Trying to improve credit score

bigdavz

Hello all im trying to improve my credit score at the moment, i tried getting a vanquis card about a year ago and got refused, i have recently tried again and got refused again, the only thing i can put it down to is that i have moved house several times in the last few years and changed jobs, i will be putting my self on the electoral register this week. Has anyone got any advice that can help me improve my credit score, my experian credit report came back as fair (score 851) with no defaults on it.
Will using a pre pay credit help with improving this in any way?, the only reason i could do with a credit card is because i do alot of travelling in my job and pay everything myself then claim it back in expenses at the end of the month, using a credit card to do this seems like a good idea to build up my score.
Any help or advice would be greatly appreciated.
Thanks

Dabooka

Forget everything until you're on the electoral roll (and it shows up, not just registered). You'll be wasting your searches.

izools

bigdavz wrote: »

Has anyone got any advice that can help me improve my credit score

Yes, this:

bigdavz wrote:

i will be putting my self on the electoral register this week

Once you've registered to vote it takes 6-8 weeks for your registration to appear on the electoral role.

Do you have a mobile phone contract right now? If not, taking one out alongisde a credit card will help improve your credit rating. If you're adverse to paying line rental - then the Three SIM Zero is a great option

http://threestore.three.co.uk/dealsummary.aspx?offercode=1SO0D001

No line rental but still puts a telecommunications agreement on your credit file to start building history.

So for you, in order:

1. Register to vote.
2. Don't apply for ANYTHING for 2+ months
3. Apply for Capital One Classic, Vanquis, & Three Sim Zero

Once you have those open, after 12+ months, assuming you pay on time every time and don't take out any more accounts, you will have a very strong start to your credit rating and should find no trouble getting a high street credit deal when you need it.

Just remember not to apply for things unless absolutely neccessary, and even then keep it down to no more than 2-3 applications in a six month period.

Also remember that taking out a new account will lower your credit worthiness for 6-12 months as the account will be considered "new" and prime lenders won't want to lend more to you until you've proven you can handle the accounts you already have by accumulating a long and flawless payment history on each account you have.

Good luck! :beer:

bigdavz

Lovely stuff thanks for the quick reply, i already have a phone contract with vodafone which is paid off monthly, my partner and i have been thinking of going for a mortgage soon as we have 15-20k saved up to use for deposit, what do you think the chances are with this?
thanks

izools

bigdavz wrote: »

Lovely stuff thanks for the quick reply, i already have a phone contract with vodafone which is paid off monthly, my partner and i have been thinking of going for a mortgage soon as we have 15-20k saved up to use for deposit, what do you think the chances are with this?
thanks

Slim to nil if you've never had credit in the past (whilst a phone contract and bank account may help you get your first starter credit card, they aren't credit agreements).

Well done on the big savings! Massive feat that is you've achieved, now just got to spend a year building up some repayment history for the mortgage underwriters to judge you on :beer:

BugsyBrowne

bigdavz wrote: »

Lovely stuff thanks for the quick reply, i already have a phone contract with vodafone which is paid off monthly, my partner and i have been thinking of going for a mortgage soon as we have 15-20k saved up to use for deposit, what do you think the chances are with this?
thanks

Yeah applying for a mortgage with a phone contract as your credit history is not going to do you any favors I am afraid.

Wish I could save up 20k well done.

bigdavz

Thanks for your help, i think i'll try my bank (lloydstsb).
cheers

izools

bigdavz wrote: »

Thanks for your help, i think i'll try my bank (lloydstsb).
cheers

OK mate but I remind you of my advice:

1. Register to vote.
2. Don't apply for ANYTHING for 2+ months
3. Apply for Capital One Classic, Vanquis, & Three Sim Zero

Unless Lloyds TSB have pre-approved you there's no chance you will be approved for their credit card.

If you aren't pre-approved, for the love of god please don't apply as you won't get it and you will waste a credit search.

Get on the voters roll, be patient, and take out a sub prime credit card only after you've actually appeared as being registered to vote as far as Experian are concerned. If you apply willy-nilly wasting more searches and not being registered to vote all you will achieve is a lower chance of approval for a mortgage.

Good luck

SpreadsheetPete

I'm with the first reply, get on their and then wait. Could be worth then checking your credit history on one of those free trial sites just to make sure there's nothing out there in your name you didnt know about. Dont forget to cancel the trial straight after you have viewed your file

It's hard getting on the ladder and even harder getting back on it if you fall off.

Also make sure you wait 6 months between applying, they will just auto decline your application if you apply again before then.