How to credit check with no history??

Babache

Hi all.

Wanted to do a quick credit check using the Moneysupermarket tool toted here but I have less than one year UK address details after being abroad for 15 years and giving foreign address is irrelevant ...

I have a few things going against me when it comes to being accepted for any loan or CC: I'm living in shared house (with family) and have no utility bills in my name so, at the mo' no DDs - not even phone contract as my job is ongoing temp so don't want to risk it. And NO credit history since the mid-nineties!! :A

Most of my job apps would involve relocation and sooner or later WILL be accepted which means I'll need a loan or CC with, let's say, £1500 limit.

(My bank manager says my credit rating is "fair" although he wouldn't give me o/d facility or CC just Flex debit card and can't discuss further credit rating or advise as he is ...err ... biased?!).

Are there any ways around these probs or should I just aim for a sub-prime card and limit the spend? And cross my fingers, of course!

Thanks in advance.

izools

#1500.00 is a lot to expect for your first card. It isn't likely.

If you can forsee #1,500.00 moving costs coming up, do what you can to work what you can locally and save for the costs so that when / if you are offered a better job elsewhere you can afford to move. That's what everyone I've ever met does

Now that you have a bank account and debit card you can make the next step to building up your credit rating - get your first credit card and mobile phone contract.

The cards you are likely to be accepted for are Vanquis, Capital One Classic, and Aqua. These are low-limit, high-apr cards designed for applicants with no or bad previous credit history. Once you run one or two of these cards responsibly for 12+ months you'll have built up enough credit history to be a stronger candidate for a prime credit card with decent limit and low interest rate.

One thing you may with to do when taking out your first credit card is to also take out a mobile phone contract. Three are known to be the easiest to pass the credit check with, and if you don't want to be tied to a monthly line rental or such, you can take out their "Sim Zero" tariff which charges no line rental just for the calls you make - http://threestore.three.co.uk/dealsummary.aspx?offercode=1SO0D001

Again, used responsibly for ~12 months having this phone line on your credit report will have built up positive repayment data showing high street lenders that you're a "Good Bet".

Good luck! :beer:

EDIT: As regards to your bank manager don't pay any attention - they can't see your credit file; only recommended products based on your account conduct with the bank - their "Internal" rating. This is based on different data, and therefore different to, your "external" credit rating which is what a 3rd party lender calculates based on your circumstances and credit file, rather than on your bank account conduct.

Babache

Hi Izools,

That's probably the best summarized reply I've had since coming on to this great forum so thanks v.m!

I do understand that a £1500 limit is asking a lot for a first-off demand seeing as I haven't had a credit history since the nineties ... Back then I had two loans for bikes plus a mortgage but that was then
One of the reasons I took this temp position was to try and save although, living with my family, that's far from easy even if it is cheaper than having my own flat (a bit catch-22 actually )

It's just a little frustrating that I could be earning around £20k "elsewhere" rather than the almost £200 / week in my temp sales position but I would need first month's rent and deposit if I were to relocate ...

Well, I'll just have to follow your advice and be patient. Or attempt one of the cards quoted. There is a lot of info on site although not too clear on which (of the many) sub-primes are better / easier?!!

Thanks again

Is there a way to do a Moneysupermarket "quick credit check" if I were to use my last UK address from 15 years ago?

izools

Babache wrote: »

Is there a way to do a Moneysupermarket "quick credit check" if I were to use my last UK address from 15 years ago?

You could enter it but you'd get nothing back as data unfortunately only remains for 6 years so there would be no trace of you every having lived there according to your credit file let alone recent enough data to effect your credit worthiness.

Capital One Classic & Vanquis are the easiest cards to get, Barclaycard Initial & Aquacard are harder.

One or two sub-prime cards and a Three Sim ZERO (you could just leave the SIM in a drawer, to be honest) should help you build your credit rating massively. Good starting point :beer:

chexum

Babache wrote: »

Is there a way to do a Moneysupermarket "quick credit check" if I were to use my last UK address from 15 years ago?

Unless there's an intermediate address, that in a very good conscience you can call yours, I wouldn't do that. It could trip up anti-fraud measures and link addresses you cannot confirm with your ID.

The "fair" credit rating mentioned by the manager is actually just one step above "poor", so it all only means that you're just that one step above anyone who has defaults, ccjs, and so on.

Before you have one address covering 2-3 years, or two addresses covering 1-2 years, you'll find it difficult to apply online for any kind of credit. You really need to be patient at this time.

Babache

Great stuff, thanks again! I guess it's just a case of ... uhm ... taking the plunge, as it were, and actually going ahead with an application. If I get turned down by one of those companies mentioned then the relocation becomes a moot point for the time being anyway until I build up my score using the usual methods.

As a "by-the-way", I suppose the problems I have with a quick-check through Moneysupermarket would be similar with a real check through eg Experian as regards addresses and whatnot?

Babache

chexum wrote: »

Unless there's an intermediate address, that in a very good conscience you can call yours, I wouldn't do that. It could trip up anti-fraud measures and link addresses you cannot confirm with your ID. Fair point!

The "fair" credit rating mentioned by the manager is actually just one step above "poor", so it all only means that you're just that one step above anyone who has defaults, ccjs, and so on. Agreed

Before you have one address covering 2-3 years, or two addresses covering 1-2 years, you'll find it difficult to apply online for any kind of credit. You really need to be patient at this time.

Can't do too much patience, I'm an Aries :rotfl: Plus, the job offer(s) are now(ish) not six months down the line when my credit rating is good or, at least, better!! This is the irony and annoyance of the situation; put up with a crap, dead-end job and see better paid, more enjoyable AND permanent work pass me by 'coz I can't afford to relocate!!
O woe is me hohum
Maybe I should move back to France where the Jobcentre equivalent would front up 1500 Euros for a move

chexum

Babache wrote: »

Can't do too much patience, I'm an Aries :rotfl: Plus, the job offer(s) are now(ish) not six months down the line when my credit rating is good or, at least, better!!

Well, it's still your bank that you'd have the best chance with. If they say no, I'd be inclined to go to another bank and explain that you just returned to the country, you have only historical account information, but you are planning to move and this is the job offer you have. Many of the bank staff would still be unable (or unwilling, hard to tell in this customer friendly world) help you.

If it doesn't work in your bank of choice, maybe you'd want to check with the bank your prospective employer is banking with, preferably in the same branch, and bringing the job offer as well, maybe with a letter of recommendation from the company?

Babache

Again, fair comments, Chexum and I think that I'd probably be inclined to think about checking other banks as well ... I only went to Nationwide because I was using my sister's a/c there and thought it would be easier being as I had ID issues at the time!

I might try applying for a sub-prime card this week. The (potential) employer will ask questions about relocation at the interview so, ideally, I need to be sure that I can do it. In fact, before the interview would be better still, obviously In the past, if you got turned down, you'd go somewhere else until you found an establishment willing to cough up!!

Other than that, the idea about the company's bank sounds pretty good too especially, as you say, they'd confirm the regular payments into the a/c

PNPSUKNET

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Babache

PNPSUKNET wrote: »

singup for topcash, get the tmobile 30 day £10 amonth deal and make £50

I can't sing :rotfl::rotfl:

I just had a look on MSM for the credit check : 6/10 chance of acceptance with Vanquis, 5/10 with Aqua and Granite; "Low" chance with Capital's Classic or Progress and the same with Barclaycard Initial :eek:

Methinks I'll be staying with the current job for the mo while I build up a more decent credit score :mad:

Of course, any changes on that, I'll let y'all know