available credit help

chris167

hi, im looking for some help/ advise. i have just checked my credit score on experian and it is in the very poor zone. i know the reason because recently i have applied to quite a few places for credit to buy a car. i have a mortgage but never no credit cards/ store cards or any other loans.

on my summary it says....


amount of available credit (excluding mortgages) £0

% of available credit being used (excluding mortgages) 100%


what does this exactly mean? is there anything i can do to boost my credit score back up quickly or if not how long will it take to go back up the 'good' zone?

is there anything i can do to get some credit available to myself?


any help would be great. thanks

THEMOUND

chris167 wrote: »

hi, im looking for some help/ advise. i have just checked my credit score on experian and it is in the very poor zone. i know the reason because recently i have applied to quite a few places for credit to buy a car. i have a mortgage but never no credit cards/ store cards or any other loans.

on my summary it says....


amount of available credit (excluding mortgages) £0

% of available credit being used (excluding mortgages) 100%


what does this exactly mean? is there anything i can do to boost my credit score back up quickly or if not how long will it take to go back up the 'good' zone?

is there anything i can do to get some credit available to myself?


any help would be great. thanks

When will people learn that the credit score supplied by cra's is useless and means nothing in reality

izools

oh dear...

First off ignore the score, it is meaningless and a waste of money. All lenders have different criteria so will rate you differently and they take into account more information about you than experian hold when calculating your score. They don't use the one generated by Experian. This is a fake, "one score fits all" (no such thing despite what Experian say), cash cow.

Second stop making applications - this can be more harmful to your score than falling behind on payments etc. How many applications does Experian list as you having made in the last six months?

Your available credit represents the total limits accross all of your revolving credit accounts less the outstanding balances. You have £0 available because you don't have any revolving credit accounts.

"Is there anything I can do to get credit available to myself" -

I'm sorry but are you serious? If you want available credit you umm need a credit account with a limit of available credit...

So:

1. Make sure you are registered on the electoral role

2. Don't apply for anything for a bare minimum of 90 days. Nothing, no exceptions, brute force zero tolerance nothing whatsoever. Wait it out. Feel tempted? Have a pint, call a mate, chat up a !!!!!! in a chatroom, anything but NO APPLICATIONS!!!

3. Apply for a Capital One Progress (Via Quidco to bag £23 cahsback)

4. Wait a bare minimum of six months, preferably a year, before applying anywhere else. No one will give you mainstream credit because you've not got a history of handling any unsecured credit at the moment - you need to build up a solid foundation of handling some form of credit facility like a sub-prime credit card before any high street lender will take your application seriously

5. Good luck, and keep us posted!

chris167

can you think of any reason why i kept been turned down for credit?

chris167

thanks izools. i have made 13 in the last 6 months and can totally see your point. ill leave it for atleast 3 months then apply for a that credit card. no car for me then this year haha.

izools

Fraid not mate!

The main things a creditor will look at when you are apply are these:

1. Are you elecronically verifiable (i.e. on the electoral role)?
2. Do you have something for the creditor to risk assess you on (I.e. positive repayment history or experience handling the same type of account successfully)?
3. Are you showing signs of debt stress? (I.e lots of recent applications and / or accounts close to their limits)
4. Are you in a stable position (i.e been with your bank & employer for a long time and not moved recently)?

Unfortunately in your case there's no way for them to assess the risk as you've not had experience with a simaliar account in the past and you're showing signs of financial stress by applying so frequently.

The Capital One Progress is ideal for you, as you have some experience with credit (mortgage) but don't have a credit card or loan already.

Remember to apply for it via Quidco in three months time to bag £23 cashback, and hold off those applications for 3+ months or it'll be another decline.

Good luck!

chris167

thanks, ill repost in three months time with an update!