forgot to change my address

joeltm

Hi All

Long time lurker first time poster so hoping someone can help me!

I dont have any credit at the minute but have at the past and have used some (to my shame) short term loans to fund a few luxuries here and there that I just couldnt wait for.

anyway, My bank accounts have never been changed over to my current address where I have lived the past year and I wondered if this would affect my application for any new credit?

I have been declined with a guarantor this morning for only 3000 which I was hugely surprised by and this is the only thing I can put it down to.

I have as a result spoken to my bank and changed my details but they exlained that any credit agencies may take up to 3 months to update this change.

Is there anything else I can do and will this definitely have affected it? Im thinking that it will as the card I would be paying with under my name is registered at a different address to the address im registering the credit to.

Any help is greatly appreciated
Thanks
Joel

Kayalana99

It will be the pay day loans, some companys just refuse to touch someone who has even 1 loan with them, it shows your living outside your means.

Although having the right address does help, I highly doubt it would have any reason for decline but may be an extra negative on a list of other things.

matttye

Agreed with the above poster, will be the payday loans (if that's what is meant by "short term loans.")

If you're trying to borrow money for more luxuries, may I strongly advise against it and suggest you save for it instead.

CLAPTON

joeltm wrote: »

Hi All

Long time lurker first time poster so hoping someone can help me!

I dont have any credit at the minute but have at the past and have used some (to my shame) short term loans to fund a few luxuries here and there that I just couldnt wait for.

anyway, My bank accounts have never been changed over to my current address where I have lived the past year and I wondered if this would affect my application for any new credit?

I have been declined with a guarantor this morning for only 3000 which I was hugely surprised by and this is the only thing I can put it down to.

I have as a result spoken to my bank and changed my details but they exlained that any credit agencies may take up to 3 months to update this change.

Is there anything else I can do and will this definitely have affected it? Im thinking that it will as the card I would be paying with under my name is registered at a different address to the address im registering the credit to.

Any help is greatly appreciated
Thanks
Joel

you're very lucky as you have had a narrow escape

anyone that thinks they 'need' a guarantor loan needs to totally rethink their approach to money: not only are they very expensive but it's a sure way of ruining a friendship/relationship.

you need to review your spending and income with a view to starting to save up before spending

best go over to the debt free wannabe board and learn how to manage your money better.

spacey2012

If you guarantor loan was turned down, it was because the guarantor is not credit worthy.
They could not care less about you, you just get the money, the guarantor legally owes the loan payments, they just ask you to cross your finger and promise nicely you will really pay it.
But in reality of your Guarantor is credit worthy, they could not give a stuff if you pay or not.

jellie

Are you on the electoral roll at your current address?

joeltm

thanks for all the advice - I only every used them for the odd £50 here and there so that I didnt dip in to my savings (building for a mortgage deposit) you see with being told that borrowing and paying back actually helped my credit rating I (naively) saw it as a good thing!

Lie I say, I dont have any debt, overdrafts, credit cards, store cards or loans but obviously I have hurt my rating.

Im on the electoral roll at my current address and now my bank details are sorted etc im worried that any mortgage application will be affected by this. Aside from not using the loans mentioned above which I will NEVER use again, how can I rectify and build my rating back up so that I will be seen as a good borrower?

CLAPTON

get copies of your credit file and see what they show
make sure your address is correct and it shows you being on the electoral roll.


if everything is ok then apply for a credit card

use it regularly and pay in full each month (best by DD so you never forget)

this will show on your credit rating

joeltm

thanks - forgive my naievety again - but if they dont like me taking out PDL's then by taking a credit card out and using it will show I am still living above my means?

I can do it, but I just want to make sure its a right move! are there any particular types or patterns of purchase that are more helpful? I could do my fortnightly shopping on it and pay it off every month?

CLAPTON

joeltm wrote: »

thanks - forgive my naievety again - but if they dont like me taking out PDL's then by taking a credit card out and using it will show I am still living above my means?

I can do it, but I just want to make sure its a right move! are there any particular types or patterns of purchase that are more helpful? I could do my fortnightly shopping on it and pay it off every month?

your credit files will show only a monthly pattern and don't show individual purchases

whether you pay according to T&Cs and whether you only pay the minimum etc

so just spend and pay in full and on time


get hold of your credit files and see what they say

ChopperST

Just put your monthly spend on it and pay it off in full every month.

Don't buy anything extra just your fuel, shopping etc. and your credit rating will improve.