New borrowing -- do I need to build a history?

smithers1981

Try your own bank, failing that Vanquis, try them today if rejected wait 6 months.

Maestro.

lunaris wrote: »

Hi all,

Well, it's bad news I'm afraid.

In trying to make as informed a decision as possible, I used some of the online pre-check tools and spoke to some "advisors". I was planning to apply for a Barclaycard Initial, but on speaking to an advisor was informed that application might not be sensible since I'm new to borrowing. Note that the online pre-check said I had a 80%/90% chance of success for the platinum/gold cards and 90%+ for the initial. On querying this with the advisor they said that I should go ahead with the application.

This was somewhat unnerving, so I looked at Virgin Money, with whom I'd spoken with an advisor on the phone. My chances were rated as good and so I applied online. I was rejected in seconds.

Upon checking my credit report, I've noticed that Experian have recently doubled the amount of credit I'm perceived as holding. In actual fact my current accounts (and associated overdrafts) are being listed twice. I've contacted them asking to correct this but they've not yet got back to me.

I'm absolutely gutted and even a little angry -- perhaps I should have just applied for the Barclaycard. I'm guessing the sensible thing now is to wait several months before even thinking about applying for credit again? In terms of the search that Virgin will have made, my credit report hasn't been updated yet but I don't think I've got a leg to stand on in terms of appealing the decision.

Thoughts? Thanks again for all the help,
lunaris

From what I know Barclaycard initial seems to be quite hard to get. I'd actually hardly even call it a credit builder, because from what I've seen here most people new to credit won't actually get it.

I would wait a few months, maybe until just after Christmas and then apply for Vanquis. They are pretty much as "bottom of the barrel" as it gets but you have to start somewhere.

BugsyBrowne wrote: »

Never speak to a bank or a lenders advisor like you did with virgin money as they haven't got the foggiest Idea on how credit scoring works.

You should of tried the likes of Vanquis or capital one classic and I am surprised other posters didn't point you in this direction rather then send you on a mission filling out stupid pre-approval soft search applications.

Blame the above posters!!

If you actually bothered to read the thread you'll realise the OP already has several forms of credit. Suggestions to CHECK the pre-approval application forms was perfectly reasonable, I certainly didn't suggest to go applying for prime credit left right and centre.

noh

The Virgin credit card is run by MBNA as is the Amazon card that previously declined you. It is therefore not surprising they declined again if nothing has changed on your credit report.

Experian_company_representative

The doubling you refer to will just be an issue with the report you ordered from Experian. If you query this I'm sure we will rectify it for you. Lenders would not see this duplication. While your credit history seems in decent shape, not being on the electoral roll and not being in your current job for very long won't be helping your overall credit rating.

James Jones