Credit card for furnishing my flat, perhaps £1,200, 18 months IFC?

YorkshireBoy

P-Ride wrote: »

Hmm, looks like I may have to go without a card for a while.

Not at all.

Apply for one* (or even two), and if you get rejected just wait 3-6 months and try again.


* Be aware that Tesco can be picky about acceptance, and aren't generally known for granting (relatively) decent credit limits.

To be honest, I'd probably try Barclaycard (via branch) first. Maybe this 14 month card is useful?...

http://www.barclaycard.co.uk/personal/freedom-purchase?WT.mc_id=Barclaycard_Aggregators__Platinum_Card-Stoozing-STZ0330001__Platinum_14_14_Stoozing-&TC=STZ0330001&mpch=ads

P-Ride

Well, I do all my banking with Barclays already, so it would make sense. If I go into their branch and talk through my finances with them; show them I have a budget worked out etc?

Do they factor anything in; or do they just do the same online application, but just point me in the direction of the one they think may be best suited?

The_Boss

NPHammer wrote: »

Dude. You are relentless with the banging of the drum about how people don't have a rating.

Of course there is truth in this, different lenders have there own criteria, CRA rating numbers are lacking in real value yada yada yada, but maybe once let someone type the phrase credit rating without ripping them a new one? You might find you enjoy the change.

Any advice given is largely irrelevant if the OP believes that they have this fictional rating (and if they believe late payments don't count if they weren't in the last year). As my original post said, a mortgage is a huge change in financial circumstances and lenders will want to see evidence that the OP can manage it. What Experian or Equifax think is irrelevant as they are not lenders (without adding the usual info just for you ) so saying that is a relevant part of my advice.

Cycrow

YorkshireBoy wrote: »

No doubt someone will be along to tell you they got a card without being on the ER (but in my opinion it is important).

i have been given credit without being on the ER, it was also when i moved. Instead they asked me to send information confirming my address, like council tax bill.

of course, anyone whos just moved will not be on the ER, so it would make sense to make allowances for this.

but then, i didn't have any other recent credit applications, nor mortgage, i think if i had, i would have struggled to get anything, at least for the first 6 months or so

Experian_company_representative

The_Boss wrote: »

I've already explained that you don't have a rating. Experian are not a lender, so their opinion of your financial situation means nothing at all. Lenders will see you have a mortgage and most likely turn you down until there's evidence that you can manage this appropriately.

We are not a lender but we pioneered credit scoring in the UK in the 1980s and continue to build decision systems for many major UK lenders. As a result, the insight we can provide through the score you get with your credit report can be a really useful guide to how most lenders are likely to rate your credit report. I think people understand that lenders' scores assess a wider selection of data and express their own particular lending policies, but many of the algorithms will be quite similar and we are trying to help people understand the common elements. It may not be the full picture - you are, I'm afraid, never going to get that unless you move to the US - but it's still useful as it helps people understand what credit report data means to most lenders in terms of credit risk.

James

NPHammer

Experian_company_representative wrote: »

We are not a lender but we pioneered credit scoring in the UK in the 1980s and continue to build decision systems for many major UK lenders. As a result, the insight we can provide through the score you get with your credit report can be a really useful guide to how most lenders are likely to rate your credit report. I think people understand that lenders' scores assess a wider selection of data and express their own particular lending policies, but many of the algorithms will be quite similar and we are trying to help people understand the common elements. It may not be the full picture - you are, I'm afraid, never going to get that unless you move to the US - but it's still useful as it helps people understand what credit report data means to most lenders in terms of credit risk.

James

Remember that one member of this forum who had a credit expert score of 999 with 6 defaults on his file?

He didn't think much of the insight the score gave him. :-)

P-Ride

I just thought; rather than waiting until I've moved in and transferred my bank account to my new address (therefore losing my electoral role registration for a month or so)..

How about, as soon as I've completed, make the application then, before I change address?

The house I'm staying in is owned by my family, so I can pop back to pick up post etc. There is no pressure to change everything to my new address and move in over night; I'll be painting and buying furniture there for probably a week before I move in anyway.

That way I can have completed on the flat, then apply for card whilst still on electoral role in my current address, then change address with my bank once I - hopefully - get one?

tiger_eyes

You're obviously set on this path, but it's tricky to understand your mindset here. You have a decent income, splash out on expensive groceries and phones and gyms, spend fistfuls of cash on snowboarding holidays and still have tons of disposable income left over - but you're intent on taking out credit? I know other posters have brought this up and you've shut them down, but I'm really scratching my head over this. You're paying for basic furniture on credit because your money goes on snowboarding? That doesn't seem strange to you? Not having a go at you, I'm genuinely confused.

P-Ride

My priorities are very simple: I am an athlete. My constant goal is developing my physique in the gym; improving my ability at the sports I enjoy; and doing those sports with friends. Hence the large quantities of food, gym and snowboarding trips - these are the most important things to me. I don't drink, party or make any kind of commitments to anyone who might distract me, so I can focus my efforts/finances. Although I do like gadgets..

I've had to stay in quite a bit and not do as many adventurous things to save for the flat, which is a platform for me in a location good for the things I enjoy. I need a bit more cash to furnish it, which I can do in one lump on a credit card and still enjoy snowboarding over New Years. Things may be tight for a few months, but then it will be furnished; I'll have a credit card to finish paying off and fun more fun things to do.

P-Ride

As a metaphor, it's like hurdles. I've carefully calculated my monthly budget and established I can clear it each month. I have one big hurdle here over the next month or so, which I'm using a credit card to tackle; and then I'm back to standard hurdles again, which I have enough left over each month to pay back the credit card..

The key thing is that those hurdles (my monthly outgoings) are at a relatively fixed height, so any extra I add to my jump height (monthly salary) over the next several will go onto my adventure budget. Best thing I can do to keep it that way is get a vasectomy!