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

Moggles_2

chrisandclaire wrote: »

He currently doesn't have a credit card, in fact he's never held one, although he's a card holder on my Amex. He applied for a Tesco Clubcard credit card about a month ago.

It takes time to build a good credit history. (That additional card doesn't help unfortunately, because the card is in your name and you are solely responsible for the debt.)

If this would be his first credit card, he has a limited credit history, so from the lender's perspective he's something of an unknown quantity. They are likely to see his lack of a payment history as too great a risk.

He probably needs to be more concerned about actually getting a credit card, rather than looking for the best cards to meet your present circumstances. The bank that holds his main current account may be the best place to start.

Once he's operated this and at least one other credit card for a bit, he'll find it easier to get the cards and credit limits he wants

marcellep

marcellep wrote: »

Quick question:

I only have a default on my files dating back to 12/05/05 (shows as satisfied)

I do have a current account and other credit which is managed well

Would any mobile phone provider give me a contract?

Anyone know?

Moggles_2

marcellep wrote: »

I only have a default on my files dating back to 12/05/05 (shows as satisfied). I do have a current account and other credit which is managed well. Would any mobile phone provider give me a contract?

I would have thought so, but the only way to find out for certain is to apply.

Please keep us posted.
M

a1auds

hi there, i'v had a very poor credit history in the past and am now debt free and looking to start rebuilding my credit rating. I had a trust deed start 2002, paid monthly installments every month for 3 years and settled outstanding amount 2008) and no credit ever since. I recently applied for one of the high interest cards to try to get started but was unfortunately declined. Any ideas on how to move forward with rebuilding my credit score??

tanvier1786

hi everyone can anyone kidly tell me that if i take out car insurance and add a driver namely my wife and i pay monthly on credit terms will it create a financial association or link between us? as we do not want to create this as i have bad credit.
Thanks

norwichmackem

I've been living abroad for a decade and have returned to find my credit rating almost non-existent.

I need a car and can luckily afford to buy it with cash but looked into financing as an option to improve my credit rating (so that when i look for a mortgage in the next year I'd be able get something).

The dealer can provide the finance but at a total cost of #920 on 2 year loan of #6750 it seems horribly expensive.

Should I just pay cash or is the dealer trying to rip me off and I'll be able to find better elsewhere?

fabulous_darlin

Hello,

I'm currently a post-graduate student and therefore have moved & rented houses every year for 4 years. I have never had a credit card. I have just been declined Tesco's credit card and wondering how long I should wait to apply for another one? Furthermore my Natwest branch keep offering me a student credit card (max £500 limit), would the best thing to do be to get this and start to build up a credit rating before I can get a decent credit card?

Megan

marcellep

Moggles wrote: »

I would have thought so, but the only way to find out for certain is to apply.

Please keep us posted.
M

Well applied for Vodaphone - BIG FAT NO

Moggles_2

marcellep wrote: »

Well applied for Vodaphone - BIG FAT NO

Bad luck, but thanks for your feedback which alerts others.

magicsushi

I tried to buy a new mobile on contract with 3 (It's one of the new Sony Ericsson models which I I think worth about £300). When they did a credit check I was rejected.

I've had a look at my credit report on equifax. My only current commitments are my current mobile contract with Vodafone which I've never missed a payment on, so all is good there. I also have an M&S Money credit card with a balance of just over £600 (It was 10 months 0% on all purchases when I got it earlier this year). I've been making the minimum payment, though perhaps crucially my very first payment was late due to a misunderstanding (I thought it was already set up to take the minimum amount from my current account but it wasn't).

I guess what I'm wanting to know is if paying off my credit card in full, now, will improve my credit rating and if not, is it possible that the single late payment is what is stopping me being approved for this new phone?

I don't realy know how this whole thing works, so any advice anybody can give me is greatly appreciated.