Can't get credit as an 18 year old.. help!

payney1802

hi all
im starting uni in a week and i have opened a student account with hsbc find, but i want to upgrade my cardcash account to a current account at halifax, but i have applied and they have rejected me. i have also tried to apply for a mobile phone contract and a student credit card but have been rejected for both of those too...

why is this? i don't have any debt or anyhthing, its just frustrating that i have no credit so no one seems to be giving me a chance to improve my credit rating

the only thing i can think of is that i applied for a phone contract and a credit card whilst i wasnt on the electoral register, i am now on that, but still have been rejected for the bank account.

from the research i have done will me applying for stuff in a short space of time and being rejected have made me have a poorer credit rating? i have checked my credit report and it says i have been checked 7 times in the last 3 months!

if this is the case where can i go from here? do i just need to leave it a while before applying for anything else because i have been rejected so many times in a short space of time? if so how long will i have to wait for it not to have an impact on my abitlity to get credit?

thanks in advance, any help would be greatly appreciated!

book12

The electoral register don't update until December. This is why the banks can't see you on the electoral regsiter.

Applying for many credit products in a short space of time will damage your credit rating. I suggest you apply for one product this month, then another in 3 months time, for example.

payney1802

thanks, they also update it in sepetmber and i am on that as they wrote a letter confirming it.

thanks, so if i left it 6 months or a year for example without applying for anything that would be enough time for it not to have a bad affect on my credit rating?

Lokolo

It will improve your chances but does not gaunrentee anything.

Who did you apply to for phone contract?

book12

payney1802 wrote: »

thanks, they also update it in sepetmber and i am on that as they wrote a letter confirming it.

thanks, so if i left it 6 months or a year for example without applying for anything that would be enough time for it not to have a bad affect on my credit rating?

Ok. That means your electoral register details are not passed onto the credit reference agenices yet.

Yes, that amount of time without applying for anything is good enough.

Lokolo

Also j ust to point out if you are on electoral register it will show on your credit report. Well it does on mine!

payney1802

Lokolo wrote: »

It will improve your chances but does not gaunrentee anything.

Who did you apply to for phone contract?

i applied with phones4u then vodafone

and im aware it doesnt gurantee anyhting, but i should still be able to get a normal current account without any overdraft or credit card right!?

thanks for your help

book12

Lokolo wrote: »

Also j ust to point out if you are on electoral register it will show on your credit report. Well it does on mine!

You mean that it will show instantly?

Lokolo

book12 wrote: »

You mean that it will show instantly?

No idea if instantly! I just looked at mine on Monday and it was there. I've been on it for years so no idea how long it takes to go on!

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And as long as your credit rating isn't too crap you can get a current account without overdraft or CC.
HSBC will not accept you without £500 going in a month.

Go with Lloyds:
http://www.lloydstsb.com/current_accounts/under_19s_account.asp

payney1802

thanks everyone for your help! i am new to all this credit rating thin and was just loking for insurance that i wont be struggling for credit for ever and i just needed to see what i had to do to help the situation. and by the sounds of your replies the answer is nothing! just dont apply for anything for a while and wait for electoral register to update?

thanks so much guys you have eased my worries