credit file, how long to update? plus finance question.

alextexmex

Evening all,

As some of you know, for long and complex reasons, I have no credit history. Went to open basic bank account and got turned down by RBS (hasn't left a footprint on my file mind).

Anyways went into nationwide to open a basic account with them and upon verification and credit check, was approved for flexplus with contactless card, cheque book and no overdraft, happy days....A good start.

Here's my question, I've now registered on the electoral roll at my new address, and now having a current account will show on my credit file, but how long on average does it take for the electoral roll and current t account to show up on my credit file?

And also a final question, next year my car could do with being changed, and would prefer to finance than throw down a uncomfortable amount of wedge to buy another. I was wondering how should I work on my history to make it more appealing to a finance arm and how long shall I leave it before I should apply?

I Don't want to undo the work I have been trying to do by getting searched to fail and while other people have get a credit card ASAP and build my payment history, I have tried the soft search on barclaycard and capital one and it says it cannot verify my credit history or identity. Still got some way to go.

Thanks all.

Thrugelmir

I would suggest making enquiries before making any applications for car finance. As lenders will differ in terms of their criteria. Sometimes it's simply time that's required to build a sufficient history.

alextexmex

Thank for the suggestion, I intend to give it time then ask for eligibility criteria. I know that even if I do it in 12 months time I shall have to build as much as I can in the mean time, but unsure how.

Will my current account actually benefit my credit file? I'll consider asking for a overdraft to help the matter after about 3 months after building some history with the bank and depending on credit file. (I seem to have one with experian but no account info, no file with equifax and call credit, they can find no info on me, most likely due to not even having a current account or phone contract for over 8 years and any info would have dropped off years ago)

happy_bunny_2

Your current account should show within a couple of months of opening.

Electoral roll only gets updated periodically I think. took 6 months + for mine to appear.

once your current account appears, try the other CRAs again to see if its on there.

Do you also have a phone contract now? Sim only ones are reported too.

Buzby

All phone contracts are reported (PAYG have no formal contract) so whether a handset or SIM is supplied, this will show up. As for car financing - avoid any new vehicle as the cost to you and depreciation are massive as soon as it leaves the showroom.

alextexmex

Thanks for the advice all. Not yet got a contract phone but that's next on the list, three offered one if I paid a £49 deposit so waiting for payday then ill get that done, understandable given my lack of verifiable history.


as for the finance I appreciate the suggestion, I brought my last car at 12 months old and covered 168k in it with minimal trouble until now when the whole mechano set is falling apart so to speak.


I intend to buy at 12-36 months old from the approved used dealer which my family have used for years, then someone else can take the value hit before I do