Credit Card / Credit score builder?

sdirect

Hello guys,

I just turn to 18 years old ( 2 months ago ) and I already have phone contract. I checked my credit score is low ( 562 ) I'm not yet registered for Electoral Roll ( How it affect my credit score? ) But the problem is - I'm the business guy, and I have many OTHER SEARCHES for Money Laundering,Administration review - is it affect my application?

I'm thinking to apply for Vanquis or Mycashplus credit builder ( 60 quid per year )

So my credit score is good for vanquis or too low and i need to wait while Electoral Roll data will show on my report?

Oh guys one more thing - I tried to check my credit reports in nearly all good companies, and not even ONE can't check it instantly, same was with three - they checked my credit check, but computer said there is an error and I need more details. << I don't have any CIFAS or fraud warnings, so what the hell is going on here?

Thank you!! :A:T

TrueUnitedFan

sdirect wrote: »

Hello guys,

I just turn to 18 years old ( 2 months ago ) and I already have phone contract. I checked my credit score is low ( 562 ) I'm not yet registered for Electoral Roll ( How it affect my credit score? ) But the problem is - I'm the business guy, and I have many OTHER SEARCHES for Money Laundering,Administration review - is it affect my application?

I'm thinking to apply for Vanquis or Mycashplus credit builder ( 60 quid per year )

So my credit score is good for vanquis or too low and i need to wait while Electoral Roll data will show on my report?

Oh guys one more thing - I tried to check my credit reports in nearly all good companies, and not even ONE can't check it instantly, same was with three - they checked my credit check, but computer said there is an error and I need more details. << I don't have any CIFAS or fraud warnings, so what the hell is going on here?

Thank you!! :A:T

The first question is, how many things you applied for. (credit wise = credit cards, loans, ect?)

I am exactly in the same position as you, i'm 18, turned 18 2 months ago, i am on the electroll roll since oct 2011.

I've made atleast 10 - 15 credit applications in the space of 2 months which isn't good. I will have to wait for 12 months for these to drop off, so i won't apply for anything else.

I've got vanquis - this is easy to get, you should get it, being on electroll roll will help when applying for credit
will be getting the cap1 secured card, (i have to pay £200)
and i've got the three sim only contract. £10 a/m Did you get a phone or are you on the sim only?

I've also got the cashplus card and i'm enrolled onto the credit account as well as natwest, so i should be in a decent position next year.builder thing, and i've also just accepted for a lloyds current

I also have money laundering searches on my file, i'm not to sure on this but i this is used to make sure everything is in order, no fraud is being done.

sdirect

TrueUnitedFan wrote: »

The first question is, how many things you applied for. (credit wise = credit cards, loans, ect?)

I am exactly in the same position as you, i'm 18, turned 18 2 months ago, i am on the electroll roll since oct 2011.

I've made atleast 10 - 15 credit applications in the space of 2 months which isn't good. I will have to wait for 12 months for these to drop off, so i won't apply for anything else.

I've got vanquis - this is easy to get, you should get it, being on electroll roll will help when applying for credit
will be getting the cap1 secured card, (i have to pay £200)
and i've got the three sim only contract. £10 a/m Did you get a phone or are you on the sim only?


I also have money laundering searches on my file, i'm not to sure on this but i this is used to make sure everything is in order, no fraud is being done.

I still have no any applied credits etc. I'm thinking still wait until electrol roll data will show on my credit report.

What about phone contract - yes it's a sim only. I also have from three ( SIM 300 12 MONTHS ) and I have Mobile Broadband contract from Three for 18 months ( 7 quid p/m ).

I've also got the cashplus card and i'm enrolled onto the credit account as well as natwest, so i should be in a decent position next year.builder thing, and i've also just accepted for a lloyds current

For what reason you take two bank accounts? I just have NatWest silver account now.

TrueUnitedFan

sdirect wrote: »

I still have no any applied credits etc. I'm thinking still wait until electrol roll data will show on my credit report.

What about phone contract - yes it's a sim only. I also have from three ( SIM 300 12 MONTHS ) and I have Mobile Broadband contract from Three for 18 months ( 7 quid p/m ).



For what reason you take two bank accounts? I just have NatWest silver account now.

Yea deffo wait for the electrol roll to show up on your credit files, this will help you obtain credit.

Tbh, the best thing for you to do get a vanquis card, and try for a cap 1 card, and possibly cashplus card also and enroll on their credit builder thing.

Got a silver natwest account also, do you know if you can rent games also or is it just dvd's? :rotfl:

the reason why i've got mad and opened up a few current accounts because current accounts show up as a credit account on your credit files, and every month they update it, and so long as you opperate it properly (don't go OG, negative balance ect) you will get juicy green 0's on your credit files. Also to build up a releationship with the banks as i would like to get a loan/credit card of them too. :P

Is experian reporting your three accounts as credit accounts? experian are taking the micky to update their systems.

sdirect

TrueUnitedFan wrote: »

Yea deffo wait for the electrol roll to show up on your credit files, this will help you obtain credit.

