Student refused CC and 2 Overdrafts?

hardleyouth

Hi all,

I'm 18, in my first year of university, and although I don't require or need any credit, I want to start building a good credit rating through both sensible use of my overdraft and or credit card.

However, I have had a student account with both NatWest and Santander already, and both refused me an overdraft on more than one occasion.

So, last night I tried to applied to the Barclaycard Initial credit card, the starter one, and I was refused it. With all of these refusals it's always a computer says no situation which always confuses the bank teller, and they can never offer a personal or specific reason for me being refused the credit.

To be clear, I have no debt, I have never had debt.

The only reason I can see to be refused is because my banks are still registered to my home address where my dad rents and lives and not to my uni address. The previous tenants of the home address have received many a bailiff letter and a couple of visits since we've been there, so I'm going to imagine their credit score was pretty low. Could it be the credit score in some way attached to that addressed which is holding me back from obtaining credit?

Any help is useful, I need to build a good credit score or I'm going to be done for later in life!

Thanks in advance,
Chris

Calfuray

Your credit history is in no way attached to the house via other people's bad credit.

Do you have any credit history? Do you have a pay monthly mobile phone? Ever missed a payment if so?

DevCoder

Credit scores are not attached to properties, always to people.

Too many searches on your credit file in a short period of time will make it look like you are desperate for credit.

what does you credit file say from the 3 main credit reference agencies? They cost £2 each.

opinions4u

However, I have had a student account with both NatWest and Santander already, and both refused me an overdraft on more than one occasion.

Many student accounts have a condition that you cannot hold another student account elsewhere.

Curr946

credit is personal and there is no such thing as a black listed address (despite the myths). The fact that your not on the voters roll, have moved about recently and have accounts registered at different addresses is not going to help your score/rating. Nor will all the credit searches in such a short period of time.

Its worth noting that all lenders have different criteria, and being rejected by one does not mean you will be rejected by another.
There are a number of sub prime lenders, capital one, vanquis, aqua etc.. but you need to pay the balance off in full as the interest rates are massive.

hardleyouth

Curr946 wrote: »

credit is personal and there is no such thing as a black listed address (despite the myths). The fact that your not on the voters roll, have moved about recently and have accounts registered at different addresses is not going to help your score/rating. Nor will all the credit searches in such a short period of time.

Its worth noting that all lenders have different criteria, and being rejected by one does not mean you will be rejected by another.
There are a number of sub prime lenders, capital one, vanquis, aqua etc.. but you need to pay the balance off in full as the interest rates are massive.

Calfuray wrote: »

Your credit history is in no way attached to the house via other people's bad credit.

Do you have any credit history? Do you have a pay monthly mobile phone? Ever missed a payment if so?

krisdorey wrote: »

Credit scores are not attached to properties, always to people.

Too many searches on your credit file in a short period of time will make it look like you are desperate for credit.

what does you credit file say from the 3 main credit reference agencies? They cost £2 each.

I'm going to register in the electoral roll ASAP, I imagine it'd be better to register at my home address as it'll be more consistent? And I've considered applying to some of the cards for people with bad debts etc, just to get a good rating, but I'm worried if they reject me too, I'm doomed forever with all these rejections and rejection from the lowest of the low credit cards will completely knocked me out of life!

I have absolutely no credit history, never had anything but current accounts and saving accounts with debit cards with no overdraft facility. I don't have a monthly phone contract, I'm considering getting one (or probably more likely trying to get one and being rejected at this rate) to build a good score.

I've never tried to find out my credit score, because I know I don't have one, there's no way I could have one is there???



Also, I didn't hold those NatWest and Santander student accounts at the same time, it was Santander first but they were utter useless so I switched to NatWest but they refused me too, but I get my railcard with them so I've stayed, however I don't see any way any two banks would know you have another student account with a different bank?

jonesMUFCforever

How about looking at your credit files?

chattychappy

Just to reassure you, rejections are not recorded, only the fact of a search. Indeed even a search might not be recorded if they rejected you based on the information you gave them.

You will not have a single "credit score". Each lender uses their own criteria to decide the outcome of your application. If you bung the likes of Experian a few quid, they'll sell you a number. But it's pretty pointless as nobody else will see it. Worth getting statutory reports, but not paying extra for "scores". The statutory report would reveal any errors - eg if you're linked with somebody you shouldn't be.

Sounds like in your case it's a combination of low income/not on roll at address on application/no history/too many searches.

Decide on a story and stick to it. Eg you're living at home ("with parents"), where you're on the roll. Put that down, but leave it a while. Apply for a subprime card or a contract phone next time around.

jd87

Stick with one address for all your banking and electoral roll and everything whilst at uni. Stick with your home address. It means your statements and letters go home which is a pain but it keeps your credit file so much tidier.

williham

jd87 wrote: »

Stick with one address for all your banking and electoral roll and everything whilst at uni. Stick with your home address. It means your statements and letters go home which is a pain but it keeps your credit file so much tidier.

This. Worked for me, change your address when you get a house after Uni.

sfax

williham wrote: »

This. Worked for me, change your address when you get a house after Uni.

+1 And don't expect to get accepted for decent credit cards or get good limits until you have a few years of good credit history and an income. It takes time