Everyone said "Get a credit card, it will improve your credit rating - and make sure you use it!"
So I did and have been very sensible, paying it off every month...
...and my credit rating has gone through the floor.
@catmachine The trick to getting your credit score to go up is not to pay it off every month. Try to keep about 15-20% of your credit balance in use at all times.
Credit card companies will give you a better score if they feel they can make money from you in interest. That is how they encourage you to get and use more credit.
Source: Some of my family work in finances and this is, exactly, what they told me. I followed their advice and rocketed my credit score.
@Pinky_Slivovitz @quinnsentialOne Thanks for the tips everyine. I am going to have to think this over carefully and come up with a plan... No car and no house (yet - the whole credit score debacle is me trying to get a mortgage).
@quinnsentialOne @catmachine The trick is to have higher available credit. Ask for increases on your limits from the credit card companies and pay off in full. Never carry a balance. Minimum 3-4 cards is ideal and if possible, a mix of credit...car, house, cards. My score is 820.
It seems counter intuitive, but the more available credit you have, the higher your score.