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  • FIRST POST
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 11:41 AM
    • 20Posts
    • 4Thanks
    Ryan_W95
    Poor Credit Raiting - Looking to get CC to improve it! - Advice Needed
    • #1
    • 13th Jun 17, 11:41 AM
    Poor Credit Raiting - Looking to get CC to improve it! - Advice Needed 13th Jun 17 at 11:41 AM
    Hi MSE Forums,

    I'm currently looking to get a credit card as my credit score it too low and I don't want to apply for credit in fear that I'll be declined and keep affecting my rating. My score it really low, I checked on Clearscore and I do belive it was in the high end of the 100's So pretty low... I have applied for credit a few times so that has affected it. I'm not currently on the electoral roll at the moment due to just moving house (My Partners Mum's house) and My mum also took out an account for a catalogue, never paid it. I have paid it but still have it showing as a negative on my score.

    At the moment, the Typical APR or interest doesn't matter I know with my score being so low. I'll have to start at the bottom of the pile. Just need some advice!

    Thank you.
Page 1
    • FeelingLighterAlready
    • By FeelingLighterAlready 13th Jun 17, 11:46 AM
    • 98 Posts
    • 32 Thanks
    FeelingLighterAlready
    • #2
    • 13th Jun 17, 11:46 AM
    • #2
    • 13th Jun 17, 11:46 AM
    Try Vanquis...
    • Ebe Scrooge
    • By Ebe Scrooge 13th Jun 17, 11:56 AM
    • 3,773 Posts
    • 3,137 Thanks
    Ebe Scrooge
    • #3
    • 13th Jun 17, 11:56 AM
    • #3
    • 13th Jun 17, 11:56 AM
    As above, Vanquis are one of the better-known sub-prime cards. Lots of info here :


    http://www.moneysavingexpert.com/credit-cards/?_ga=2.56751018.1875598470.1497338003-1221404320.1497338003


    Look at the section called "Cards for bad credit".


    Get yourself on the Electoral Roll ASAP, not being registered won't help - though it will take a while to filter through to the CRAs.


    I don't understand why your mum's catalogue account would show on your file - unless she took it out in your name ???


    Your credit score itself is meaningless. But from what you've described, it does sound like your credit history is somewhat less than ideal.
    I may not know much about art, but I know what I like.
    • zx81
    • By zx81 13th Jun 17, 11:58 AM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    • #4
    • 13th Jun 17, 11:58 AM
    • #4
    • 13th Jun 17, 11:58 AM
    Make sure you know how to use a credit card if you get manage to get one.

    Use regularly, clear in full once you get the statement each month. Don't take out cash, don't miss payments and don't go over limit.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 12:25 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    • #5
    • 13th Jun 17, 12:25 PM
    Thanks
    • #5
    • 13th Jun 17, 12:25 PM
    As above, Vanquis are one of the better-known sub-prime cards. Lots of info here :


    <Removed Link due to being a new user>


    Look at the section called "Cards for bad credit".


    Get yourself on the Electoral Roll ASAP, not being registered won't help - though it will take a while to filter through to the CRAs.


    I don't understand why your mum's catalogue account would show on your file - unless she took it out in your name ???


    Your credit score itself is meaningless. But from what you've described, it does sound like your credit history is somewhat less than ideal.
    Originally posted by Ebe Scrooge
    Sorry yeah, she took the catalogue out in my name which doesn't help. I'll get the electoral roll sorted tonight.

    Yeah I've appled for a few overdrafts and been denied a few time, made a few applications for CC's in the past too aswell. So I've literally been making an emergency save fund and managing my finances a lot better. It's been 3 months which is what's recommended to wait before applying again.

    To be honest. I don't need a credit card I just want to improve my Rating, so buying lunch with it and paying it off the same day. Stuff like that.
    • zx81
    • By zx81 13th Jun 17, 12:32 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    • #6
    • 13th Jun 17, 12:32 PM
    • #6
    • 13th Jun 17, 12:32 PM
    so buying lunch with it and paying it off the same day.
    Originally posted by Ryan_W95
    No. You want to show you can handle credit, not look like you don't use it.

    Wait for the statement.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 12:40 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    • #7
    • 13th Jun 17, 12:40 PM
    • #7
    • 13th Jun 17, 12:40 PM
    No. You want to show you can handle credit, not look like you don't use it.

    Wait for the statement.
    Originally posted by zx81
    So buy lunch for the month and then pay it off at the end of the month?
    • zx81
    • By zx81 13th Jun 17, 12:45 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    • #8
    • 13th Jun 17, 12:45 PM
    • #8
    • 13th Jun 17, 12:45 PM
    Yes. Set up a DD so that full payment will be made each month.

    A warning - if you do get a card, the credit score that the CRAs give you will drop further. Ignore it, as it doesn't measure credit worthiness. Don't let it panic you into closing the card as many people do.

