Credit card application advice needed

grant2b

Hi there,

i'm after a bit of advice for a credit card application.
I currently hold an experian credit report 'Fair/826'.

I want to build my credit score, but can't afford to be rejected again.
The last application i made was just shy of 6 months ago with Vanquis. This was rejected and experian recommended this card for credit building.

I have not applied for a credit card in the past and the only detail setting me back on my report is the "You have no successfully settled credit account".

Another thing potentially setting me back is that i am self employed, have been for close to 2 years. Never slipped into the red on my bank account since.

I have been a furnished tenant of a rental property for 6.5 years.

Any advice on which credit cards are likely to accept me would be great.

thanks!

imoneyop

First off ignore the credit score that you see on your credit reports - it is just a random number made up by the credit agency. Lenders do not get to see it and have their own acceptance criteria for their cards.

Are there any defaults or late payments on your credit histories (not just experian - you need to check all 3 of the agencies).

Are you on the Electoral Roll?

Cycrow

A Rejection will make no difference to your credit file, as rejections are not even shown on them. The only thing that is shown is the credit search, which shows the same if you were rejected or accepted.

As the last search was 6 months ago, it should make very little difference now.

first thing to check would be if you are on the electoral roll, and is that showing correctly on your credit report?

Also, what other accounts are currently showing on your report, and is the information on there all correct ?

for credit cards, you could try either Barclaycard initial, or Capital One, you might have more luck with these.

Being Self Employed can make things more difficult, but its unlikely to be holding you back with one of the bad credit cards

grant2b

All months showing a final balance of zero, which is apparently a good thing.
Showing 1 late payment 12 months ago, 1 late payment 63 months ago, and 2 late payments 64 months ago.
I am on the Electoral roll.

What other agencies should i check?

grant2b

The only bank account i hold is a HSBC current account. Visa Debit card.

gb12345

grant2b wrote: »

I have not applied for a credit card in the past and the only detail setting me back on my report is the "You have no successfully settled credit account".

grant2b wrote: »

Showing 1 late payment 12 months ago, 1 late payment 63 months ago, and 2 late payments 64 months ago.

If you have no credit account, what are the late payments for?

grant2b

No idea. Overdraft? Which is only £300 mind you.

imoneyop

grant2b wrote: »

What other agencies should i check?

Equifax and CallCredit (Noddle).

imoneyop

grant2b wrote: »

No idea. Overdraft? Which is only £300 mind you.

The late payments are likely to be causing you the problem. At the moment it shows to the lender that you have a habit of being late paying what you owe - this will make them wonder how well you will be able to cope with more credit.

It might be an idea to try and remember what you were late paying and make sure that the records are correct.

grant2b

The only thing it could be is my overdraft wasn't paid back in full. I seem to remember that happenning for the one a year ago, but as for 62 months ago? Anyones guess.

Cycrow

at least its only a few late payments, and most are pretty old now, so it shouldn't really matter too much.

i would suggest just applying for one of the other cards. If you still get rejected, then look back at your credit report