What am i doing wrong?

TomasJayy

Ok i turned 18 in febuary, and been sorting my accounts out,
i updated my lloyds under 19's to an silver account 2 start my credit building.. a couple months down i got a overdraft, not too much bt enough for me which was great and i wanted a credit card 4 emergencies(petrol etc), so went to see lloyds and they couldnt offer me anything in branch as my credit rating was too GOOD, number 1, with 1 being the best and 10 worse, ok fine..

a few weeks past i applied online for one, again with lloyds, rejected again..

ok before i go further il explaing my accounts,
i have 2 current acounts Lloyds & Nationwide,
both have internet savers with them,
and last i am with Halifax for my main savings (Regular Saver + 2 web savers)
that is all..
so i applied last week with Halifax for a credit card to see if they would give me one.. rejected again
so i decided 2 give up on credit cards lol.

but this is the big puzzle, my halifax regular saver comes to a close next month, and saw HSBC doing exactly the same type saver at a good rate, but u have to have a current account with them.. ok fine so i went in branch on the same day as i saw it online and went through the application process for a current account REJECTED.
i couldnt believe it, the woman apologised and didnt understand why i had been rejected, i work full-time with a weekly income.

ive applied to Experian for my credit report as this is becoming stupid now,
all i can think of is with my overdraft soon after i recieved it a payment went out of my account the day before i was paid.. and took me 69p over my overdraft but i went to see lloyds and they said ignore the letters and i wont get charged so whats the problem? why dont people want me :rotfl:

anybody been in same situation?

Extant

Probably because you've credit scored yourself at least five times in 4 months, as well as taken out credit recently.

TomasJayy

So what?
ive shown im able 2 repay whatever i owe and they must see i have a weekly income, i just dont understand why it looks like i have bad credit when im not in debt and dont have anything against my name;)
i was told to get some store-cards and a mobile phone contract by lloyds to show i easily repay whatever credit i take out :rotfl:
why should i to be honest:rolleyes: when im trying to apply to them for credit to make them money ...

Extant

TomasJayy wrote: »

So what?
ive shown im able 2 repay whatever i owe and they must see i have a weekly income, i just dont understand why it looks like i have bad credit when im not in debt and dont have anything against my name;)
i was told to get some store-cards and a mobile phone contract by lloyds to show i easily repay whatever credit i take out :rotfl:
why should i to be honest:rolleyes: when im trying to apply to them for credit to make them money ...

Because when you apply multiple times in a short time span, it looks desperate - like you need money. And if you're that desperate, are you likely to repay?

Not being in debt means nothing, it's about whether or not you are a safe bet. A young person with no history of credit and a handful of credit searches is not a good bet.

You want something from the banks, you play on their ground - you're not applying to make them money. You're applying because you WANT money, and they make profit in return for providing. But they could also lose their money if they give it to financially irresponsible people.

You're not entitled to credit, remember.

BASFORDLAD

Dont forget you are only just 18, therefore will have very very little credit history.

I would suggest you wait 1 to 2 yeas before you apply for a card giving you time for your credit file to improve.

Certainly sounds like your desperate.

D1zzy

Can you get a kind parent to let you have an additional card on their account (as its only 4 emergencies!!) for a while, - thats what my dad did - many moons ago.

Joseph_Michael

i know far too many people who jumped at the chance to get a CC when they turned 18 and they are all now having problems paying them off. You should just have a debit card and spend only what you have and save yourself potentially ruining what credit you have and being in debt for the next however many years
I refuse to touch a credit card for that reason!

TomasJayy

how can i sound desperate, i was rejected so i wanted 2 try again 2 c if i would be accepted :S
i dont need a credit card at all, ive had problems with my debit card and it gets declined with certain chip & pin machienes, so i wanted a credit card in case i need it.
how can being credit scored within a couple of months stop HSBC from giving me a current account though? thats just abit too much dont u think?

BASFORDLAD

There really is no point trying again. I think saying you have had problems with debit card @ certain chip and pin machines sounds a very odd reason to want a credit card. How do you know your credit card would work ,when it could be a problem with the machine itself.

You need to face the fact you have very little if no credit score.

Just move on and accept it, sorry to sound harsh but thats the reality of it mate.

sscott5581

Just a thought but are you on the electoral role, this will have an impact if you are not?

mgardner

BASFORDLAD wrote: »

There really is no point trying again. I think saying you have had problems with debit card @ certain chip and pin machines sounds a very odd reason to want a credit card. How do you know your credit card would work ,when it could be a problem with the machine itself.

You need to face the fact you have very little if no credit score.

Just move on and accept it, sorry to sound harsh but thats the reality of it mate.

Really sound advice I think