Should I apply for credit when not on electoral role?

Jakestar

I did make a post a while back RE: cc's and loans but have lost the thread so apologies about the fresh one.

Simple question, I'm not on the electoral role at current address (Local council screwed up by missing my name on the form) it will take around 3 months from now for experian / equifax to update and I really don't want to wait that long (it is a good time to purchase what I want to purchase)

I don't want to apply and get rejected, for obvious reason, so should I still go ahead?

- experian state my score is 999
- Ive never missed a payment / defaulted etc
- had a loan for 2 years about 3 years ago
- operating credit cards on/off for 1.5 years (now consistently every month for most shopping) limit £2000
-avail credit £2.9k (incl overdrafts, never gone over), 13 credit accounts in total (incl settled ones)
- 3% of credit currently used
- 23 yo not home owner, been at current address for 10months (renting)

Im thinking its a fairly safe bet to apply for a 12 0% purchase card (and a loan next month) even tho I'm not on the electoral role, becasue of the above info, would I be correct?

Cheers

cifpower

Personally I would wait until you are added to the roll

izools

You can try. If you are declined, register on the voters roll and try again. One application in the last six months would almost certainly not make any difference to the outcome of a subsequent application.

Jakestar

cifpower wrote: »

Personally I would wait until you are added to the roll

Does the roll make that much difference? (why didnt experience knock my score down because of this?)

I'd naturally prefer to be cautious as I would like an unblemished credit file when I come to apply for a mortgage in a few years!

As an aside my bank (HSBC) have said that I would "very likley" be successful in getting a loan (at 12.9% for upto £4k, v. competative) through them even though I'm not on the roll, as a loyal customer they know I'm reliable, do you think this would be a smaller risk to take than applying for a market leading CC at this time?

CannyJock

Jakestar wrote: »

- experian state my score is 999

Given the significance many lenders give to being on the electoral register, this gives you a very clear idea of the accuracy of the Experian credit score It probably didn't ask you about your income either?

If you want to maximise your chance of success, wait until you're on the electoral register.

If you decide to go ahead and apply anyway, let us know how you get on

Jakestar

izools wrote: »

You can try. If you are declined, register on the voters roll and try again. One application in the last six months would almost certainly not make any difference to the outcome of a subsequent application.

I really really want to continue to hold an unblemished 100% file

Jakestar

CannyJock wrote: »

Given the significance many lenders give to being on the electoral register, this gives you a very clear idea of the accuracy of the Experian credit score It probably didn't ask you about your income either?

No they didn't , and my understanding was that they do place a large importance on the register so agree that experian are rubbish!! (waste of £5 oh well....)

I'll only be looking for £4k and on £24k atm (shud be a little higher in 2 weeks time ) so my thoughts are that its a lowish risk profile for the sum of cash requested... I just wish councils could update your roll info immediately!!!!

paulmcerlean

Wait - most of the time you will be declined for not being on the roll, unless its your bank and you have a good relationship.

CannyJock

Jakestar wrote: »

Does the roll make that much difference? (why didnt experience knock my score down because of this?)

Lol - see above.

Jakestar wrote: »

I'd naturally prefer to be cautious as I would like an unblemished credit file when I come to apply for a mortgage in a few years!

Application searches stay on your report for 12 months, they won't have any affect on a decision in a few years time. And a search in itself isn't a blemish on your credit report - if it was mine would be mottled

Jakestar wrote: »

As an aside my bank (HSBC) have said that I would "very likley" be successful in getting a loan (at 12.9% for upto £4k, v. competative) through them even though I'm not on the roll, as a loyal customer they know I'm reliable, do you think this would be a smaller risk to take than applying for a market leading CC at this time?

They're two different beasts. The "easiest" option sounds like the HSBC loan, but you'll be paying for it in the APR.

As an aside, the best 0% purchase card around is the Tesco card which others have been turned down for when not on the electoral register.

Jakestar

CannyJock wrote: »

Lol - see above.



Application searches stay on your report for 12 months, they won't have any affect on a decision in a few years time. And a search in itself isn't a blemish on your credit report - if it was mine would be mottled

Ah, thanks for clearing that up!

CannyJock wrote: »

They're two different beasts. The "easiest" option sounds like the HSBC loan, but you'll be paying for it in the APR.

I'll need a loan anyhow (mosty probably paying in cash) so would just get slightly more to cover what the credit card would have taken care of. If the chap from HSBC said Im very likely to get accepted, would you trust what was said? I made it clear I wasnt on the roll and he said it does have an impact but I would still very likely get accepted (ive banked with HSBC all my life)

CannyJock wrote: »

As an aside, the best 0% purchase card around is the Tesco card which others have been turned down for when not on the electoral register.

Invaluble information, I shall not be applying for Tesco (which would have been the one I was applying for), thank you for the heads up!

paulmcerlean wrote: »

Wait - most of the time you will be declined for not being on the roll, unless its your bank and you have a good relationship.

You're not the only person advising this so I may be waiting another 3 months!!! (grrr) (unless I take the gamble with HSBC)!!

izools

I was approved for my Barclaycard without being on the Electoral Role, probably because I bank with them.

Current relationship with your bank counts a lot IME.