I'm 19 cant get credit despite good score?

m1tchjc

Hi all,

I'm 19 and am trying to build a proper credit history for the inevitability that I am eventually going to need to get credit.

I have a constant income from a full time job. I have also taken out some payday loans, all paid in full, on time (please spare the lectures regarding the dangers of payday loans, unless it its directly relevant to advice. I no longer use them, it was just a rough patch)

I have tried applying for a Barclaycard initial, a credit card of which i was under the impression that is aimed at first time credit card users - I was rejected, although i think that the fact i do not have a current account with Barclays may have been detrimental to my application.

I also tried Littlewoods, which appealed to me as I could use credit for low sum purchases with no interest. However this didn't even take a second to tell me I was rejected.

I have taken a look at my credit report on Experian, I have a score of 902 (Good - apparently) with its positives being a few accounts (the PD loans) being paid in full and the negative being the age of my accounts.

Is there anything else, apart from a phone contract, that I can do to help this?

I can't get credit, because, I can't get credit! its a seemingly endless circle!:mad:

lovehackney

As many people say on here all the time, your credit score doesn't really mean anything - Experian aren't lending you money.
The fact you have had payday loans is possibly what is stopping you getting credit. Even though you paid them back in full, some lenders still see this as a sign of financial mismanagement and so don't want to lend to people who've used them.
If you don't actually need credit right now, I'd wait, the impact of payday loans will lessen in time and the applications for refused credit will also drop off.

DCFC79

The score of 902 means absolutely nothing so dont base your chances of success on that. Maybe try runnign your bank account well before you apply for a credit card. Why did you need to resoprt to pay day loans ?

19lottie82

PDLs will NOT have a positive effect on your credit rating, quite the opposite in fact, potential lenders will see it as, you have had to take them out because you can't handle your finances.

Are you on the electoral register?

Thrugelmir

m1tchjc wrote: »

I have a constant income from a full time job. I have also taken out some payday loans, all paid in full, on time (please spare the lectures regarding the dangers of payday loans, unless it its directly relevant to advice. I no longer use them, it was just a rough patch)


I can't get credit, because, I can't get credit! its a seemingly endless circle!:mad:

When did you last use a PDL? As there's your answer. No lectures but little point in being mad. As you've dug your own hole.

m1tchjc

I have had the bank account for maybe around 2 years and the reason for the PD loans was that I was on a low apprenticeship wage.

I have no financial backing from family so was the only way to reach the end of the month. I have caught up with my finances since then and finished the apprenticeship, now earning a real wage and thus being able to plan properly.

The last time I used one would have been January, so a little while ago.

To reply to another - I am on the electoral register.

Thanks

ViolaLass

Have you tried getting a card from your current account provider?

m1tchjc

They don't offer like a first time card - I considered it but i didn't want too many credit rejections in a short space of time

kerri_gt

As others have said, PD loans do not have a good impact on obtaining future credit, we are only in June so in the banks eyes, it wasn't that long ago. You could try Aqua or Vanquis which are cards aimed at building your credit worthiness. BUT these have huge interest rates so you must pay them off each month, in full.

Also, don't keep applying for cards / credit, each search will flag on your credit file so repeated searches in a small period are not looked upon favourably.

m1tchjc

kerri_gt wrote: »

You could try Aqua or Vanquis which are cards aimed at building your credit worthiness..

Although it might be contradictory for me to say because I have taken out PDLs, but aren't these companies for cards also to be avoided for the same reason as PDLS I have heard in the past that you can get stung pretty badly from them?

And as for PDLS I always knew they were to be avoided and was reluctant to use them - but found myself having no choice.

How long would you consider to be enough from the banks perspective?

Thanks

[Deleted User]

No offence, credit cards are just as bad as slippery slopes, don't do it unless it is vital if you ask me


I think your problem is are you are trying mid range cards aimed at a different Joneses audience, straight after PDL's it is never going to happen


Perhaps you need one of them credit building ones, mind you some of them are even worse % then some of the short terms loans ! but then after 12 months you could 'move up market' to Barclaycard's and their like if you must


I have been accepted for the Aqua card at 49% whereas I am more then happy with the Sunny setup at 29% further down to 27% with good conduct and I really prefer there not being a card, this just doesn't seem to mix with other sources, hmmm, just another prospective to add to the mix