“your credit history only includes credit that you’ve used in the uk, so if you’ve only recently moved into the country, this might be a bit of a problem...”
Getting credit
Lenders use your credit history when deciding whether or not to accept you for a credit card. This is a record of any credit cards or store cards, loans or mortgages that you’ve taken out in the past few years and how you’ve managed them. Some other things show on there too, like whether you’ve had a mobile phone contract or a car on finance. They’ll look at how you’ve paid these off – if you’ve made all of your repayments on time or if some were late – to try and build up a picture of you as a borrower.
Your credit history only includes credit that you’ve used in the UK, so if you’ve only recently moved into the country, this might be a bit of a problem. Without a credit history, lenders won’t have the evidence they need to determine whether you’ll be a good borrower or an unreliable one, so you might find that some won’t lend to you.
Want to read more? Check out part 2 of our guide here.