As a new immigrant in the UK, building credit can be a challenge. However, it is of utmost importance to create a credit history if you wish to stay long term and have access to financial instruments like Loans, Mortgage, etc. in the future. How does Credit card help in generating a credit score? Having a credit card can be important for building a credit score for several reasons: Credit History: Credit cards provide an opportunity to establish a credit history. Lenders and credit bureaus use your credit history to assess your creditworthiness when you apply for loans or other forms of credit. By using a credit card responsibly, making timely payments, and keeping your balances low, you can build a positive credit history over time. Payment History: Your payment history is a crucial factor in determining your credit score. By consistently making your credit card payments on time, you demonstrate financial responsibility and reliability. Late or missed payments can have a negative impa...
Blogs about everything... Powered by AI