26 & New to CREDIT!

IKEA_1986

Evening all

It's good to be a part of a savy community indeed.

Now, to business.

I have been lucky to avoid debt at all costs.

However, this is now having detrimental issues to myself.

I finished a 6 years masters degree in Accountancy 2 years ago and work in a professional position with an insolvency firm. So being smart with money certainly shows.

However, my status as it is at the moment is I still live with my parents (all bills are in my parents names) and my Samsung Galaxy S4 is paid outright hence why im only on PAYG. I have a generous income of £58'000 (gross) hence why I have never needed credit of any sort.

I know have the plan to get a mortgage within the next year and I have looked at my credit file...

No issues at all and I have now put myself on the voters role. However, I can get any sort of credit whatsoever!!!!

I have tried everything without luck and I do not know what to do anymore. Suprising to my current education and position.

Please help.

Thanks.

The Swede!

matttye

What have you applied for so far and when did you apply?

Too many applications in a short period of time sets alarm bells ringing for lenders so if you've applied a lot recently you'd be better to wait for 6 months before applying for anything else.

Tixy

How recently did you go on the electoral roll? it usually takes a couple of months for this to be reflected on your credit file.

Who do you bank with? what sort of bank account do you have?
what have you applied for and been declined for and with whom? did you try for a credit card with your own bank?

Cycrow

a few things you could thing about doing is to change your payg to a sim only contract.
Not only do these offer better value but it'll add something to your credit file as well.

another thing would be to apply for an overdraft at your bank if you dont yet have one, and also apply for a credit card from your bank as well.

if you have recently applied for alot, then wait some time before doing this

IKEA_1986

Afternooon everyone.

Sorry for the grammer and spelling mistakes in my post above.

I have looked at "soft credit" searches which are 2 searches that show on my credit report. I have not done any hard searches at all.

I have memberships with all 3 CRAs and all without adverse negative feedback that could hinder getting credit.

I contacted EE who are my PAYG provider and who I bought the phone from. They have stated I cant even go through a credit check due to errors on thier own systems which is the same for o2 as well. My card wont autherise the security check. After this point, I have went to the bank myself and they have clearly stated it is not an issue with the them at all.

Which brings me onto my next point, my bank.

I have a main current account, The Platinum Account. They state that I don't qualify for an overdraft or any other product or service that involves a credit facilty. This is before going through a credit check which I want to avoid at all costs.

I'm on the voters roll with ALL 3 CRAs as I have checked this. My credit file is completely clean bar the "soft credit" searches that only I can see according to research I have carried out.

When looking at these soft searches and looking at credit card for bad or to built credit history, the highest rate of possible success I have been given is 40%.

I have been it may be down to my salary and my age but my bank manager laughed at this when I told him it was one of his "cash tellers" in branch that told me this.

I'm getting extremely worried now as I have over 6 figures in savings to go and purchase a mortgage for me and my other half for next year and finally get out the parents home.

inmypocketnottheirs

Well I'd speak to a mortgage broker. With a large deposit and income around 80K you should get an offer.

Fruit_and_Nut_Case

Welcome to MSE :wave:

IKEA_1986 wrote: »

...role...

Tixy wrote: »

...roll...

Even accountants should know the difference.

somethingcorporate

You're in a great position, well done.

Why not capitalise and look to continue to save and buy outright? Then you'd never need to worry about debt.

Don't be fooled that just because you have a good income now that you will always have it!

Make the most of it....

IKEA_1986

Fruit_and_Nut_Case wrote: »

Welcome to MSE :wave:



Even accountants should know the difference.

Brilliant! :rotfl:

IKEA_1986

somethingcorporate wrote: »

You're in a great position, well done.

Why not capitalise and look to continue to save and buy outright? Then you'd never need to worry about debt.

Don't be fooled that just because you have a good income now that you will always have it!

Make the most of it....

I would love to, however, this would take me a further 6 years to get to the desired level to which is my current bracket and goal.

My partner went down the unfortunate route of bankruptcy 7 years ago. We are not financially linked at all in anyway and I know this would have an impact on me and chances of getting a property due to her past dealings. She doesnt have much savings and earnings are low hence why the mortgage is my main priority. She is wanting to plan for our first child hence why leaving 6 years of saving into the future isnt ideal to say the least... well, for me, yes, for her no, as she is 10 years older than me

sfax

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