No Credit Record?

Gemmzie

I don't have a credit record, as I only recently turned 18 (last October). However, I've been using and paying off credit since I was 17 and bought my first car on my Dad's HSBC card so I have no problem managing credit.

I've now been offered a Vanquis Visa card with a rate of 29.9% to start a credit record, is this a good idea?
I have a Debenhams Collegue card which is a store card with the built in discount - surely that should have created a credit record for me?

Any help is much appriciated.

cornerclose

Have you checked your credit report with Experian to see whether your Debenhams card shows up? Sign up for the free trial with one of the cashback sites such as Quidco or rpoints to earn some cashback while you do it!

Paul_Herring

Gemmzie wrote:

I've now been offered a Vanquis Visa card with a rate of 29.9% to start a credit record, is this a good idea?

It's not a bad idea if indeed you don't have a credit record yet. Provided of course you pay off the full balance every month so you don't end up paying 30%. First step I'd reccommend would be to get the £2 reports from Experian and Equifax to see if in fact you don't have a record - you may do.

Gemmzie

Status History:
(brackets indicate most recent status)
Summary of Payment History: In last 1 months, number of status 1-2 is: 0 number of status 3+ is: 0

That's the Debenhams card - can someone explain please? The page didn't load fully.

grumbler

Gemmzie wrote:

In last 1 months,

- the history is recorded for 1 month only

number of status 1-2 is: 0 number of status 3+ is: 0

Status 0 - Payment received on time
Status 1-6 - Payments 1-6 months in arrears

P.S.:
http://www.experian.co.uk/consumer/index.html => [url="javascript: showTab2('tabset4');loadIframe2('downloads')"]Downloads[/url] =>
[url="javascript: openWindow('creditreportexplain');"]Your Credit Report Explained[/url]

YorkshireBoy

Gemmzie wrote:

Status History:
(brackets indicate most recent status)
Summary of Payment History: In last 1 months, number of status 1-2 is: 0 number of status 3+ is: 0

That's the Debenhams card - can someone explain please? The page didn't load fully.

This report would indicate that the Debenhams card hasn't been used yet. Or if it has, it hasn't been reported to the CRA yet.

The lender cannot give the account a status code for this month. This may be at the start of the credit agreement when the lender is allowing time for the account to be set up, when you are waiting for goods to be delivered, when you have received the goods but payment is not due to start immediately, when there is a dispute over the payments due or the goods received, or when the account is not being used.

Source: Experian's "Your credit report explained" booklet, which can be downloaded from, or viewed at...http://www.experian.co.uk/consumer/index.html

Gemmzie

Oh okay, well it has the outstanding balance listed is paid off, so should I wait about three months of using and paying off the Debenhams card before applying elsewhere which should allow me to get a better card than the 29.9% rate?


(Also, how do you delete an Experian account before the 30 days is up?!)

YorkshireBoy

Gemmzie wrote:

(Also, how do you delete an Experian account before the 30 days is up?!)

You read the T&C's before clicking to say you've read them!

The cancellation procedure is detailed in section 7.

cornerclose

YorkshireBoy wrote:

You read the T&C's before clicking to say you've read them!

The cancellation procedure is detailed in section 7.

Always good advice, YB!

The phone number appears in this thread:

http://forums.moneysavingexpert.com/showthread.html?t=135884

Gemmzie

I did read them, but T&C's are not my strong point, so I can just email them...?

Paul_Herring

Gemmzie wrote:

I did read them, but T&C's are not my strong point

May I suggest that you make it a bit of a stronger point than it appears to be at the moment if you're intending to keep a clean record?