"Fair" credit rating stopping me from getting contact phone??

dr_winston

Hi there,

I've just tried to purchase O2 and Orange contract phones in the past and they've both been declined because of my credit rating.
So I did a check on Experian see what the problem was and how to fix it.

The only negative aspect of it is because "The age of your accounts indicates lenders are likely to view you as higher risk".

This can't be as I've have my account for over 5 years. It's just a standard open account. I've only ever had student loans and no credit cards.

Could anybody help?

Tixy

What account is it that shows on your file?

A bank account?

Do you have an overdraft on the account? What shows on your credit file in relation to the account? what opening date?

grumbler

Firstly, are you sure that O2 use Experian?
Secondly, any 'rating' that CRAs sell you is meaningless. Check the raw data for the mistakes and discrepancies. Also, see MSE article for the factors affecting your scoring: Credit Ratings

Dean2013

So what credit accounts actually show up on your credit report? If you've only had student loans.

iAMaLONDONER

Dean2013 wrote: »

So what credit accounts actually show up on your credit report? If you've only had student loans.

Overdraft

Mobile phone contracts

Credit cards

Loans (not student loans)

matttye

iAMaLONDONER wrote: »

Overdraft

Mobile phone contracts

Credit cards

Loans (not student loans)

I think he meant in the OP's case specifically, not in general

iAMaLONDONER

matttye wrote: »

I think he meant in the OP's case specifically, not in general

I was just putting 2 birds to sleep with one dose of sleeping pills loool!:beer:

dr_winston

Well I've only had a student loan, no credit cards and no contracts. however I do have a £1000 overdraft on the account which I've not been in the green on in a very long time.

Do you think it could be purely down to the overdraft?

lindsaygalaxy

You may not have had enough credit:/

Dean2013

Yep, that's my thinking to, not enough history on your report!

I suggest you try getting a sim only plan. t-mobile and 3 have good monthly sim deals that report to the CRA. I've currently have both and was not credit checked for either and yes I've checked all three agency's and there's not a search to be found!

jamesd

Constantly living in an overdraft is a significant negative indicator. Taken a as a sign of lack of ability to manage money properly. With little other history to contradict it that'll do the job of getting you declined nicely.

You still might find some place to provide you service. You might have more success with pay as you go, where the phone company doesn't have the value of the phone at risk if you stop paying part way through a contract.