I keep getting rejected!

clockwork.satan

Hey guys, this is my first post here so please be gentle!

The reason I joined is that I'm utterly frustrated at constantly being knocked back for credit. It's got so bad that I can't even get my mobile phone (which is still in my ex's name) changed into my own name as Three are failing me on a credit check! I also just got knocked back by First Direct when I tried to apply for a better bank account than the one that I currently have - and even the helpful staff on the phone were bamboozeled as to why the their system is failing me!!

But this is completely offset by the fact that Audi were more than happy to lend me 13,000 to buy a new car a few months ago and I've managed to obtain credit for other things since. I've got no CCJ's, no defaults, nothing dodgy at all on my credit record (I've got online accounts with both Equifax and Experian, both of which say my report is clean - although my score is admittedly a bit low) and am on the voter's roll at my current address, so I'm starting to feel like I'm stuck between a rock and a hard place.

Does anyone have any advice on what I can do to find out why I keep getting knocked back? I already have a couple of 'credit-building' cards but a phone call to an (indian) call centre with either of the credit companies mentioned above always ends up fruitless and with me metaphorically banging my head off a brick wall! :wall:

Tixy

Hi

What open credit accounts do you have?
Is the car loan secured? secured finance is much easier to get than unsecured.
What else have you been successful with getting since?
What have you been refused for other than a mobile phone account?

clockwork.satan

Hi Tixy, ta for replying so quickly!

The car loan will be secured on the car so yep, I suppose that's why I was able to get that so easily. I've got four open credit accounts: the car, a 'bad credit' card, another 'bad credit' cash card, and a small loan.

I've been refused mobile phone contracts from three and O2, I've been refused by the Bank of Scotland to have my account upgraded and by First Direct when I applied for an account with them, I've been refused by several credit card companies and am only being offered loans etc by 'scam' companies that charge ridiculous APR.

ikkle87

Personally I think the reason you are being rejected is because you've been applying for lots of credit in a short period of time. Lots of applications in a short period can have a detrimental effect and put lenders off.

clockwork.satan

That's probably true. I guess I need to back off the applications for 6 months or so.

Once the current loans I've got are paid off and paid to the lender's satisfaction I should start to see a difference though, right?

katieh1990x

try buying a cheap thing from a couple of catalogues and pay it off each week, I am talking like a £5 thing, because I am sure that can improve your credit rating??

sharpy2010

clockwork.satan wrote: »

That's probably true. I guess I need to back off the applications for 6 months or so.

Once the current loans I've got are paid off and paid to the lender's satisfaction I should start to see a difference though, right?

Yes absolutely.

You need to make sure that you don't apply for any more credit products in the next 6 months, make sure that all payments to current creditors are made on time every month, and in six months time you should see a difference in your ability to get mobile phones/bank accounts etc.

I'm wondering if your car loan has anything to do with it. Most lenders will see 50% of your salary as the maximum they will loan you, so if between all your credit products you have half of your salary or more already owed out, this will be another reason you will struggle to get more credit.

clockwork.satan

Thanks for the input guys.

This confirms what I was thinking. I'll just need to dig my heels in and make sure I'm a good little customer and pay things fully and on time for the next 6-12 months.