Credit Check Excellent but problems

modelreject

I'll say it again. I have never had a late payment. Had one loan 10 years ago which was payed off monthly, on time. Not connected to anyone with bad credit. Been living at address for 4 years. On the Electoral Register at that particular address for over a year.
Baffled, confused and deeply frustrated.

herbiesjp

Have you had any more recent credit commitments - 10 years ago is a long time?

Contract phone?
Credit card?

Anything else show up on your credit file?

As stated before, not having enough credit history can be just as bad as having adverse credit history

modelreject

Got a credit card a year ago. All paid on time. Pay as you go phone. No other commitments.

herbiesjp

If you only have the one credit card - it sounds like you have very limited credit history which could be causing the problem for the phone contract.

Lenders scoring systems are different, so you could find you have no problem at all with a mortgage

Radsteral

herbiesjp wrote: »

If you only have the one credit card - it sounds like you have very limited credit history which could be causing the problem for the phone contract.

Lenders scoring systems are different, so you could find you have no problem at all with a mortgage

bloody hell, so how many credit cards will we have to have to satisy them?

herbiesjp

As stated, we are guessing why 02 declined - not a lender

This is all speculation - and trying to get the OP into the best position

If I have 1 credit card, but have only had it 8 months - then whoever is looking at agreeing the credit may say that is not long enough to have a credit score they are happy with

If however I have 2 credit cards - both used, and cleared, for the same period- then the provider may be happier

Don't forget the providers are not obliged to give you a mortgage/phone contract etc as the OP has found out with 02 - so all anyone can do is make themselves "better" clients and following the above tips could help (along with reading Martin's guide to improving your credit score)

modelreject

I think the situation is totally rediculous as I think many people would agree. It's like having to do exams all over again. I'm wise and old enough to have managed my money correctly in the past, making a considerable amount of money for the banks by banking with them in the first place. It's times like this where many voices can't even make a difference. Hopeless!!! I'm off to rob a bank (JOKE!)

talkalot

I had a impeccable credit file for many years. Then I managed to run up about 100K of debt (a very long story) and managed to get £60K written of with a F&F IVA. Yet despite this in the 2 years my IVA has been finished all the networks have approved me for contracts. Now just have one phone but it is very strange.

Pammy

Isnt the best thing to do it ask o2 why you were declined?

You have said it yourself that you have a good credit history so if there is nothing on your record then you need to speak to them.

I know people who are bankrupt, have large number of defaults who get phone contracts but that doesnt mean they will get a mortgage. Vice versa.

elfen

I have defaults, but they are nearly three years old and I'm paying them off regularly, and Vodafone accepted me for a contract - this may be as it's a 2 year one, they may score lower. I'm happy with this and my student account, as it means I'm starting to build up good credit again