    Over time, your credit history will improve.
    • Ebe Scrooge
    • By Ebe Scrooge 13th Jun 17, 12:46 PM
    • 3,773 Posts
    • 3,137 Thanks
    Ebe Scrooge
    • #9
    • 13th Jun 17, 12:46 PM
    • #9
    • 13th Jun 17, 12:46 PM
    So buy lunch for the month and then pay it off at the end of the month?
    Originally posted by Ryan_W95

    Not necessarily the end of the month - it depends on your statement date. The way you need to do it is :


    1. Spend on card.
    2. Wait for statement to arrive
    3. Pay total amount in full, before the "payment due" date.


    Typically the statement will arrive a couple of weeks before the payment is due, so you have plenty of time to make sure you pay it. Or, even better, set up a Direct Debit to automatically pay the full amount each month, then there's no danger of you forgetting.
    I may not know much about art, but I know what I like.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 12:47 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    Yes. Set up a DD so that full payment will be made each month.

    A warning - if you do get a card, the credit score that the CRAs give you will drop further. Ignore it, as it doesn't measure credit worthiness. Don't let it panic you into closing the card as many people do.

    Over time, your credit history will improve.
    Originally posted by zx81
    Thank you, appreciate it.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 1:04 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    Not necessarily the end of the month - it depends on your statement date. The way you need to do it is :


    1. Spend on card.
    2. Wait for statement to arrive
    3. Pay total amount in full, before the "payment due" date.


    Typically the statement will arrive a couple of weeks before the payment is due, so you have plenty of time to make sure you pay it. Or, even better, set up a Direct Debit to automatically pay the full amount each month, then there's no danger of you forgetting.
    Originally posted by Ebe Scrooge
    Thank you!
    • Candyapple
    • By Candyapple 13th Jun 17, 1:22 PM
    • 2,242 Posts
    • 1,700 Thanks
    Candyapple
    Also, assuming the account your mum took out in your name and didn't pay turned into a default, it will mean you likely won't be able to get mainstream credit for a good number of years at least until the default drops off (after 6 years).

    The only thing to heal a poor credit history is time. And to keep up a history of payments on time, every single month without fail, in the meanwhile.

    Apply for the Vanquis card and then don't make any other applications FOR ANYTHING for 1 year minimum. Make sure you are on the electoral roll and then check monthly to see whether this data is updated with the 3 CRAs.

    The free versions to check your credit files are below:
    Experian: www.moneysavingexpert.com/creditclub
    Equifax: www.clearscore.com
    Call Credit: www.noddle.co.uk
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 1:51 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    Also, assuming the account your mum took out in your name and didn't pay turned into a default, it will mean you likely won't be able to get mainstream credit for a good number of years at least until the default drops off (after 6 years).

    The only thing to heal a poor credit history is time. And to keep up a history of payments on time, every single month without fail, in the meanwhile.

    Apply for the Vanquis card and then don't make any other applications FOR ANYTHING for 1 year minimum. Make sure you are on the electoral roll and then check monthly to see whether this data is updated with the 3 CRAs.

    <removed links due to new user>
    Originally posted by Candyapple
    thank you, I'll get on the electoral roll, as for the Account it went into arrears a while ago, I noticed it and paid it straight off around a year ago now, I was told it would be with me for 3 years or is it 6?

    I'll apply for the card tonight. Quick question though, When they run me through their system would they check the residents at the address I live at too? Only saying is because my partner get herself into some really bad debt when she was younger on her Vanquis card (Maxed out at £3000) She's still on the electoral roll for my current address. Would this effect my chances of being approved?

    Thanks again!
    • zx81
    • By zx81 13th Jun 17, 1:54 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    It'll stay on your files for 6 years.

    Credit files are for individuals, not addresses. Your partner will only impact you if you have joint financial products.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 2:15 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    It'll stay on your files for 6 years.

    Credit files are for individuals, not addresses. Your partner will only impact you if you have joint financial products.
    Originally posted by zx81
    Thank you, really do appreciate all the help!

    I done a credit score on the MSE Credit Club it's come back as 824/999 I take it that that's ok?
    • zx81
    • By zx81 13th Jun 17, 2:19 PM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    It's meaningless. The scores are largely made up and need to be ignored.

    Just focus on building your history from here.
    • Ryan_W95
    • By Ryan_W95 13th Jun 17, 3:11 PM
    • 20 Posts
    • 4 Thanks
    Ryan_W95
    It's meaningless. The scores are largely made up and need to be ignored.

    Just focus on building your history from here.
    Originally posted by zx81
    Ok, Thanks again for the help!
    • dresdendave
    • By dresdendave 13th Jun 17, 8:41 PM
    • 609 Posts
    • 680 Thanks
    dresdendave
    Well done to the OP who seems to be taking on board and thanking posters for the advice he/she is being offered.
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