Please help! The mythical credit score strikes again

James_Cairns

Hello everyone!

To set the scene: I am a 20 year old student and I have just started my Industrial placement year with Perkins Engines as a Product Engineer. Up till now, I have only ever had a current account with HSBC and an online saver with Egg.

Before I came to university, I tried to apply for a student account with Halifax, and I was rejected on the basis of my 'credit score'.

Now that I am earning a wage (£14500 before tax), I tried to apply for a credit card with Capital One. Again, i was rejected on the basis of my 'credit score' (since then I realized that you need to be 21 to apply for that account anyway d'oh!)

I know that the credit rating is a myth, and the banks are simply trying to match a certain criteria. I paid to get a copy of my credit history, and found it to be blank! Perhaps this is the problem....

I just wanted to ask the wise moneysavers, how can I improve my suitability?

Some info about myself, I am not in debt, never had or been into an overdraft, I do have my student loan, I do rent my house and will do for the foreseeable future!

Any help and/or advice would be much appreciated!
Have a good evening,

James

James_Cairns

Ok, i have just seen the Your Credit Rating: How it works and How to improve it Discussion Area, need to read more carefully I think! Advice is still welcomed though!

s1h

get a mobile phone on contract thats always a good start.

James_Cairns

I do have a contract with o2 and have done for a few years now! Thanks for the tip though, it's thinking like this which will help!

lisyloo

Did you get your report from just one agency?
There are three.

What I'm guessing has happened is that your O2 contract is recorded with one agency and the cards you have been applying for are using another.

So I would.

1) Pay to get all 3 reports and work out which one(s) you have a history with.
2) Study Martins articles about "who uses which agency" and apply to one that uses the agency that you have history with.
3) Space out applications. As you have had 2 failed applications then this could look desperate so wait a little while if you can.

CLAPTON

ask your bank for CC... they will know you have been managing your account properly and are the most likley people to give you a CC.
Obviously you are on at the electoral roll at the address you use for your bank and on the credit applications