Improving my credit score

JumboFlamingo

Hi, this is my first post, so I hope I'm doing this in the right place

I've just got my credit score from Credit Expert and I got 690 - which is not very good. I have no credit cards, 2 store cards (one which I missed a couple of payments on earlier this year) both are fully paid off now and I owe them nothing, and 3 current accounts with overdrafts - on one I owe Lloyds about £900, I am in credit on my Alliance & Leicester, and I have a joint bills account with my partner on Alliance & Leicester (to pay bills) which is about £700 overdrawn.

I also have a contract phone with Orange for £17 per month. I dont have any other credit agreements or bills.

I really want to improve my credit rating so I can get a credit card that I can use to buy holidays with in the future (to get the extra insurance etc) and maybe collect airmiles etc.

I have a salary of about £24, 200 per year before tax.

Can anyone advise me on how to improve my credit score? What score should I aim for to get a credit card? Its very confusing!

I've been reading the forums for ages and they're great: thanks everyone for giving so much great advice :T

never-in-doubt

Please ignore the score you got - it means nothing and the only way to improve your score is to register to the electoral register and pay your current bills on time.

This experian score means little and your score will never mean anything to you and ven if you did know it, it changes between lender (scorecards) so absolutely fruitless to go on about it.

Basically apply for a card and see what happens.

never-in-doubt

Try reading here for advice: http://forums.moneysavingexpert.com/showthread.html?t=1626277

Good Luck
N-i-D

JumboFlamingo

Thanks for the advice - I'll go and read that guide now

I am already registered for the electoral role too - sorry, should have said that before.

Getting the score cost me six pounds something from Experian which seems rather expensive for something that is of no use to me!

Thanks again

JumboFlamingo

I just applied for the Aqua card and received this message:

Thank you for your application for one of our credit cards.

I regret to inform you that your application has not been successful on this occasion.

Feeling a bit hopeless about it

I only want a card to build my credit! I don't see why they think I'm a risk - its so frustrating!

Sorry to rant - its very exasperating. I don't know whether to try one of the other cards now or not, in case I get declined AGAIN.

ElkyElky

JumboFlamingo wrote: »

I just applied for the Aqua card and received this message:

Thank you for your application for one of our credit cards.

I regret to inform you that your application has not been successful on this occasion.

Feeling a bit hopeless about it

I only want a card to build my credit! I don't see why they think I'm a risk - its so frustrating!

Sorry to rant - its very exasperating. I don't know whether to try one of the other cards now or not, in case I get declined AGAIN.

Try Capital One or Vanquis. I don't like Aqua. I applied for Aqua some time ago when I had a main stream card and they still declined!

JumboFlamingo

ElkyElky wrote: »

Try Capital One or Vanquis. I don't like Aqua. I applied for Aqua some time ago when I had a main stream card and they still declined!

Thanks ElkyElky - will try Vanquis when I get home and will update you on whether I am the proud owner of a credit card!

ElkyElky

JumboFlamingo wrote: »

Thanks ElkyElky - will try Vanquis when I get home and will update you on whether I am the proud owner of a credit card!

Personally, I'd try Capital One first. From personal experience, you have a better chance of being accepted regardless of what your credit history is like.

My mother, for example, has no bank account and has been avoiding debts of thousands for the past 6 years or so and she was accepted for Capital One but declined for Vanquis.

JumboFlamingo

Great advice - thank you! I'll try Capitol One

PNPSUKNET

Yes I would go for capital one, not sure why but vanquis declined me haha

jones_london

All about regular payments. Get a capital one/vanquis card for 6 months and then trade up to a flybe card or something which offers a 1k limit. Because virgin (for example) told me they wont take on customers without financial history of 1k plus credit cards.