Improving credit rating.

lisaloo1977

Thank you in advance for any advice.

I have not got bad credit, just not really any credit history. I have a current account with Halifax, I earn £500 a week which goes into it, it comes with a £100 overdraft. I have a next account, I use just to build history and pay every month in full if I use, I have had it 6 months. I also have a phone contract which is also about around 6 months and never missed a payment.

What else counts towards improving my history. Would putting the council tax in my name count? We phoned to put the BT phone bill in my name tonight, fine to do but knocks Internet off and so whilst we can do it, it would be more easy to not.

Obviously electric as well would be good, but I'm thinking how much is too much. I don't need to get credit but it would be nice to build it up incase in the future I would like too.

Thanks for reading.

[Deleted User]

A credit card would be a good start. Aqua, Vanquis, Cap 1 or similar. Use and pay off in full as with your Next acount. That will make a big difference after 6-12 months.

Tixy

Council tax doesn't affect your credit rating. Some utility companies report to the CRAs but some do not. some only report if there is something adverse to put on.

A subprime credit card would probably be the next logical step for you - using for one or 2 items a month and always paying off in full so you pay no interest.

lisaloo1977

That was my thoughts on council tax. Will look at credit cards and then maybe talk to my bank direct as I've been with them 15 months so have history.

Thanks for advice.

MorrisonsEmployee

Try Vanquis Credit Card - http://www.vanquis.co.uk/
[Also if you use Quidco you get £25 cashback when accepted for a Vanquis card]

Also try Very - The often accept with a £150-250 credit limit - http://www.very.co.uk/

But be careful of applying for too much credit in a short space of time.

lisaloo1977

I am at a loss for words, i just applied for the Vanquis card and they said i do not meet their critera and to try again in 6 months.

I have just checked both my checkmyfile and credit expert accounts.
I have 7 months of the green 0's on both Halifax current Account (I had the easy cash before that)and phone account. I have 4 months on Next. I am showing £37 spent of £250 credit limit on next though this is paid off, i just cant update report yet as did within the last month.
I have only got unrecorded searchs from the agencys, bar the searchs that count from the above people.
I have been on Electoral role at current address for 4 years 7 months.

I am obviously not going to apply for anymore, i do not need to this was purely a build credit history up. It just makes me wonder how i move forward if i can't even get a Vanquis card?? I guess i will just continue to keep the accounts i have in good order for another 6 months+ and see what will be at that point.

Is any utility bill useful, or all pointless and won't count?

One last thought, does the fact that i actually do not ever go into my overdraft and have a positive balance in my current account go against me?

Thanks again for all advice, very much appreciate it.

MorrisonsEmployee

lisaloo1977 wrote: »

I am at a loss for words, i just applied for the Vanquis card and they said i do not meet their critera and to try again in 6 months.

I have just checked both my checkmyfile and credit expert accounts.
I have 7 months of the green 0's on both Halifax current Account (I had the easy cash before that)and phone account. I have 4 months on Next. I am showing £37 spent of £250 credit limit on next though this is paid off, i just cant update report yet as did within the last month.
I have only got unrecorded searchs from the agencys, bar the searchs that count from the above people.
I have been on Electoral role at current address for 4 years 7 months.

I am obviously not going to apply for anymore, i do not need to this was purely a build credit history up. It just makes me wonder how i move forward if i can't even get a Vanquis card?? I guess i will just continue to keep the accounts i have in good order for another 6 months+ and see what will be at that point.

Is any utility bill useful, or all pointless and won't count?

One last thought, does the fact that i actually do not ever go into my overdraft and have a positive balance in my current account go against me?

Thanks again for all advice, very much appreciate it.

Declined by Vanquis:eek:But on the plus side im guessing they declined you due to the fact you are not a 'risk' customer and would not make them any money in terms of interest etc,

As said earlier Utility companies don't always report to the credit agencies unless there is a default.

Maybe try your bank for a credit card as they can see how well you have managed your account/overdraft since you opened it.

MorrisonsEmployee

By the way you can appeal the decision of Vanquis and more than likely they will review their decision and issue a card but as i said above perhaps the best option is to speak to your bank next.

lisaloo1977

I know, its all a little mortifying. It seems if you have a pulse you get one, lol.

May give them a call, but think i will speak with my bank also. I obviously have my debit card and i have a card on my Husbands Mastercard account in my name so its not like my life depends on it, i just thought it would be a grown up thing to do to build my own history, ha ha!

Its strange that having no debt at all stops you even getting a builder card and i now i do not want to try Capital one etc for fear of same and looking desperate with searchs.

I guess the only positive i can take from this is i have no debt at 34 and seem unlikely to get in any, lol.

I do have one thing i had well over 6 years ago, more like 8 could even be more actually., cant be 100% sure. I disputed a bank charge and it sat on my file for the 6 years. No evidence of it now been gone at least 3 years and surely that is not doing this? I remember speaking with the checkmyfile people and them saying no evidence on my file, it had dropped off. Ironic thing is i would have got it back with the bank charges claims had i paid!! I did not just spend money willy nilly, my overdraft interest took me less than £2 over my £100 overdraft and i thought the charges were a little harsh, seems everyone agreed a few years later. Still my fault i know, but its honestly the only thing i have ever done wrong in my banking life.

MorrisonsEmployee

By the way the Barclaycard 'Let Me Choose' function might help you without a full search taking place -

If you want added confidence your Barclaycard application will be approved before you apply, you can check your likely eligibility for a selection of cards from our full range with our new pre-application check - without the need to make a full application.
This unique tool only places a search ‘footprint’ on your file to show your credit information has been accessed but because it's not a formal credit application it won't affect your ability to get credit another time.

https://letmechoose.barclaycard.co.uk/

lisaloo1977

Thanks, it says 70-80% is it worth trying or am i just risking too many searches?