New to Credit, need some advice?

bery_451

My credit report shows to lenders that im not currently not 'borrowing' meaning I have no credit cards, loans, mortgages accounts etc.

I have no defaults/ccjs that lenders can see.

From this I assume my credit rating is fair to good I think.

Will lenders give me credit or will I get rejected?

For example if I go to phone shop to get a mobile phone contract or apply for a credit card will I pass or fail?

F1F93

You don't have 'good' credit rating, you don't have any.
Look at it the other way. Would you lend any money to someone who's never borrowed anything before? No credit is about as bad as bad credit.

A phone contract, i'm not sure but I doubt you'd have much of a problem.
I'd stick with subprime lenders for cc like Aqua, Luma, Capital one etc, or maybe your own bank.

Also try using MSEs pre-application checker to see if you'd get accepted.

Tixy

For example if I go to phone shop to get a mobile phone contract or apply for a credit card will I pass or fail?

Nobody on here can answer a question that vague.

'a credit card' could mean you are thinking of applying to vanquis or for a platinum Amex card or anything in between.

Mobile phone contracts are generally relatively easy to get accepted for. Sim only contracts can be even easier to obtain.

You haven't said anything else about your financial circumstances, such as whether you are earning which would be very relevant to any potential lender you make an application to.

bery_451

what about credit applications that give you a instant decision whether you pass or fail in 60 secs online?

I dont understand this method? Does it mean a lenders employee checks your credit report in 60 secs and replies back with an answer? Is 60 secs really enough time.

Tixy

Its all done by computers and yes more than enough time to check your application information and one (or more) of your credit reports. It isn't a human reading through your reports manually.

Once checked they may give an instant acceptance or decline, or they may refer it to be looked at it more detail. And in those cases the decisions typically take a few days (and could still be accept or decline)

Aquamania

bery_451 wrote: »

My credit report shows to lenders that im not currently not 'borrowing' meaning I have no credit cards, loans, mortgages accounts etc.

I have no defaults/ccjs that lenders can see.

From this I assume my credit rating is fair to good I think.

Will lenders give me credit or will I get rejected?

For example if I go to phone shop to get a mobile phone contract or apply for a credit card will I pass or fail?

Everyone starts off with no credit history at some point.

bery_451

Tixy wrote: »

Its all done by computers and yes more than enough time to check your application information and one (or more) of your credit reports. It isn't a human reading through your reports manually.

Once checked they may give an instant acceptance or decline, or they may refer it to be looked at it more detail. And in those cases the decisions typically take a few days (and could still be accept or decline)

These instant decision methods use a credit score to check? Whats the highest credit score a person can have?

MrSilk

bery_451 wrote: »

These instant decision methods use a credit score to check? Whats the highest credit score a person can have?

Whatever they imagine. Scores aren't real, credit files are.

Cycrow

bery_451 wrote: »

These instant decision methods use a credit score to check? Whats the highest credit score a person can have?

they will use some kind of scoring system, but different companies use different systems, so outside their own system, the score is meaningless.

plus they will never really tell you what score you had or how it is computed, and even if they did, it wouldn't really mean anything without the correct context

bery_451

Ok I want to build up a credit history starting from scratch so my credit report will look good if I were to get a mortgage in the future.

So where do I begin?

Tixy

If you no longer have any credit accounts showing on your file anymore then good starting options are

-seeing if your own bank will give you a credit card or
-applying for a subprime credit card or
-trying to get a mobile phone contract or sim only contract