Impossible situation. Help!

mrsoverall_2

Hello everyone,

I have registered hoping to get some advice really! Basically, i am 25 years old, and have just qualified and started a job as a primary school teacher in September. I have never had any credit before and as a result can't get any credit. My credit score couldnt get any lower. Having checked my profile on Equifax, every area of my report is excellent except the Credit Agreements where there is none. I have been refused a loan, credit cards, store cards over the past 7 years or so but havent been bothered or looked into it as i thought as a student, it was probably a blessing to be refused and not have any debt.
However, now starting a professional life and just passing my driving test, i really need a car. I only want to borrow about £1500 to get myself a little run around but i cant see any way to get this with my credit score. I feel like im in a catch 22 situation. I can't seem to get started with credit to prove i can manage it well! I have googled this endlessly and every way suggested to improve credit rating such as electoral roll etc ive done. Has anyone got any advice? I'm starting to get a bit stressed by this!
Thanks

jonesMUFCforever

Have you asked your bank where your salary goes into?

Failing this have you graduated recently - have you asked your bank whether you qualify for a Graduate loan?

gmcn1965

i have borrowed two amounts of money from my credit union so far: 1000 and 1400.
interest rates vary a helluva lot for them, but they are there to help people who have probs - such as no job, bad credit , no bank account - check em out!
g.

UnderPressure

As Jones says you may be best approaching your bank in the first instance, if this fails then the loan might be a bit of a problem but you can kick start your credit reports by applying for one or two of the sub prime cards such as Capital One, Vanquis and Aqua being the main ones, the interest rates are a killer so the best way to use these cards is by putting a few things on the every month then paying them off in full, after 12 months or so this will strengthen your credit files and you should then qualify for mainstream lending.

You would be best to try and avoid any of the so called guaranteed loan companies if they dont rip you off for application fees you will end up with a ridiculous APR.

Could you not ask very nicely a parent to obtain the loan for you or maybe even to act as guarantor the later being better as then the repayments would be on your credit files.

It is a nightmare situation to be in but if you play the game wisely this time next year it could be a completely different story.

HTH