Difficulty Obtaining Credit

Jiff726

Hi all

I'm looking for some advice in my first post on Moneysavingexpert.

I've been trying to get a credit card for a while without success. I applied for 2 (tesco credit card & Post Office - I was going overseas) about 6 months ago and got declined, however I believe this was due to my electoral roll and bacnk account addresses being out of sync. Since then i've not tried to apply.

i have a clean credit file except for a 2 slight indescretions where I was slightly overdrawn on an account as a student for 2 months back in 2009.

I have a limited credit history - i had a tesco credit card from 2005-2007 and also have a mortgage (since 2005) which has never had a payment missed. Thats it though other than a student loan. i have a stable job earning in the mid 20K range.

My credit score on equifax is 353, whilst my call credit score is 605.
I also have the problem of only having lived at my current address for less than 5 months.

I've had a bank account with Barclays since about 1995 so was wondering whether it was worth getting trying for a barclaycard. I've never been overdrawn with them and currently pass my wages through their current accounts.

So afterthat rather lengthy description can anyone make any recommendations to me for a card to get, and what I need to do to boost that credit score.

hayton2k3

my credit score was lower than that,
only option for me was getting a Capital one Classic to boost it up

Cash_Flow

Jiff726 wrote: »

Hi all

I'm looking for some advice in my first post on Moneysavingexpert.

I've been trying to get a credit card for a while without success. I applied for 2 (tesco credit card & Post Office - I was going overseas) about 6 months ago and got declined, however I believe this was due to my electoral roll and bacnk account addresses being out of sync. Since then i've not tried to apply.

i have a clean credit file except for a 2 slight indescretions where I was slightly overdrawn on an account as a student for 2 months back in 2009.

I have a limited credit history - i had a tesco credit card from 2005-2007 and also have a mortgage (since 2005) which has never had a payment missed. Thats it though other than a student loan. i have a stable job earning in the mid 20K range.

My credit score on equifax is 353, whilst my call credit score is 605.
I also have the problem of only having lived at my current address for less than 5 months.

I've had a bank account with Barclays since about 1995 so was wondering whether it was worth getting trying for a barclaycard. I've never been overdrawn with them and currently pass my wages through their current accounts.

So afterthat rather lengthy description can anyone make any recommendations to me for a card to get, and what I need to do to boost that credit score.

Hi

The best place for you to try with your limited credit history is with your bank (Barclays).

Good luck

Ps if you have online banking you can see online if you have been pre approved for a Barclaycard.

If you don't have online banking

https://letmechoose.barclaycard.co.uk/

onlypaddy

First point - credit scores are meaningless. Each different lender or company will use the information in your report a different way, which is in no way related to how the credit reference agency generates your 'score'. It's nothing but an elaborate scam - don't pay for this again.

Get on the electoral roll at your new address, and check that applying while there was a discrepancy between your addresses hasn't caused a CIFAS flag to be put on your report as this will kill all applications.

Once this is all done, it sounds as though your best bet at the minute would be to try your own bank and build up some recent history. As long as you pay it off every month of course...

ganonman

I've found when I move house I find it practically impossible to get any form of credit until at least 6 months, and still have difficulty up to a year after the move. Don't know whether that's just me, but that could be a reason.

Jiff726

thanks all for replying.

Unfortunately i don't have a pre-approved offer from Barclays. I remember there was one at some time & I believe they do occasionally send me a letter/advert to that effect. Anyhow it's not there at the moment. i tried the pre-apply thing and that came back negative as well.

So the advice appears to be, double check the electoral role, double check the credit report (wihtout paying for a rating!!), wait until I've been in the house for >6months, apply for Barclaycard - I presume that would be the initial or Gold card and then failing that capitalone or The other jobby and build up a credit rating.

Paying off every month isn't an issue as at the moment I run down the wages in my current account. A credit card would just help me consolidate my monthly spending it in a single payment at some point during the month thus maximising the interest I get by keeping the money is a savings account until its needed. Whilst i realise thats not what credit card companies are looking for in the way of profit - it makes me a pretty low risk. Obviously though I can't prove that through my history!!

jujdyjoyce

onlypaddy wrote: »

First point - credit scores are meaningless. Each different lender or company will use the information in your report a different way, which is in no way related to how the credit reference agency generates your 'score'. It's nothing but an elaborate scam - don't pay for this again.

Get on the electoral roll at your new address, and check that applying while there was a discrepancy between your addresses hasn't caused a CIFAS flag to be put on your report as this will kill all applications.

Once this is all done, it sounds as though your best bet at the minute would be to try your own bank and build up some recent history. As long as you pay it off every month of course...

I am a senior citizen with an excellent credit score and rating but moved back from abroad in Jan to rented accommodation. Prior to this I had a mortgage in the UK for 22 years. No bad credit history. I have a 'warning' on my credit file about electoral roll. I put myself on this in February but believe this could be the problem because I have now been turned down at least three times and don't want to try again for fear of permanent problems. How do I check if there is a CIFAS flag on my report. I don't want to pay out any more money. I printed a copy of it but can't see any flag. Would be grateful for advice. I would welcome some advice please.

onlypaddy

jujdyjoyce wrote: »

I am a senior citizen with an excellent credit score and rating but moved back from abroad in Jan to rented accommodation. Prior to this I had a mortgage in the UK for 22 years. No bad credit history. I have a 'warning' on my credit file about electoral roll. I put myself on this in February but believe this could be the problem because I have now been turned down at least three times and don't want to try again for fear of permanent problems. How do I check if there is a CIFAS flag on my report. I don't want to pay out any more money. I printed a copy of it but can't see any flag. Would be grateful for advice. I would welcome some advice please.

If you have printded off your report then any CIFAS reports will be on there. They only occur when an individual applies for an account giving false information, or information that doesn't match to what your other accounts report - it is a marker for possible fraud I think.

Not sure about a 'warning' on your file for electoral roll - what exactly does it say? It takes a while for systems to update - looking at around 2-3 months for the council systems to update then up to 6 months for them to update the credit reference agencies. So anything up to 9 months after registration.

If you have been making repeated applications in a short space of time this will also hurt your chances of approval. My advice would be to stop applying for things until your electoral roll information is updated on your files.

How long were you out of the UK?