Building a credit file

alextexmex

Hey all.


Some of you know my situation but ill explain and try to make it as uncomplicated as possible.


8 years ago I walked out of a abusive relationship and started a new life, got a lot of abuse, my car was vandalised, I was attacked by my ex in the street, I was hospitalised after getting a screwdriver in the abdomen and horrible rumours were spread about me.


I chose to move away but this didn't help a huge amount, as they quickly tracked me down using the electoral roll and my less than loyal friends that I cut out of my life as a result.


I decided to be more drastic, paid off my credit card, ended my phone contract, closed my bank accounts and moved over 200 miles away, paid my wages into a credit union account, was registered as a anonymous voter and got on with my life.


Fast forward to earlier this year, when my father died, the house was left to my family and I moved back in, however now my credit history is none existent, all has dropped off and equifax and call credit don't even have a record of my existence, experian do but no account information at all so officially starting with a clean slate.


The forum has been great and provided me with a lot of tips on what I can do in certain areas of my financial life, but need some tips for the rest.


*First problem I hit was getting financial companies to accept my past address record, as I didn't show up on the electoral roll, now registered at new address but its been suggested it may take a while to show.


*I have been accepted for a full current account with nationwide, I feel this is a good step.


*Now have a landline and BT broadband contract, not sure if this will help.


*Many people have suggested getting a credit card to help me build a history, problem I've hit is that I have attempted to use the soft checks on the websites of Barclays and capital one, both said they couldn't find a record of me or my credit file so have told me I am not eligible for either.


*Three have given me a phone contract with the condition of a deposit, ill be taking that up on payday.




above is some of the info I think may help and was wondering where to go next, I will need to replace my car in the next 12 months and cash isn't really a option so credit it may have to be. All roads point to a credit card but getting one with zero history appears to be difficult, so what would people suggest as a way of building a history within the next year to give me the best chances to get another car and build my history again?


I considered a store card as I've been told the acceptance rates are far higher than a credit card, but I don't know if this is true or false and what to go for, any tips?


finally I wanted to say thanks to all who have helped me so far, I guess I didn't realise how difficult having no history can be, and trying to get one is a challenge. I appreciate it

Thrugelmir

Lack of electoral roll history is a major problem. Something which only time will rectify.

If you conduct all your banking through the NW. Consider applying for a personal loan for a sufficient sum to obtain a set of wheels. There's no need to borrow a large sum for a car purchase.

alextexmex

Thanks for the advice there, I don't intend to borrow a large sum, my last car was a 12 month old ex demo that I got for 4k below list and have driven it since covering nearly 170k, not a bad result, intended to buy used and let someone take the hit in deprecation, would intend to borrow about 6k in about 12 months.

dr_adidas01

Thrugelmir wrote: »

Lack of electoral roll history is a major problem. Something which only time will rectify.

If you conduct all your banking through the NW. Consider applying for a personal loan for a sufficient sum to obtain a set of wheels. There's no need to borrow a large sum for a car purchase.

Why is a lack of being on electoral roll history a major problem?

All being on the electoral roll means is that it can prove that you live at the address you say you do, and makes it easy for financial institutions to electronically verify you, nothing more.

Just because your not on the electoral roll doesn't mean its going to cause major problems.

Its simply a mis truth that the credit agencies like to sell to customers for a silly price when it actually means very little.

Its like people who say i've got a credit score of 998 but I was declined a credit product. That number isn't worth diddly squat as financial institutions have there own scoring method to approve products.

dr_adidas01

alextexmex wrote: »

Thanks for the advice there, I don't intend to borrow a large sum, my last car was a 12 month old ex demo that I got for 4k below list and have driven it since covering nearly 170k, not a bad result, intended to buy used and let someone take the hit in deprecation, would intend to borrow about 6k in about 12 months.

Managing your current commitments well and in 12 months financial institutions will see that you have managed finances well and will start to accept you for suitable credit products.

I'm not sure they will give you £6k just like that after 12 months, but who knows, they might.