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Using Credit Card to Build Credit History?

  • 26-09-2011 8:20am
    #1
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭


    Hi guys,

    My girlfriend was saying over the weekend that she wants to build a credit history. She was thinking of taking out a loan to do this. I think this is a bit mad as she wouldn't need the money and it would cost her the interest.

    Instead I suggested getting a credit card. Wouldn't prompt payment of CC bills help build a rating in the same way?

    I know some people here are against CCs but she is genuinely very sensible and I couldn't see her getting into any hassle with them.

    Thanks.


Comments

  • #2
    Pablo1802
    Registered Users, Registered Users 2 Posts: 216 ✭✭Pablo1802


    Maggie Repulsive Compass wrote: »
    Hi guys,

    My girlfriend was saying over the weekend that she wants to build a credit history. She was thinking of taking out a loan to do this. I think this is a bit mad as she wouldn't need the money and it would cost her the interest.

    Instead I suggested getting a credit card. Wouldn't prompt payment of CC bills help build a rating in the same way?

    I know some people here are against CCs but she is genuinely very sensible and I couldn't see her getting into any hassle with them.

    Thanks.

    MBNA and Tesco send monthly statements to ICB,
    but BOI and AiB send if you miss any payment or you are behind your credit limit, normally they dont send if you're Ok with them.


  • #3
    Pythia
    Registered Users, Registered Users 2 Posts: 7,469 ✭✭✭Pythia


    Maggie Repulsive Compass wrote: »
    Hi guys,

    My girlfriend was saying over the weekend that she wants to build a credit history.

    Why does she need to build a credit history? I used to work in credit scoring and there isn't a huge benefit having a good credit history vs no history.


  • #4
    amdublin
    Registered Users, Registered Users 2 Posts: 20,653 ✭✭✭✭amdublin


    This type of credit history building is good in the states. But not in Ireland.

    Forget the loan. Forget the cc.

    Just start and stick to good old fashioned saving. (and lots of it)


  • #5
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    Thanks for the input, wasn't exactly sure how they checked your credit worthiness here in Ireland.

    She does regularly save so that's a good thing. I'll tell her to keep up the good luck! :D


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