Just turned 18... Why am I rejected for credit?

NickX

agsnu wrote: »

Actually, they don't. You'll note that you can order a mobile phone contract off the internet, without actually signing anything. Compare this to a credit agreement regulated by the CCA, which requires them to keep a record of your signature - if you apply for a credit card they'll send you a form to sign.

So, this means that contract mobiles are in the same category as magazine subscriptions and gym membership ? Basically as long as you make the payments agreed to on time then they won't report to the CRAs, but if you fail to keep up payments they can default the account and sell the debt on ?

I do recall being credit checked to get a mobile phone, although that was some years ago now.

dolally_2

agsnu wrote: »

Actually, they don't. You'll note that you can order a mobile phone contract off the internet, without actually signing anything. Compare this to a credit agreement regulated by the CCA, which requires them to keep a record of your signature - if you apply for a credit card they'll send you a form to sign.

Anyway, if you're on £3k per year and paying rent privately, you basically have no spare income so you really shouldn't be trying to get a credit card.

Mobile phone contracts report to the CRA's so can help build your credit rating, as far as I am aware subscriptions to magazines do not report though.

I agree that the op can't afford a credit card on £3k/year - I presume that is p/t as surely minimum wage must be higher than that even for an 18 year old.

I would recommend the Natwest Step account, easy to get and they report to the credit reference agencies so win win :j

big_Daddy_Dave

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Idiophreak

just out of interest, bDD, what on earth are you planning to do with all those cards!?

Dave_®f©

GKJB wrote: »

OK thanks, I'll get up the council today and ask them... so if I'm not currently on the electoral roll, will there still be marks on my credit file?

The next update on the Electoral Roll is December 2008. There will not be an electronic data update until then.

I have an incorrect postcode on my Electoral data which makes the credit reference agencies think I'm not on it when I apply with my correct postcode. When I amended it last week, I was told it will be incorrect until the December update and the files should match after that.

She did say they will provide a letter as proof of being on the roll to send the credit reference agencies but I can't be bothered with all that. Don't need any credit anyway.

kiora

Mobile phone contracts do get reported to CRA's, on my equifax file my mobile has been on it for years so getting a mbile phone will help strengthen your credit as long as you keep up the payments.

ixwood

Why do you want [STRIKE]credit[/STRIKE] debt you clearly can't afford so badly?

And why would you even think about getting a provi loan?

Debt makes you poorer! Live within your means.

TighterThanTwoCoatsOfPain

agsnu wrote: »

Actually, they don't. You'll note that you can order a mobile phone contract off the internet, without actually signing anything. Compare this to a credit agreement regulated by the CCA, which requires them to keep a record of your signature - if you apply for a credit card they'll send you a form to sign.

Not true.. I have applied for Credit Cards and got an e-mail sent to any address i chose which contained a link to click on.

Just had to complete my password i set up on the phone, date of birth and tick the check boxes saying i had read the agreement which they e-mailed and job done.

Got a text within 30 minutes saying all systems were go with cards & pin arriving within 10 days..

Whilst it was immensly convenient, it was also quite disturbing that an automated system could churn out credit / PIN & card so quickly!

Richard019

I'm intrigued to know how someone can afford to privately rent somewhere, pay all their bills, eat, and have a life for less than £60 a week.

magneto

Hello GKJB,

The main reason why you was rejected is because you are more of a financial risk to the credit card companies.Two reasons why you more of a financail risk, firstly your age (18) and your low annual income.