Problems building credit. Help!

Guggul

Hi, I returned to the UK from 7 years abroad 5 months ago.

I'm finding it challenging to get/build UK credit.

I'm on the Electoral Roll and my longstanding bank account is reporting to the CRAs. However that is the only thing on my credit report.

I was turned down even for a SIM-only Pay Monthly mobile phone.

How does one begin building credit pretty much from scratch.

I have nothing negative on my credit report.

All I have on there is my bank current account.

sirwiggum

Use the likes of Noddle to keep an eye on your file, make sure your electoral roll address is present and correct (usually takes a while to update).

Get a pre-pay cashplus Mastercard and use the CreditBuilder option to build up a bit of positive credit history. It looks like a loan with constant payments.

Stabilo_Boss

Guggul wrote: »

Hi, I returned to the UK from 7 years abroad 5 months ago.

I'm finding it challenging to get/build UK credit.

I'm on the Electoral Roll and my longstanding bank account is reporting to the CRAs. However that is the only thing on my credit report.

I was turned down even for a SIM-only Pay Monthly mobile phone.

How does one begin building credit pretty much from scratch.

I have nothing negative on my credit report.

All I have on there is my bank current account.

Welcome back! It is often harder to get credit with no history than with adverse history.. You could try a credit builder card like Vanquis, Capital One, Fluid etc but they have very high interest rates. If you did this and got a small limit which you managed well you would demonstrate more breadth to your finance history and this would help. Also some utility companies (and even Virgin Media I believe) report to CRA's but dont necessarily do a detailed credit check to start with (especially British Gas for example) so this would also help. Other than that just keep doing the right things with what you have in place and time will also help.

Good luck

Guggul

I tried to get Creditbuilder on the Cashplus but they gave me a restricted card. In order to give me full access including Creditbuilder they require a certified passport copy and various other stuff.

Yes I've checked my credit reports (all 3) as recently as last night and everything is correct, listed as on Electoral Roll etc.

Guggul

Stabilo_Boss wrote: »

Welcome back! It is often harder to get credit with no history than with adverse history.. You could try a credit builder card like Vanquis, Capital One, Fluid etc but they have very high interest rates. If you did this and got a small limit which you managed well you would demonstrate more breadth to your finance history and this would help. Also some utility companies (and even Virgin Media I believe) report to CRA's but dont necessarily do a detailed credit check to start with (especially British Gas for example) so this would also help. Other than that just keep doing the right things with what you have in place and time will also help.

Good luck

I'm with EON for my Heat and Electric and they claim they report to CRAs - but there is nothing whatsoever from them on my credit files

Guggul

I don't want to apply for lots of credit as lots of searches would damage my credit file. I did just get accepted for a Nationwide Current Account and they report to CRAs apparently.

dotdash79

Eon report to Equifax only

Stabilo_Boss

Guggul wrote: »

I don't want to apply for lots of credit as lots of searches would damage my credit file. I did just get accepted for a Nationwide Current Account and they report to CRAs apparently.

Thats sensible. Luma (I think) Nationwide and Barclaycard do a soft search quotation for their cc so this would give you an idea (and it is only a guide - maybe search the forums for a bit more on this first) as to whether they would give you a card and what the limit and APR will be. These soft searches dont go on your credit file (well they do but only you see them) and so wont impact your rating. If you do then click apply they will do a full check at that point. Maybe worth a go

Tixy

Sounds like the main issue potential lenders are having are you lack of UK address history rather than credit history.

What is the main reason for you wanting to build up a credit history?
If there is nothing urgent then it may be better to wait until you have been back in the UK a year? Or have you applied for a credit product such as a credit card with your existing bank? they may be a better bet as you already have a history with them.

Former_E.ON_Company_Representative:_Malc

Guggul wrote: »

I'm with EON for my Heat and Electric and they claim they report to CRAs - but there is nothing whatsoever from them on my credit files

Hi Guggul

Just thought I'd confirm, we do share information with the Credit Reference Agency, Equifax.

This is done on a monthly basis.

Hope this is of interest.

Malc

Guggul

E.ON_Company_Representative:_Malc wrote: »

Hi Guggul

Just thought I'd confirm, we do share information with the Credit Reference Agency, Equifax.

This is done on a monthly basis.

Hope this is of interest.

Malc

That is good to know. Thanks.

I have 2 separate EON accounts, one for electric and another one for heat. Will they both report to Equifax? Will it have begun reporting as soon as I opened my accounts? When I got my first bill?

My electric is on monthly direct debit. My heat bills I get monthly and pay in full at that time.