To build credit, you need to use credit. For those that have just relocated to the U.K., this may seem impossible. Companies like to see a good track record of debt repayment but credit doesn’t transfer across countries, leaving immigrants stuck with no credit in the U.K.. However, credit need not be a source of anxiety, as there are several ways to quickly build up a credit score. It can be difficult for Poles who have recently relocated to the U.K. and who are not fluent in English to apply for credit, but certain sites allow for Polish applications. This will allow those who do not speak English to easily to secure loans in the U.K. for Poles in Polish(kredyt w uk).
Register on the Electoral Roll.
This is by far the quickest and easiest way to build credit. EU citizens residing in the U.K. are eligible to register on the electoral roll, and this can be done by post, or online. By registering, companies are able to confirm personal details (name and address). Without this information, it would be impossible to secure loans in the U.K for Poles at https://pozyczkiwuk.eu
Open a UK bank account.
By setting up U.K bank account (and responsibly managing your finances), your credit score will improve. The Money Advice Service suggests opening an interest-free overdraft if available with your bank. Using the overdraft for small amounts of credit at a time will make it easier to pay off and subsequently build up your credit.
Be on top of your household bills
Manage your household utility bills such as electricity, gas and water well is one way of building up a credit history for Poles in the U.K. who are looking for loans. By paying your bills in full and on time, companies can see that you manage your finances responsibly.
Get a credit building credit card.
Moneysavingexpert.com suggests getting a credit building credit card. These cards have a high interest rate, but will accept applicants with little or poor credit history. Using this card for small payments and fully repaying each month will build up your credit score in as a little as 6 months. Just don’t withdraw cash on this card (or any kind of credit card)!
Don’t apply for credit too frequently
When you apply for credit, a mark is left on your file for 12 months. If you apply for credit too often in a small time period, this can lead to rejections which negatively impacts your credit history. One source of anxiety regarding applying for credit at any interval is the application form itself – some sites allow you to apply in Polish, making it easier to secure loans in the U.K. for Poles in Polish.
These are but a few options to help U.K. immigrants build a credit history. There are plenty of fast, easy options out there that can help you accrue credit in the U.K.