Credit Rating Help?

Elle7

I've just been speaking to my bank about a student credit card, to boost my rating. The woman talking to me seemed confident I'd get it, but when she put the application through, it declined. She seemed a bit shocked and told me to check with Equifax.

I've just bought my credit file, and I can't really see how I can improve it. I've got a Capital One card, it has a £200 limit (I always decline increases at 33%!) and I spend on it very occasionally. It shows as paid on time since December 2008.

I've got a Littlewoods account, again rarely used, but that shows as paid on time since December 2009.

An old contract phone shows a late payment in April 2010, but the contract ended in March. I'll write to them about that, but it's one late payment, after a year's worth of green paid on time thingys.

My current phone contract doesn't show, and my two current accounts are all reporting.

I've been at my current address on the electoral register for 2 years, previous address for 3 (I wasn't old enough to be on the register before that).

Two previous searches (one HSBC, today) and one from August 2010. No financial associates...

I'm 20, a student but I do have income. I only wanted the card to buy textbooks on, so I could start my reading early...

Any advice? Thanks

BugsyBrowne

Elle7 wrote: »

I've just been speaking to my bank about a student credit card, to boost my rating. The woman talking to me seemed confident I'd get it, but when she put the application through, it declined. She seemed a bit shocked and told me to check with Equifax.

I've just bought my credit file, and I can't really see how I can improve it. I've got a Capital One card, it has a £200 limit (I always decline increases at 33%!) and I spend on it very occasionally. It shows as paid on time since December 2008.

I've got a Littlewoods account, again rarely used, but that shows as paid on time since December 2009.

An old contract phone shows a late payment in April 2010, but the contract ended in March. I'll write to them about that, but it's one late payment, after a year's worth of green paid on time thingys.

My current phone contract doesn't show, and my two current accounts are all reporting.

I've been at my current address on the electoral register for 2 years, previous address for 3 (I wasn't old enough to be on the register before that).

Two previous searches (one HSBC, today) and one from August 2010. No financial associates...

I'm 20, a student but I do have income. I only wanted the card to buy textbooks on, so I could start my reading early...

Any advice? Thanks

Do not ever listen to a bank employee when they say you should get the credit card as they have not got a clue.

Sir star-fires Tip of the day.

izools

The old phone contract that shows a late payment - is this yellow in colour, and a "1"?

Also, does the account show as settled since the "1", or does it show as currently open and in arrears / one payment late?

If it shows you missed a payment last April but the account was subsequently settled the following month - you should see an "S" marker as the most recent status - then this should have little effect from this april / may onwards as you'll have had 12 months without a late payment.

If however it shows as one missed payment, and still open but in arrears, this will have a severely negative effect and you certainly do need this corrected by the mobile phone operator.

If it's any concellation HSBC won't give me a credit card either, I've not missed a payment in over three years, have no outstanding defaults, CCJs, or arrears, turn over £1,500 ~ £2,500 in my HSBC current account each month, never been below £500 in credit on my HSBC account either, but they flat decline me twice now.

Although with a Capital One card and a catalogue account you already have plenty enough information to keep your credit file healthy. You wouldn't benefit from adding another account to the mix

BugsyBrowne

izools wrote: »

The old phone contract that shows a late payment - is this yellow in colour, and a "1"?

Also, does the account show as settled since the "1", or does it show as currently open and in arrears / one payment late?

If it shows you missed a payment last April but the account was subsequently settled the following month - you should see an "S" marker as the most recent status - then this should have little effect from this april / may onwards as you'll have had 12 months without a late payment.

If however it shows as one missed payment, and still open but in arrears, this will have a severely negative effect and you certainly do need this corrected by the mobile phone operator.

If it's any concellation HSBC won't give me a credit card either, I've not missed a payment in over three years, have no outstanding defaults, CCJs, or arrears, turn over £1,500 ~ £2,500 in my HSBC current account each month, never been below £500 in credit on my HSBC account either, but they flat decline me twice now.

Although with a Capital One card and a catalogue account you already have plenty enough information to keep your credit file healthy. You wouldn't benefit from adding another account to the mix

Don't HSBC check Experian where your bankruptcy is on izools,I would think this is the reason why they are not letting you loose with a credit card just yet!!

izools

WELL... Yes.

