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

mpepperhouse

Hi,

I applied for a Barclays card credit card and got rejected. I have never had a credit card as I have never seen the need for one but thought it was time to get one just in case of emergencies and so on. I have applied a couple of times in the past (over a year ago) thinking it might be handy but was rejected but this time I am really bothered. I am not in debt and never have been. I have always paid bills etc..and I have no ccjs. I literally shouldnt have a reason to be rejected.

I checked my credit report on experian and it said my rating is 999 excellent. It did say I am not on the electoral roll which I wasn't as i forgot to do it when we moved. I have fixed that now though.
I was bothered that other than this I had the highest rating you can get so did a credit check on equifax as well after I did the electoral roll as that was the companies name given by barclays and the difference shocked me!
It said my rating is poor and 222!!

I have excellent rating in all but two sections. I have a 'fair' for the electoral roll
'You are presently shown as registered on the electoral roll but your registration at your current address is for two years or less. Credit grantors generally prefer at least 3 or 4 years of confirmed residency as this indicates stability'.

And the one I assume is the main problem:
'poor'
'You have no credit accounts on file at your current address. Credit grantors prefer that you have at least one or two accounts as part of your credit profile at your current address.'

So does this actually mean I need a credit card to improve my credit but I cannot get one because I dont have any credit cards? Or am I being daft?
I have had a read up on the bad credit pages on here and basically just want some advise in that should I wait maybe 6 months and reapply for a credit card but one that is a credit builder? I am paranoid that I will be rejected again as I have always been even though I have a faultless record in payments.

I am aiming to apply for a morgage in about 2-3 years time so want everything in order for then.

Sorry for the long essay!

thanks for any advise.

walshy.walsh

go for a capital one card, almost guaranteed acceptance, but use it wisely to improve your credit record, bearing in mind the huge interest rates.

BugsyBrowne

mpepperhouse wrote: »

Hi,

I applied for a Barclays card credit card and got rejected. I have never had a credit card as I have never seen the need for one but thought it was time to get one just in case of emergencies and so on. I have applied a couple of times in the past (over a year ago) thinking it might be handy but was rejected but this time I am really bothered. I am not in debt and never have been. I have always paid bills etc..and I have no ccjs. I literally shouldnt have a reason to be rejected.

I checked my credit report on experian and it said my rating is 999 excellent. It did say I am not on the electoral roll which I wasn't as i forgot to do it when we moved. I have fixed that now though.
I was bothered that other than this I had the highest rating you can get so did a credit check on equifax as well after I did the electoral roll as that was the companies name given by barclays and the difference shocked me!
It said my rating is poor and 222!!

I have excellent rating in all but two sections. I have a 'fair' for the electoral roll
'You are presently shown as registered on the electoral roll but your registration at your current address is for two years or less. Credit grantors generally prefer at least 3 or 4 years of confirmed residency as this indicates stability'.

And the one I assume is the main problem:
'poor'
'You have no credit accounts on file at your current address. Credit grantors prefer that you have at least one or two accounts as part of your credit profile at your current address.'

So does this actually mean I need a credit card to improve my credit but I cannot get one because I dont have any credit cards? Or am I being daft?
I have had a read up on the bad credit pages on here and basically just want some advise in that should I wait maybe 6 months and reapply for a credit card but one that is a credit builder? I am paranoid that I will be rejected again as I have always been even though I have a faultless record in payments.

I am aiming to apply for a morgage in about 2-3 years time so want everything in order for then.

Sorry for the long essay!

thanks for any advise.

999 credit score have you tried Experian for a loan mate?

geordie_ben

walshy.walsh wrote: »

go for a capital one card, almost guaranteed acceptance, but use it wisely to improve your credit record, bearing in mind the huge interest rates.

I disagree. Do not apply for another card for at least 6 months.

You've already said you dont need the card, but are only getting it for emergencies...

Wait 6 months, in that time make sure you've done everything possible to make sure you look great in the debtors eyes and then use the card to buy petrol or another neccassity and repay the balance in full every month

I use my CC to purchase my fuel, then repay it every month in full.

Do not try and rebuild your credit by buying things on a credit card that you dont need just so you can be seen using credit

KingElvis

Try Vanquis, as long as you have at least 90% human DNA they should accept you.

izools

KingElvis wrote: »

Try Vanquis, as long as you have at least 90% human DNA they should accept you.

Have you spoken to their call centre about anything but the most basic of issues? It's clear that they themselves don't even have 90% human DNA.

I'm picturing women with unibrows shaving under their boobs every morning and blokes with teflon gloves save their knuckles from being worn away with them dragging them on the floor everywhere they walk...

BugsyBrowne

KingElvis wrote: »

Try Vanquis, as long as you have at least 90% human DNA they should accept you.

:rotfl::rotfl:

mpepperhouse

thanks for all the advise!

I was looking at the cashplus card on this website that's is recommended for poor ratings and thought I might do that.
the main problem on my rating was the catch 22 situation you need proof of paying a credit but I cannot get credit. I think this way I can build up a credit history and then once I have that hopefully get a proper credit card and use it like geordie_ben suggests. I just want one so in a few year there are no problems with mortgage applications.

mpepperhouse

plus it doesnt do a credit check and it is 100% guaranteed.

mpepperhouse

http://www.mycashplus.co.uk/offers/cashplus/tabs/default.aspx?pc=MSM502/