Credit Builder Card Query

LeeUK · 24 Jun 2018 at 08:24

Capital One and Luma are easy to get. Although only apply for one as Luma are owned by Capital One.

LeeUK · 24 Jun 2018 at 08:25

paradigm said:
ClearScore are equifax IIRC, not Experian.

I think Experian bought ClearScore out so the reports have switched or will be switching to Experian no doubt.

subbytna · 24 Jun 2018 at 10:25

paradigm said:
ClearScore are equifax IIRC, not Experian.

So they are, I was convinced I'd read the other side though

BUDFORCE · 24 Jun 2018 at 11:27

BDEE said:
Should take this with a pinch of salt. Credit reference agencies "scores" mean absolutely nothing other than their own opinion of your credit history against their own set scoring method. In reality a lender applies their own methodology to assess ("score") you, none of which uses the fake "scores" which the agencies use as a well of selling their products.

This. I've worked for finance lenders, vehicle and mortgages for over 10 years I underwrite mortgages now.

Those credit score ratings mean nothing.

Most important thing by far before having any active credit is make sure you are on the voters roll.

Also, provided you are sensible with money, having a credit card you pay in full is a good idea, it'll cost you nothing, also lots of credit cards now have benefits for using them, take advantage of that.

Once you get a credit card, ring them up every 6 months to get your credit limit increase, even if you have no intention of using it.

Don't ever get a loan to boost your credit score, it'll cost you a fortune, and don't ever (ever) take out a pay day loan.

Also people overate the importance of searches against them, they really won't affect you much unless you have tons of them.