How to get back on the credit ladder

Noxs

Nice to see you helping people NID.

Personally been trying to get a grip on the first rung of the credit ladder and so far its been a painful experience. Rejected by my bank and Cap1. Appeals have been sent last Thursday - any idea how long a reply will take? Or should i phone them.

If I've been rejected again (low credit score.. no previous credit history as im starting out) I thought about asking them if they could issue a secured credit card in which i pay them a deposit of sorts.. Think that would work?

never-in-doubt

Noxs wrote: »

Nice to see you helping people NID.

Personally been trying to get a grip on the first rung of the credit ladder and so far its been a painful experience. Rejected by my bank and Cap1. Appeals have been sent last Thursday - any idea how long a reply will take? Or should i phone them.

If I've been rejected again (low credit score.. no previous credit history as im starting out) I thought about asking them if they could issue a secured credit card in which i pay them a deposit of sorts.. Think that would work?

Hiya & Thanks! :beer:

I wouldn't ring up, it could show desperation, just hold fire about 4 weeks and if no reply give me a shout and i'll sort you a polite chase letter.....

If they do say no, they will give a better indication of why, such as we strongly suggest you check your Experian credit report or something to that effect. Best to wait and see what they say, before planning too far ahead.

Who is your bank by the way?

Noxs

Thanks NID! :beer:

I bank with HBOS(unfortunatly), had a bank of scotland debit card for 4/5 years with them and applied for a Halifax credit card. However they were unable to take into consideration as "we're unable to access it". Would of thought they could being in the same banking group!

Have recently seen my credit report and nothing bad on it, registered on the electoral roll at my new address.

At the same time when applying for a credit card i applied for a reward current account (which was accepted, so at least I've got £100 overdraft now..) I've started transferring over my direct debits/standing orders so they can see any future incommings and outgoings.

I used your appeal letter, which was such a help thank you for that. In it I explained that my new employer (first job yay!) is willing to show security as he's going to provide training and might put together a contract, included a photograph of my passport, last 3 bank statements for my BoS account and also last 3 pay slips.

Guess I'll have to play the waiting game? Gah.. But im too impatient!! :rotfl:

never-in-doubt

Noxs wrote: »

Thanks NID! :beer:

I bank with HBOS(unfortunatly), had a bank of scotland debit card for 4/5 years with them and applied for a Halifax credit card. However they were unable to take into consideration as "we're unable to access it". Would of thought they could being in the same banking group!

Have recently seen my credit report and nothing bad on it, registered on the electoral roll at my new address.

At the same time when applying for a credit card i applied for a reward current account (which was accepted, so at least I've got £100 overdraft now..) I've started transferring over my direct debits/standing orders so they can see any future incommings and outgoings.

I used your appeal letter, which was such a help thank you for that. In it I explained that my new employer (first job yay!) is willing to show security as he's going to provide training and might put together a contract, included a photograph of my passport, last 3 bank statements for my BoS account and also last 3 pay slips.

Guess I'll have to play the waiting game? Gah.. But im too impatient!! :rotfl:

With HBOS all referrals go to specialist lending in Cardiff so make sure you send there - not card processing (The Mount Edinburgh).....

HBOS are a funny bunch, have you got any guaranteed overdraft showing in the online banking? Have a look at this and see what value it shows - also, did you apply for credit card via online banking?

Noxs

Oh no.. I sent it to the address on the rejection letter that deals with appeals :lipsrseal.. It wasn't Cardiff!! Major problem?or will it just take longer to process?

Sent to underwriting:

Card Services, Underwriting
6th Floor
1 Lovell Park Road
Leeds
LS1 1NS

I did both applications over the phone with Cap1 and Halifax. I didn't even know an overdraft was avalible until i went into a branch and asked how i would go about getting one setup and was promptly told I had one! Which I can confirm is on the online banking!

never-in-doubt

Noxs wrote: »

Oh no.. I sent it to the address on the rejection letter that deals with appeals :lipsrseal.. It wasn't Cardiff!! Major problem?or will it just take longer to process?

Sent to underwriting:

Card Services, Underwriting
6th Floor
1 Lovell Park Road
Leeds
LS1 1NS

I did both applications over the phone with Cap1 and Halifax. I didn't even know an overdraft was avalible until i went into a branch and asked how i would go about getting one setup and was promptly told I had one! Which I can confirm is on the online banking!

Have you checked online banking and see under overdraft, select amend overdraft from the left hand panel of options and you'll see two bits - current overdraft and guaranteed overdraft - have a look here and see if the guaranteed overdraft is higher than your current limit of £100 - this will give an indication as to how 'risky' they classify you!

The guaranteed overdraft changed weekly so if you see it go up, always apply for it and it is guaranteed - it will be there immediately! Obviously if the guaranteed level drops below existing level do not touch it and it will change again after a few transactions..... have a look, quickly log-in and see what I mean

Regards to the address, don't worry lovell park is the same as cardiff - i.e. specialist lending dept.

Noxs

Phew!

..Ahah, looks like I'm a high risk as the guaranteed overdraft available is only
£100.00! But I'll keep close tabs on it and increase it when I can.

Thanks for the tip though, didn't know that was there!

Makes me think the appeal will fall on deaf ears though, will keep you posted and thanks again for your advice been very helpful. :T

marcellep

never-in-doubt wrote: »

Hi matey - any news? Have they signed for the letter (the letter of doom lol) as yet? If so, what date...?

Cheers :beer:

Nothing back as yet, They signed for it on the 29th so its still early days. :mad:

never-in-doubt

marcellep wrote: »

Nothing back as yet, They signed for it on the 29th so its still early days. :mad:

Ok mate - keep us updated..... lets see what they have to say 'this time'....

marcellep

never-in-doubt wrote: »

Ok mate - keep us updated..... lets see what they have to say 'this time'....

Will do I suspect I will hear next week