Denied credit, but (fairly) high income, no faults

chattychappy

skintdad wrote: »

do your parents still talk to you?

Yes, when they're spoken to!

Actually they even talk to each other - so perhaps I was guilty of misselling them a divorce....

koloko wrote: »

Can I ask what you do, at 22, to be paid over £40k a year?

Don't mean to boast, but 20 years ago I was earning £60K (so even more in today's money) at 22. In my case I worked for a small company (4 of us) whilst a student that was approached by a foreign company for a joint venture. We wrote ourselves 3 year contracts related to gross profit. We did rather well (also worked really hard) but the JV partner wanted to focus on volume rather than profit. We "compromised" by agreeing to abandon the deal and restart 3 years on fixed salaries of 5K per month (subject to some kind of target). My friends thought it was fantastic to be earning so much and to be a company director at my age. But I never thought it was particularly clever - just technical sales work. I travelled to work on the bus and took a packed lunch to save money whilst all my much lower paid friends were buying cars and eating in restaurants etc. Bizarrely the money never really meant anything to me. I was too busy to spend it anyway. Didn't take a day's holiday for a couple of years and generally worked 12 hours days, 6 or 7 days a week. Couldn't do that now!

Candy53

joehoyle wrote: »

Hey Everyone,

I see a lot of people struggling to get credit in the forums - as lots of other people I am getting very frustrated with being refused credit. However, I really don't understand why - to me it seems like a catch 22, to get credit you need a credit score, and visa versa.

Apparently, the assessment on credit does not seem to go on income whatsoever. I don't know if it is my age - or the fact I have had a few addresses but I would have that I would be the kind of person the lenders would want to lend to.

In a nutshell I am:

Age: 22
Addresses in last 2 years: 3
On electoral roll: yes
Yearly income after tax: 36,000
Bank Balance: about 32,000
Credit Cards: 1 (a very bad card I managed to squeeze from barclaycard, £250 limit)
Bank Account: Barclays, about 10 years

I currently have a credit rating of 686, I have tried applying for Vanquis card, granite, capital one, aqua. Capital once rejected, granite & vanquis never got back to me (twice, I tried applying again after they never contacted me).

I have no defaulted loads / credit or anything on my credit report. Under Credit accounts on my credit report it only shows British Gas and Barclaycard, though I have a phone contract, internet, Eon electricity etc (not sure if they should show up?)

Ofcourse, I don't actually need any credit - my plan was to try and increase my rating because it's likely I will want to be buying a house 1 - 2 years perhaps (though at this rate, I can't even get a cc!)

Is there something I am missing here? I would have at least thought Barclays would give me a decent amount of credit, as they can see my damn bank balance!

I have seen a lot of people advise to wait 6 months and try again - but 6 months is agessss (at least seems like that for me). Are they not any very effective if costly ways to bump my credit score?

You've had a Barclays bank account since the age of 12??

Candy

GreenApple

Candy53 wrote: »

You've had a Barclays bank account since the age of 12??

Candy

Considering I had an account with Barclays since being a baby, I don't think this is unusual. I cancelled my account with Barclays at around the age of 13 and moved to HSBC though. :j

Edit: would also be interested in knowing what the job is, simply because I'm nosey.

koloko

deleted deleted deleted

chattychappy

koloko wrote: »

Very insightful! Do you regret it or are you happy you did it?

It was a mixed bag. I slowly became de-skilled but couldn't do something else because the money was too good. Eventually I retrained to be a lawyer. Left it a bit late but it was OK. Couldn't have afforded it without the accumulated cash pile.

I do regret not spending more time organising my personal/leisure life. Looking back I was a real nerd verging on a total nutter.

iAMaLONDONER

koloko wrote: »

deleted deleted deleted

WHy would you post that twice?

iAMaLONDONER

chattychappy wrote: »

It was a mixed bag. I slowly became de-skilled but couldn't do something else because the money was too good. Eventually I retrained to be a lawyer. Left it a bit late but it was OK. Couldn't have afforded it without the accumulated cash pile.

I do regret not spending more time organising my personal/leisure life. Looking back I was a real nerd verging on a total nutter.

Sounds like you were very successful financially- how did get less skilled?

iAMaLONDONER

joehoyle wrote: »

Hey Everyone,

I see a lot of people struggling to get credit in the forums - as lots of other people I am getting very frustrated with being refused credit. However, I really don't understand why - to me it seems like a catch 22, to get credit you need a credit score, and visa versa.

Apparently, the assessment on credit does not seem to go on income whatsoever. I don't know if it is my age - or the fact I have had a few addresses but I would have that I would be the kind of person the lenders would want to lend to.

In a nutshell I am:

Age: 22
Addresses in last 2 years: 3
On electoral roll: yes
Yearly income after tax: 36,000
Bank Balance: about 32,000
Credit Cards: 1 (a very bad card I managed to squeeze from barclaycard, £250 limit)
Bank Account: Barclays, about 10 years

I currently have a credit rating of 686, I have tried applying for Vanquis card, granite, capital one, aqua. Capital once rejected, granite & vanquis never got back to me (twice, I tried applying again after they never contacted me).

I have no defaulted loads / credit or anything on my credit report. Under Credit accounts on my credit report it only shows British Gas and Barclaycard, though I have a phone contract, internet, Eon electricity etc (not sure if they should show up?)

Ofcourse, I don't actually need any credit - my plan was to try and increase my rating because it's likely I will want to be buying a house 1 - 2 years perhaps (though at this rate, I can't even get a cc!)

Is there something I am missing here? I would have at least thought Barclays would give me a decent amount of credit, as they can see my damn bank balance!

I have seen a lot of people advise to wait 6 months and try again - but 6 months is agessss (at least seems like that for me). Are they not any very effective if costly ways to bump my credit score?

Did you get credit after all?

DCFC79

iAMaLONDONER wrote: »

WHy would you post that twice?

What koloko did was make a post and deleted it some days later and what you have now done is resurrect a thread that's over a year old.

You by any chance trying to drag up as many old threads as you can in 1 night.

iAMaLONDONER

DCFC79 wrote: »

What koloko did was make a post and deleted it some days later

Oh I never knew, thanks