I have mortgage BUT O2/CPW failed my credit check :(

the_matrix

Hi all

OK so:

• I have mortgage.
• Don't owe anyone a penny except my mortgage
• Good job
• Good salary
• Been living at same house for nearly 20 years.
• Never had credit card
• Buy it if have money. If not wait.

O2 / Car Phone Warehouse say you failed you credit check so UNTRUSTWORTHY so we can't give you S4 contract.

On my part I offered to pay the WHOLE contract up front. O2 and Car Phone Warehouse said not interested. :mad::mad::mad:

robbies_gal

i dont know why they wouldnt excpet it upfront but actually not having a cc works against you as they dont know how u manage your money

just buy a phone sim free if u can afford it

grumbler

robbies_gal wrote: »

...not having a cc works against you as they dont know how u manage your money...

Really? Maybe a debt actually, not money?

Bingolingo

the_matrix wrote: »

Hi all

OK so:

• I have mortgage.
• Don't owe anyone a penny except my mortgage
• Good job
• Good salary
• Been living at same house for nearly 20 years.
• Never had credit card
• Buy it if have money. If not wait.

O2 / Car Phone Warehouse say you failed you credit check so UNTRUSTWORTHY so we can't give you S4 contract.

On my part I offered to pay the WHOLE contract up front. O2 and Car Phone Warehouse said not interested. :mad::mad::mad:

CPW enter the details and send to O2. Experian or Equifax then show O2 the results of your credit check and make a decision that CPW are unable to change. The whole process is opaque and there is no feedback as to why you have been refused.

You could go back and ask to check through your details as they were supplied to O2. Any error in then may have caused the fail on security grounds. I would go to another cpw store or phone up. You can ask to have the credit check resubmitted but this is your choice if you want further credit searches on your file.

gjchester

the_matrix wrote: »

O2 / Car Phone Warehouse say you failed you credit check so UNTRUSTWORTHY so we can't give you S4 contract.

As has been said it's your history of managing credit that's looked at not your personal level of debt.

One thing to check is that your address is right compared to the electoral register, if the address is wrong by a few characters it can flag up as fraud.

macman

As above. No credit history (never had a credit card), other than your mortgage, means no way of assessing your potential risk.

MataNui

If you go to the Experian website you can sign up to a 30 day free trail of the credit expert service. Basically view your credit file online. If you cancel the trial within the 30 days you pay nothing. I would say in your case its worth doing just to check there is nothing on it that there shouldnt be.

As others have said if you dont use credit then there wont be enough information sored to verify your identity or credit risk. Also its important to note that banks dont always register loans or mortgages unless there is a default but something like a credit card will show monthly records on your credit report. Best thing is to get the experian trail and you will see what i mean.

Techhead_2

You put quite a lot of emphasis on having a mortgage. A mortgage is not a badge that indicates you are a good credit risk.

The decision whether to offer a contract is made on several things: Do you have a history of managing money/debt well? Is there some proof of an established address (electoral roll) ? Can you establish your ID? Are there any fraud indicators (for example, a person with little previous credit "suddenly" applying for premium handset) ? Several credit searches in a short period? Do you match the profile of a potential profitable customer? etc

My advice would be to buy the handset outright and take out a SIM only contract (which is basically an ID check only). Once you have an established relationship / history of paying bills then you'll open the door to bring accepted.

the_matrix

Thanks everyone.

mobilejunkie

A mortgage is a secured loan and therefore (in theory apart from the bad lending on propert during the credit crunch) a safe bet. A credit card is unsecured and therefore a riskier proposition. Also, paying for the contract upfront fails to guarantee that you won't run up huge bills by going outside the bundle.

Companies offering credit (in the case of a mobile contract a large blank cheque book) will not unreasonably want to be able to assess the risk based on past credit management (not just on a secured loan like a mortgage). Though each provider sets their own criteria which you will be denied viewing thereof, it is also possible that there is something amiss on the credit files which you should check. Applying again at a different branch is likely to ask for trouble; some networks disallow another application within a certain period (Vodafone is or was 90 days) and if it failed once with the same contractor it will fail again and (as has been pointed out) leave another trace on the file - not a good idea.

the_matrix

Thanks. I'll check out my credit file and see what's up.