I was trying to empathise with OP Never mind...

My point stands though - no missed payments in 3+ years, next to no debt, almost non-existant limit to income ratio, and no unresolved defaults / CCJs / arrears.

Damn them. How dare they think that prior bankruptcy could suggest the applicant is a higher risk. I mean...

:rotfl:

Elle7

izools wrote: »

The old phone contract that shows a late payment - is this yellow in colour, and a "1"?

Also, does the account show as settled since the "1", or does it show as currently open and in arrears / one payment late?

If it shows you missed a payment last April but the account was subsequently settled the following month - you should see an "S" marker as the most recent status - then this should have little effect from this april / may onwards as you'll have had 12 months without a late payment.

If however it shows as one missed payment, and still open but in arrears, this will have a severely negative effect and you certainly do need this corrected by the mobile phone operator.

If it's any concellation HSBC won't give me a credit card either, I've not missed a payment in over three years, have no outstanding defaults, CCJs, or arrears, turn over £1,500 ~ £2,500 in my HSBC current account each month, never been below £500 in credit on my HSBC account either, but they flat decline me twice now.

Although with a Capital One card and a catalogue account you already have plenty enough information to keep your credit file healthy. You wouldn't benefit from adding another account to the mix

I wanted to close the Capital One, and use the HSBC...it's got much lower interest!

The account shows as 1, then an S for the next month, and along the top says SETTLED. Orange have said they'll remove it when they next update my records, but as I don't have an Orange contract anymore, god knows when that would be. They did say it wouldn't make a difference.

Even Sygma rejected me for a Flybe, and told me to check Equifax...It's so irritating!

The Barclaycard pre-checker suggests they'd give me a card, but the summary box says you need to be 21, so there's no point applying for that yet.

Thanks for all the responses

lisyloo

god knows when that would be

settled accounts stay on for 6 years.
Sorry but's that the whole point of credit "history".
If you could wipe it then it wouldn't be a historical account of your behaviour.

BugsyBrowne

izools wrote: »

WELL... Yes.

I was trying to empathise with OP Never mind...

My point stands though - no missed payments in 3+ years, next to no debt, almost non-existant limit to income ratio, and no unresolved defaults / CCJs / arrears.

Damn them. How dare they think that prior bankruptcy could suggest the applicant is a higher risk. I mean...

:rotfl:

Mind you can't be that much longer until that drops off you Experian report.

izools

Elle7 wrote: »

I wanted to close the Capital One, and use the HSBC...it's got much lower interest!

The account shows as 1, then an S for the next month, and along the top says SETTLED. Orange have said they'll remove it when they next update my records, but as I don't have an Orange contract anymore, god knows when that would be. They did say it wouldn't make a difference.

Even Sygma rejected me for a Flybe, and told me to check Equifax...It's so irritating!

The Barclaycard pre-checker suggests they'd give me a card, but the summary box says you need to be 21, so there's no point applying for that yet.

Thanks for all the responses

First off, Orange are talking bull when they say it will have no effect. It will, just not a huge one.

If the Barclaycard app checker says you could apply may I recommend the "Initial" card - this is open to applicants 18+, not 21+.

Good luck :beer:

star-fire wrote: »

Mind you can't be that much longer until that drops off you Experian report.

Certainly crossed the half way mark, but not by far...

Man my rating is gonna be freaking phenominal when the BR drops off... I'll be like "Right then. MBNA Rate for Life and a term deposit bond to do some serious stoozing" in a couple of years (By that time the base rate, and therefore savings rates, should be back up to a reasonable level.)

Elle7

lisyloo wrote: »

settled accounts stay on for 6 years.
Sorry but's that the whole point of credit "history".
If you could wipe it then it wouldn't be a historical account of your behaviour.

It's not really an account of my behaviour, as I didn't pay late. They admit that, they just aren't too bothered about cleaning my credit file now that I'm not a customer anymore.

Izools - Congrats on meeting the half way mark I'll look at the Initial now.

Thanks everyone