new to credit!! help

ell9

Hi everyone..

I have never had any form of credit. Have always paid car insurance in full etc, never had credit card always had savings. But now I am not being accepted for any form of credit!!

I really need to buy a car so need a loan can anyone offer some help or advice to boost my credit quickly. Anything I get I will be able to pay in full as I only have my phone bill outgoing each month.

Thanks in advance

dealer_wins

Being declined is a blessing in disguise!

Save up for everything bar your house (Which you need to save up a 25% deposit for anyway)

It will make you better off by £1000s over your lifetime, and you wont have the stress and worry of debt repayments that cause so many problems!!

DCFC79

Got any savings ?

ell9

Yeah I have got some savings but only just starting off really so it's not a huge amount...

My credit score is the same as someone who has really bad credit which I don't understand as ive never had any so how can I build up credit if noone will lend to me??

I've never missed a payment on my phone bill and can afford any repayments so im just a bit baffled

ell9

And the only problem is I need to buy a car to get me to work as no public transport runs near there so ideally I'd love to save but it's just not going to be possible in a short space of time

Edi81

You don't have a "credit score" - no one has a standard one so cancel your Experian membership that is selling you one.

You have limited credit. Are you on electoral roll at current address and previous addresses in the past 3 years?

When I worked for a car finance company we would accept people with little credit history as long as the payment wasn't too big and if they were traceable on voters roll. This may be an option for you but do your research before you do anything.

ell9

Oh I haven't paid for anymore I signed up to experience for free trial to check it and my credit rating is really low. Yes Ivan on electoral now and was a couple of years ago when lived at home between I moved out to live on my own didn't realise you had to be on it so I have been on elelectoral roll and am now but there is a gap

CLAPTON

maybe give us some more details


-do your credit files show you as being on the electoral roll?

-what is your salary?

-how long have you worked there?

-how much are you trying to borrow?

-who have you applied to?

-do you have a bank a/c?

wildincrawley

You can get a car with an MOT for £500, or you may find (expensive) finance through a dealer could be accepted if it is secured on the car.

AFK_Matrix

As Wildincrawley said I have just gone to Autotrader and there are around 20 cars for £500 in my area, there are focus's, mondeos, clios which will all see you through a year at least so that you can save up the cash for a better car. Go for say a £2k car next when you have the money and just work your way up as getting finance is just a mugs game for cars imo.

Oh and nice to see another person from Crawley Wildincrawley ha :T

ell9

Yeah I don't really want a car on finance Im just fed up with unreliable cars cos ive had that ever since I've passed my test..

I mainly need a way to build up credit and thought I could kill 2 birds with one stone in theory..

I am looking to save for a mortgage so I need to build up credit somehow