Tbh, the best thing for you to do get a vanquis card, and try for a cap 1 card, and possibly cashplus card also and enroll on their credit builder thing.

Got a silver natwest account also, do you know if you can rent games also or is it just dvd's? :rotfl:

the reason why i've got mad and opened up a few current accounts because current accounts show up as a credit account on your credit files, and every month they update it, and so long as you opperate it properly (don't go OG, negative balance ect) you will get juicy green 0's on your credit files. Also to build up a releationship with the banks as i would like to get a loan/credit card of them too. :P

Is experian reporting your three accounts as credit accounts? experian are taking the micky to update their systems.

I dont know, because i'm using livefilm paid platform ( not with natwest discount )

I had negative balance on my NatWest. I was in USA and made many payments there by card - and I wasnt thinking about charges and when i came back to home, checked my account, it was -19 gbp on my account, but I immediately paid money to account - it will affect me ?

TrueUnitedFan

sdirect wrote: »

I dont know, because i'm using livefilm paid platform ( not with natwest discount )

I had negative balance on my NatWest. I was in USA and made many payments there by card - and I wasnt thinking about charges and when i came back to home, checked my account, it was -19 gbp on my account, but I immediately paid money to account - it will affect me ?

ah ok coool

Negative balances will effect you if it get's reported on your credit files, but if it hasn't it won't. However, being in negative balance won't score you high with your banks internal scoring system when it comes to getting credit products off them.

Everyone goes overdrawn once in their lifetime, i've been overdrawn quite a few times before i turned 18 and i left it 2 weeks before i got the balance back up.

You should be ok, but not make it a habbit!

MoneyMagic01273

OP, just get yourself on the Electoral Roll, manage your bank account properly (perhaps in a few months ask the bank for a very small overdraft - £1-200) , manage your mobile phone properly and if you really want to - a single credit building credit card - which should have a small limit and be paid off on time, religiously.

Thats all you need to do. You'll build up a nice steady credit history up over a couple of years.

Do not do what TUF does and apply like a crazy person for everything you can get your hands on (he seems to believe this time next year creditors will be lining up to lend him tens of thousands of pounds.... they won't).

MoneyMagic01273

Also, do read some of threads around MSE as you should be able to teach yourself about what is good and what is bad on a credit report - without you having to pay for experian and equifax to give you their "credit scores".

The scores they sell you are really just a calculated numbers based on the factors in your credit file which you can see yourself. The score itself isn't used by lenders - they will make their own assessment of you using internal scoring so as long as you know whats good and what's bad, there is no need to keep tracking this score.

Educate yourself and you'll save yourself some money!

sdirect

MoneyMagic01273 wrote: »

OP, just get yourself on the Electoral Roll, manage your bank account properly (perhaps in a few months ask the bank for a very small overdraft - £1-200) , manage your mobile phone properly and if you really want to - a single credit building credit card - which should have a small limit and be paid off on time, religiously.

Thats all you need to do. You'll build up a nice steady credit history up over a couple of years.

Do not do what TUF does and apply like a crazy person for everything you can get your hands on (he seems to believe this time next year creditors will be lining up to lend him tens of thousands of pounds.... they won't).

I know that apply many times mean bad thing.
But:
I have many searches ( Other searches ) for money laundering from PayPal, Companies House and etc - can this stuff affect my status?

TrueUnitedFan

MoneyMagic01273 wrote: »

OP, just get yourself on the Electoral Roll, manage your bank account properly (perhaps in a few months ask the bank for a very small overdraft - £1-200) , manage your mobile phone properly and if you really want to - a single credit building credit card - which should have a small limit and be paid off on time, religiously.

Thats all you need to do. You'll build up a nice steady credit history up over a couple of years.

Do not do what TUF does and apply like a crazy person for everything you can get your hands on (he seems to believe this time next year creditors will be lining up to lend him tens of thousands of pounds.... they won't).

Hold on fool. When did i say/suggest that creditors will be lining up next year to hand me out thousands of pounds? Are you on drugs, do you need some glasses?

I know everyone has tightend their belts and getting credit from anyone is hard these days. All i said is i will be in a better postion next year round then this year. Credit history/worthy wise.

:mad:

MoneyMagic01273

sdirect wrote: »

I know that apply many times mean bad thing.
But:
I have many searches ( Other searches ) for money laundering from PayPal, Companies House and etc - can this stuff affect my status?

Generally the stuff that shows as "quotation" or "ID verification", or "money laundering check" are just basic ID searches and are not shared with lenders. Usually only actual credit application searches are used for lender scoring.

FAQs on experian and equifax's websites can help you further determining what different searches mean.

TUF, whatevs - don't need glasses, lol. Just a cursory look through your post history (and the history of your other MSE ID... SBCUK is it?) tells me you are completely and utterly obsessed with the idea of getting your hands on as much credit as you possibly can.