Credit Score Advice!

CharlieH86

Hi All,

I applied for a loan online lats night and was very surprised when it was rejected. I checked my credit score and was ver surprised it was only fair - as my other half has much more debt than me....I now realise this isn't how credit scoring works...

I have 1 credit card which is only for £1,000 and whilst this is close to its limit - I never miss any payments. I am in rented accommodation and have never had a "big" loan before so my lack of "sizable" credit history appears to have worked against me. I was brought up to avoid debt and am generally very good with my money so am a bit unsure what I can do to improve my credit rating. Is it be best to:

- pay off as much of my existing credit card as possible?
- increase the limit on my credit card (even though I won't use this)

- consider other finance - the loan was for a car so could try going through the dealer?

Advice on this very much appreciated as I am at a bit of a loss what to do

Thanks,

Charlie

[Deleted User]

Avoid being close to your limit. If you can pay off what's on the card then do that, and continue to pay off in full each month.

If not paying in full, alays pay more than the minimum. Never miss a payment and never go overlimit.

Apply for another which hopefully will give you a better limit.

somethingcorporate

Are you on the electoral roll? how long have you had your job?
how much did you apply for and how much do you earn?

All questions that will be taken into account by the bank you applied for.

CharlieH86

I am on the electoral role, only been in this job 9 months (which doesn't help) applied for £8,000 and earn £34,000....so thought I would be a good candidate!

DCFC79

Maybe give Nationwide a go, they do a soft search option. Was it your own bank who you asked ?

CharlieH86

I started online applying to Yorkshire Bank as they've got the lowest rates advertised currently so I'm not sure if I need to choose who I apply to more carefully?

Thanks for the advice on Nationwide - I'll have a look. I'm just now wary to submitting too many applications and having that on the credit report record now.

DCFC79

Soft search = no trace left on your report, not tried it myself.

CharlieH86

Sorry missed the soft search bit

Is it easy to find out who does / doesn't do soft searches?

Thanks for the advice :T

BugsyBrowne

CharlieH86 wrote: »

Sorry missed the soft search bit

Is it easy to find out who does / doesn't do soft searches?

Thanks for the advice :T

Its easy because I'm going to tell you Barclays & nationwide

DCFC79

CharlieH86 wrote: »

Sorry missed the soft search bit

Is it easy to find out who does / doesn't do soft searches?

Thanks for the advice :T

NW is only 1 I know who do a soft search.

CharlieH86

Thanks again

Didn't know where to start with all this last night!