HELP: I dont have any loans or anything but my credit rating is very LOW

Londonguy29

Hi guys, and I'm very very sorry to ask the same question again, but I need to know about my own report.

I got my credit report from Experian today, it is clean but my rating is 359 which is very very poor. I have a bank a/c with natwest which I opened 3 months ago, before that I was using my wifes a/c as I travelled a lot so didnt need a bank a/c or any cards or loans.

I applied for a capital one card and yes I get rejected, that's why i got my credit report.

Now that I have my report and it's very poor, how can I approve my credit rating? No one will give me credit and I can't approve my rating without credit.

I have my report in front of me which I don't have any CCj or other lenders on my report.

Is there anyone who can help me out on what I can do.

Many Thanks

London Guy

CLAPTON

presumably your report shows you on the electoral roll?
is you income paid into the bank
how much do you earn
if they are ok then try your bank as the first stop
otherwise wait for a while as you current a/c is still pretty new

Londonguy29

CLAPTON wrote: »

presumably your report shows you on the electoral roll?
is you income paid into the bank
how much do you earn
if they are ok then try your bank as the first stop
otherwise wait for a while as you current a/c is still pretty new

Hi thanks for your reply

Yes I am on the electrol roll, as I voted this year. I make £1600 after tax from my full time work and I also run a small business which I have a business a/c with Natwest but that too is only 3 months old a/c.

My Business manager is useless, he just doesn't give any good advice, he first said go and get my credit report and when I did he said he wants to Equifax one not the Experians one.

Any more advise please?

Experian_company_representative

Sounds like you need to build a credit history. There is advice on this in MSE's credit rating guide and on our website. Being on the electoral roll is a start but you really need to have a few records registered by lenders showing that you are a responsible borrower. Banks share current account overdraft facilities, whether or not your use them - so find out why yours isn't recorded. You could also get a credit card aimed at people with poor credit histories to start to build up some positive data.

James Jones

zppp

Londonguy29 wrote: »

My Business manager is useless, he just doesn't give any good advice, he first said go and get my credit report and when I did he said he wants to Equifax one not the Experians one.

Well he gave you sound advice in actual fact, because you have determined you have a low credit score, that you wouldn't have known had he not given you that advice. :think:

CLAPTON

it is worth gettting both credit reports
and do check that the REPORTS show you are on the electoral roll
usually your own bank is best to ask for a first CC as they know how you manage your a/c but with such a limited period with them they may well decline

KingElvis

Right, some easy ways to build a history in minimal time

• Get on your gas bill, Bristish Gas report to the CRAs
• Get a contract mobile phone, sim only if that's all you can do but it will show as an account
• Get a Cashplus Card and apply for the Creditbuilder product
• In a few months time apply for another low end credit card like Vanquis or Aqua
• Make sure your current account and any overdarft are properly reported at the CRAs.
• Apply to your bank for a credit card

Hope this helps, in six months you'll have enought to go for it.