Improving credit

Powka

Hey,

Following some advice from people from the other thread, I'm now trying to improve my credit but not sure how to do so.

Everybody says that best way to improve credit is taking out Credit Card and making monthly payments on time for it. Well, I got declined on all applications for Credit Cards, as well as personal loans.

According to Noddle, my rating now is 3/5. I have no loans, contracts, nothing. No negatives on my rating.

How do I improve it if I can't get anything to improve it? Kind of a closed circle.

Apples2

You can try one of these

http://www.vanquis.co.uk/

You MUST be disciplined though and make sure you pay it off completely every month. If you fail to do so, the banks were correct in rejecting you for a loan.

Powka

Apples2 wrote: »

You can try one of these

http://www.vanquis.co.uk/

You MUST be disciplined though and make sure you pay it off completely every month. If you fail to do so, the banks were correct in rejecting you for a loan.

Thanks a lot, I'll try them!

One more question though, you might know this. I AM going to pay it off, because I actually don't even need it, so I was wondering -- how much do I have to spend during the month and then pay off so that I would have the least possible loss but still improve my rating?

Thanks for helping.

Angry_Bear

If you pay off in full every month then you wouldn't get charged any interest. I'd suggest using it for something regular (fuel for example) and setting up a DD to pay it in full every month.

Oh, and make sure you're on the electoral role.

Powka

Angry_Bear wrote: »

If you pay off in full every month then you wouldn't get charged any interest. I'd suggest using it for something regular (fuel for example) and setting up a DD to pay it in full every month.

Oh, and make sure you're on the electoral role.

Cheers. Yeah, I've already sent an application for electoral.

However, I looked into that bank card, and plenty of very bad reviews, like company selling customers' details, etc. So I think I'll avoid it.

Not sure what to do about the credit score though. It's complicated; you can't get the credit score without actually having one.

[Deleted User]

There's nothing wrong with Vanquis if you clear if in full each month and tick no to the marketing.

You can't really afford to be that picky. Your only other choices are aqua, Cap One, Luma or Bcard Inittal. But I suspect Vanquis is the most likely to accept you.

Angry_Bear

Powka wrote: »

Well, I got declined on all applications for Credit Cards, as well as personal loans.

This is also your problem, repeated applications in a short time implies desperation or fraud. I'd suggest waiting about 6 months then applying at your own bank for a credit card - your electoral role info will be on by then (that makes a HUGE difference) and your bank may not even credit score you depending on your account history with them.

poppasmurf_bewdley

You got turned down for everything because you are not yet on the electoral roll.

Once you are on it, leave it for six months and then try again for a credit card.