Bad Credit, anyone know much about it?

cuzzy

Ok so heres the story. When I was away at uni in the USA I managed to get my HSBC account overdrawn by £50. I didnt realise this as I was away, and they eventually closed my account (my mum paid the £50). This was in September 2005. Now I cant get ANY sort of credit AT ALL. I cant get a credit card. I cant open a student bank account. I cant do anything. Does anyone know how I can reverse my bad credit. I live with my parents. So dont own a house. I basically dont have to pay anything to prove I can pay things back on time.

I need ideas


Oh and also, I heard if you paid experian £150 they will clear your bad credit....surely this cant be true



All help greatly appreciated!!

rayday2

Have you actually requested your credit history to see what the problem is? I think you can do it through quidco and get some money back.

Thats seems a very small thing to prevent you getting any credit so firstly I think you need to investigate the problem before you can tackle it.

Burlesque_Babe

No, Experian will not clear your credit report. Also ignore any companies that claim you can fix your credit report for £x amount.

I'm wondering if it is because you have NO credit that you can't get any.

I would advise to get a copy of your report from Experian and also your Equifax one and you will see what is on there. Are you on the electoral role? That affects credit applications as does your salary, how long you have lived at an address and length of time in a job.

A messed up credit report for a £50 overdraft doesn't sound 'normal'. Worth checking out what is on there.

RAS

Hi

Go to the cards and loans link on the front page and read Martins article on credit ratings. You can get your checks done free if you read down that.

You say you were at Uni in the States. Are you registered at a University in the UK? If you have to re-register here, some banks may be more amenable once you re-register and you have your student loan confirmation. if you are not going back to University, you will not be able to get a student account.

Go to the bankruptcy subforum and the top stickie has a list of basic bank accounts. This would enable you to get money paid in and set up DDs. Do not run up an OD on any of them as some operate a 3 strikes and you are out policy.

If you are not on the electoral roll, phone the council on Monday.

And if there is any chance that charges were added to your bank account, go to the reclaim article by Martin and get that process started.

cuzzy

RAS wrote: »

Hi

Go to the cards and loans link on the front page and read Martins article on credit ratings. You can get your checks done free if you read down that.

You say you were at Uni in the States. Are you registered at a University in the UK? If you have to re-register here, some banks may be more amenable once you re-register and you have your student loan confirmation. if you are not going back to University, you will not be able to get a student account.

Go to the bankruptcy subforum and the top stickie has a list of basic bank accounts. This would enable you to get money paid in and set up DDs. Do not run up an OD on any of them as some operate a 3 strikes and you are out policy.

If you are not on the electoral roll, phone the council on Monday.

And if there is any chance that charges were added to your bank account, go to the reclaim article by Martin and get that process started.

I was at a uni in the states for 2 years, and now i am starting uni in the UK. Going in as a first year.

I actually have a bank account with Lloyds tsb here which they let me open in Jan, but i went tonight and i cant upgrade to a student account.

Ill call the council on monday!

Im onto the bank charges thing also

Thanks for your help

Crown

Hi Cuzzy, If they opened up an account in January it normally takes around 6-8 Months to establish a a regular pattern of use. If you manage the account well and do not go overdrawn and make regular deposits then then it is only a matter of time before they will offer you an upgrade.

I think its unlikely that a £50 OD would have totally destoyed your rating but get copies of the paperwork as suggested and see what it says

RAS

That make more sense, although I am confused as to why you are going in as a first year. Ar you doing a completely different subject?

No-one will give you a student account until you are a student. Come September, with your student ID and loan letter, things will look a lot easier. Given your previous situation, I would follow Crowns advice and hopefully with a good recent history, you should have a choice of accounts.