Credit Ratings

[jp_2031]

Hello;
I am a 19 year old student, and im not sure much to do with banking and credit ratings; can anyone tell me ways to give myself a good credit rating so in the future when I want to get a loan or mortgage, I can get one easier?

I have a contract phone, and i pay for it every month on time via direct debt; does this improve my credit rating? How about if i use my overdraft, then pay the money back in? Does that help?
Thanks :D

[Buenchico]

See here (in particular the 'Improve your credit score' section towards the bottom of the page):
http://www.moneysavin...t-rating-credit-score

Chris

[j1jessicarab]

The more credit you have, the better your credit rating is ! if you have a credit card with a small limit on it, use it and pay the balance off in total each month. Your mobile phone will also help, as wil having an overdraft that you don't go over. You will not have any problems in future with a loan or a mortgage.

[bushbaby_de]

jessica's answer is not quite correct in that more credit can sometimes do you harm - if you have three credit cards with a 3 grand limit, even if you hardly use them and pay them off each month, it will count as 9 grand of credit already given, which will be reduced from the total amount they think you can cope with. So only have the amount of credit available that you actually need!

[jp_2031]

Thanks all