I've been really stupid, i need some advice (If possible)

SBCUK

Ok, i haven't had any sort of credit in the past.

At the moment, i only have a sim only contract deal with three.

Anyway, i think i have ruined any chance of getting any credit, atleast for another year atleast.

Over the last month, i have gone a bit crazy and applied for around 10 things which all have been rejected, except for Vanquis who i am currently waiting on for their decision.

The good thing is, i don't have any defaults, ccjs, no credit agreements just quite a lot of searches in a short period of time.

I haven't been able to see my credit file with Equifax as they are asking for some details to view my file online which i can't provide at this moment of time, so i don't know what's on there, and if they even have me on the electroll roll - (which i am, and CE says this) so if not, this could also affect me.

Obviously, i shouldn't apply for anything else for at least another year.

I was just wondering if anyone else has any advice they could offer me?

I've ordered both the freedom/mycashplus prepaid card which i hope can improve my credit rating as i have no credit.

thanks again.

Tixy

Hi

First wait and see what vanquis say - you never know they may accept you despite the multiple applications. If the do then make sure you always pay on time, never miss a payment or make a payment late.

Don't apply for anything else for at least 6months.
If you don't get the vanquis card now then in 6months you could try applying for 1 (maybe 2) subprime cards or perhaps an overdraft with your current account, but don't go mad with the applications again.
Credit seaches over 6months old generally don't have much impact on your ability to get credit, so you shouldn't need to wait a full year.

Do check out your credit files in full in 6m before you apply for anything else - if you can't get the equifax file online you can always order the £2 postal report.

chattychappy

Well, it's only stupid if you know the way these things work! And to many, the idea that simply searching multiple times reduces your credit rating is also stupid..

Agree with the advice above. No permanent harm done - 6 months is a good time to wait. What about the bank where you have your current account with? If you've operated this normally, they might give you a credit card.

I don't know anything about the pre-pay cards you mentioned, but I doubt whether they will help your rating position.

SBCUK

Tixy wrote: »

Hi

First wait and see what vanquis say - you never know they may accept you despite the multiple applications. If the do then make sure you always pay on time, never miss a payment or make a payment late.

Don't apply for anything else for at least 6months.
If you don't get the vanquis card now then in 6months you could try applying for 1 (maybe 2) subprime cards or perhaps an overdraft with your current account, but don't go mad with the applications again.
Credit seaches over 6months old generally don't have much impact on your ability to get credit, so you shouldn't need to wait a full year.

Do check out your credit files in full in 6m before you apply for anything else - if you can't get the equifax file online you can always order the £2 postal report.

Thanks for your reponse, yes, i wasn't sure about the postal report, i thought that i had to go through the same things again - providing ID proof before i get it, i think i will order this now.

Yep, in around 6 - 7 months time, i'll have a deep scan to make sure everything looks in good order before making any other applications.

Might apply for an overdraft with HSBC in the next few months, been with them for nearly 2 years now.

Oh, no, i would never miss a payment, even if it means i can only eat one pound dixy meals for the month then so be it!

chattychappy wrote: »

Well, it's only stupid if you know the way these things work! And to many, the idea that simply searching multiple times reduces your credit rating is also stupid..

Agree with the advice above. No permanent harm done - 6 months is a good time to wait. What about the bank where you have your current account with? If you've operated this normally, they might give you a credit card.

I don't know anything about the pre-pay cards you mentioned, but I doubt whether they will help your rating position.

The prepaid cards i mentioned are prepaid cards, BUT the difference is between other prepaid cards is that they lend you money on your prepaid card, (you can't touch it) and every month they will take £5.00 and they will then report this to credit facilties such as Experian and they will show you have taken out a loan and you've paid them off ect.

I've been with HSBC for nearly 2 years now, and they said i need to wait three months before i can apply for an overdraft/card, i also need to put 500 pounds in each month so i can be considerd for a card also, which is no problem.