Advisor. Re-mortgages, Help to buy schemes, help to buy ISA's, insurances & bereavement planning.
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08-09-2017, 11:09   #5
nowt2pctoday
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i told my kids as soon as they were 18 to apply for a couple of major credit cards which they did, they were sensible enough to know not to abuse them and bought small items petrol etc over a year and paid it back on time at the end of every month, as a result their rating is excellent and the amount of credit available to them is high. never use more than 20% of your available credit.
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