Credit Rating: How it works and How to improve it discussion area

Little_Otter

Hi All,

Wonder if you could help me?
I am 22 years old, have no debt, have a current account, a savings account and an ISA all with Barclays. I am looking to get a cc (my first) as I want to improve my credit rating - I want to apply for a mortgage at the end of the year (I will have saved a deposit) I know that I will have a non existant or not good credit rating due to my age and lack of outgoings - dental care, car insurance, account fee, board (to mum) I have a contract phone bill that comes out every month but it is not in my name (from when I was underage and wanted a phone)
I asked Barclays for one as I have banked with them for many years since very young - they cant offer me one!! I dont want to keep applying with various companies for obvious reasons as it will not look good if I keep getting rejected.
What I want to know is - who or what company will offer me my first credit card (I dont care about the interest being high as I will repay in full every month) I just want to get on the 'ladder'
any help wpuld be appreciated.
Thanks
LO x

CannyJock

deefadog wrote: »

Hi all, hope i can get some advice on my wifes credit rating, Basically i went to change over a phone contract that's in my name to her's (as i have a company one) The money has been coming out of her account for over a year even though it was in my name, but we got a letter saying she did not meet their criteria, which means bad credit file. But she has no store/credit cards only a car loan and our joint mortgage, could this be the problem?

many thanks for any advice.

Take care

Ask her to pay the £2 to get a copy of her credit report. Lack of credit history could be her problem rather than bad credit history.

CannyJock

Little_Otter wrote: »

Hi All,

Wonder if you could help me?
I am 22 years old, have no debt, have a current account, a savings account and an ISA all with Barclays. I am looking to get a cc (my first) as I want to improve my credit rating - I want to apply for a mortgage at the end of the year (I will have saved a deposit) I know that I will have a non existant or not good credit rating due to my age and lack of outgoings - dental care, car insurance, account fee, board (to mum) I have a contract phone bill that comes out every month but it is not in my name (from when I was underage and wanted a phone)
I asked Barclays for one as I have banked with them for many years since very young - they cant offer me one!! I dont want to keep applying with various companies for obvious reasons as it will not look good if I keep getting rejected.
What I want to know is - who or what company will offer me my first credit card (I dont care about the interest being high as I will repay in full every month) I just want to get on the 'ladder'
any help wpuld be appreciated.
Thanks
LO x

Your own bank is normally the first port of call - if they've turned you down then you should look at the sub-prime cards. Just be sure to clear the balance in full each month to avoid paying interest.

If you've not already, I would appeal Barclaycard's decision, explaining your long relationship with them, your income, minimum outgoings.

izools

Chrysalis wrote: »

never-in-doubt, you have any idea how come I know people with ccj's getting credit within the 2 years? Also with bankrupty.

I know 2 people who are bankrupt managing to get loans and credit cards, one of them also managed to get a mortgage. All 3 people I know with ccj's have managed to get credits cards and catalogue's. They also all managed to get an orange contract phone which I am mentioning as orange turned me down last year (2008) and I have no ccj or bankrupty.

Quite. Since I was discharged from my bankruptcy I was approved for a Vanquis card, Aqua card, Three contract, Barclaycard, and most recently, a Barclays Current A/C (Not Cash Card account - the full current a/c. They even gave me a £10 overdraft! Aren't I a lucky boy ).

Barclaycard I'll let off as lucky as they searched Equifax which isn't linked to the address my BR order is on but all the others searched Experian which is linked to that address, so warts and all was approved for plenty enough to keep my credit report getting healthier and healthier by the month!

Kandipandi

Hi, sorry if this has already been asked but I know that settled accounts are kept on file for 6 years from the settlement date; but what about satisfied or non-satisfied defaults.
Are these removed 6 years from the date it was either settled on or defaulted on?

stella2009

Kandipandi wrote: »

Hi, sorry if this has already been asked but I know that settled accounts are kept on file for 6 years from the settlement date; but what about satisfied or non-satisfied defaults.
Are these removed 6 years from the date it was either settled on or defaulted on?

6 years from the 'default' date I believe.

Someone else may be able to confirm?

izools

Yes, defaults are kept on file for six years from the defualt date whether or not they are settled in full.

Mother's £15,000 default from October 2003 dropped off last october despite having over £10,000 left to pay.

Or, in my experience atleast, give it a couple of years, raise hell and legal threats in writing claiming that the default dates were wrong demanding the creditor to substantiate the data regarding the date to prevent action being taken under the DPA and a couple of weeks later they mysteriously dissapear without a peep from the creditor (this is different to disputing enforcability).

Kandipandi

izools wrote: »

Or, in my experience atleast, give it a couple of years, raise hell and legal threats in writing claiming that the default dates were wrong demanding the creditor to substantiate the data regarding the date to prevent action being taken under the DPA and a couple of weeks later they mysteriously dissapear without a peep from the creditor (this is different to disputing enforcability).

Really, I would be afraid to bring myself to their attention in case they began to persue the debt again.

izools

Fair enough, they were partially satisfied defaults in my case so no balance to persue... no risk!!

deefadog

Quote:
Originally Posted by deefadog
Hi all, hope i can get some advice on my wifes credit rating, Basically i went to change over a phone contract that's in my name to her's (as i have a company one) The money has been coming out of her account for over a year even though it was in my name, but we got a letter saying she did not meet their criteria, which means bad credit file. But she has no store/credit cards only a car loan and our joint mortgage, could this be the problem?

many thanks for any advice.

Take care

Ask her to pay the £2 to get a copy of her credit report. Lack of credit history could be her problem rather than bad credit history.

Thanks, i'll do the free trial on Equifax today and bag £8 through quidco