empty credit report

debtdestroyer*

Morning all.

Just after some tips for my partner really. He keeps going on at me about trying to sort out his credit so finally the other day I agreed to try and help him find out why he has no luck obtaining credit. He hasn't had any credit for 5/6 years now. After recieving his credit report I noticed a couple of things on there that are probobly the cause.

1. His names not on the electerol roll. Will change (spelt right?)
2. He only has 2 previous debts recorded, both are settled but have defaults on them. One default will come of in March and one in May.

After May I'm assuming his credit report will remain empty, does anyone have any ideas what I should do after this to repair his credit. rating Our plan is to get a mortgage once my debts are clear and as you can see, my credit rating will be shot, hence why we want his in good shape.

Any comments appreciated

Clariman

I think that there are a number of things that will count against him. Firstly, he is not on the electoral roll - N.B. he needs to be on the electoral roll at his current address and the longer he has been on it at that address the better. Getting him on the roll will help, but it may not be an overnight fix. Secondly, his credit report shows very little activity. Sometimes no or little credit history can be worse than having quite a bit of debt. That is because lenders like to see a track record of meeting debt repayments successfully. When they can see that, they then perceive that the borrower is going to be less risky. So your partner has little credit history and, what makes it worse, what he does have is bad credit history because of his defaults.

To start improving his rating he needs to get on the electoral roll and, perhaps, find a basic credit card and use it very carefully and pay it off without fail every month on time. That way, he'll begin to build up a track record of healthy debt repayments. However, it will take time.

Is your credit history any better than his ? Even if you have had a lot of debt, your record might be better if you have met minimum payments ontime and you are on the electoral roll.

Clariman

blacksta

Another Option.


Firstly make sure you are on the electoral roll.

Secondly, Try applying for store cards such as Next ,Argos and Littlewoods why you may ask? The level of being accepted is very high and All the above all report to CRA and within a matter of time you will have info on your credit record. The magic word here is Patience . You require about 6month to a 1year of info before applying for credit cards or current accounts.

Hope this help

debtdestroyer*

Thanks for that. I will put him on the electorol roll straight away and wait til May when these defaults will have been removed and then possibly apply for a credit card for him. This way he would have been on there for 3 months and have no credit rating rather than what it's like now? What does anyone think?

Also which credit card will be best to apply for?
We have lived at our adress for over a year now, can this be noted on the credit report? ( our landlady hasn't changed the name of tenants and neither of us are on there!!)

With regards to my finances, under the terms of my I.V.A I cannot obtain any credit (without written permission (up to £250)) and when all the !!!! hit the fan most of my creditors filed a default against me (last year), so I imagine my credit report to not be a pretty site!!! However I don't know whether my credit report will look a bit better after 6 years has passed from last year when the defaults happened or 6 years after the I.V.A finishs which isn't until 2010??

Again any comments welcome

Victors_Bruvver

Clariman wrote:

I think that there are a number of things that will count against him. Firstly, he is not on the electoral roll - N.B. he needs to be on the electoral roll at his current address and the longer he has been on it at that address the better. Getting him on the roll will help, but it may not be an overnight fix. Secondly, his credit report shows very little activity. Sometimes no or little credit history can be worse than having quite a bit of debt. That is because lenders like to see a track record of meeting debt repayments successfully. When they can see that, they then perceive that the borrower is going to be less risky. So your partner has little credit history and, what makes it worse, what he does have is bad credit history because of his defaults.

Me too I think as I have just been turned down by Capital One along with having possibly too many cards with very little or nothing outstanding has gone against me. I have checked with one of the credit reference agencies and whilst they list all the cards I have ever owned (and since stopped using and cancelled) I see no reason for them turning me down.
Cannot speak to anyone at Capital One about this as the switchboard is all automated and needs a card number to get through and talk with someone. The only alternative, they say, is to write to them to appeal the decision but I am not holding out too much hope. Looks as If I have "shot my bolt" by trying to be clever this time!