Equifax - added electoral roll but still "red"

Frxn

Finally got them to add it, it's showing as confirmed at my current address, yet the indicator is still red, I expected it to become green but I must be unaware of something.

The only thing I can think of is that my local ERO only updated it on the registry last month, but surely all that matters is that I'm on it at my current address?

I'm curious about Previous Searches as well:
During my attempts to get Equifax to fix some things they've put at least 4 "Other Searches" (Consumer Enquiry) on the report over the last fortnight, will this have any negative impact?

There is also a Credit Quotation and a Consumer Enquiry under "Other Searches" relating to credit applications, with three more listed as actual Credit Searches. Apart from the Equifax stuff they are all from November so I've not applied for anything else, I assume six months from the last search is ample time? I just want one credit card to help build up my history by paying for things (e.g bills) that I already pay every month.

sfax

Other searches are irrelevant from the point of view of applications for credit.

I wouldn't read too much into the red colour but you will still be amber at best on the address if you've moved recently - moving around makes you a higher risk in the lender's eyes

izools

Several points for you:

1. Equifax will mark your ER status as "RED" until you've been on the electoral register spanning two separate years. This reflects the way most creditors will interpret your ER data, as less than one year at a given address can be considered as instability.

2. You can ignore anything in the "Other Searches" category, they have no impact whatsoever. As long as you have two or fewer "Credit searches" in the last six months, they shouldn't impact any application you make.

3. When you use a credit builder card, don't use it to pay for bills. Use it for expenses you'd usually put on your debit card, like groceries, fuel, travel, tobacco, going out, etc. Just supplant your debit card for your credit card and clear it in full each month. Most utility providers charge a premium for not paying by Direct Debit and Credit Cards only support "Card Mandates", not Direct Debits.

Card Mandates, otherwise known as Continuous Payment Authorities, can cause serious issues when you want to cancel or if the incorrect amount is taken, as you wouldn't be covered by the direct debit guarantee.

4. The best card to get to start building your credit, if you can get one, is the Aqua Reward card, as they pay 3% cashback on all of your purchases, and you won't pay a penny interest so long as you pay the bill in full (to the penny) on time every time, and don't use the card for cash withdrawals. Continue using your debit card for those

If you don't get approved for the Aqua Reward:

http://www.aquacard.co.uk/credit-cards/reward-card

Try the Capital One Classic Extra:

http://www.capitalone.co.uk/creditcards/classic-extra-credit-card.jsf

I'd be very surprised if you don't get one of those two cards, unless you've got some seriously bad credit lurking in your past.

Good luck!

Frxn

Thanks guys for the quick help, especially izools for going into so much detail!

I was approved for the Aqua card