Poor Credit rating over one late payment

KC1995

It would really help if someone could explain to me why this has happened..
So back in September I tried to apply for a student account with Santander but was declined, I then tried to do the same but with HSBC and was declined also and was told to check my Credit rating. So that I did and I found that my Credit rating was just below average because of a late payment I made in august that was just £8. I have been keeping an eye on it ever since and it had dropped to the very bottom for some reason? and has now began to slowlyyyyyyyyy come back up but it has been a year now since that payment was late and I don't understand why it is still so poor. I am only 19 and not in any debt, I don't have a mortgage to pay. I don't understand how loads of students can get students account but I can't? Help please

[Deleted User]

Ignore the score. No lender will ever see it.

If you haven't applied since September, you should certainly have another go now.

KC1995

So are banks not able to see your credit rating? I just don't understand why I was declined twice before

[Deleted User]

They see your file. They don't see the number the CRA may choose to give you.

Late payment, and lack of credit history will mae you high risk to most lenders. When did you last apply? Have you tried your own bank?

KC1995

I'm only young I just don't understand how they expect me to have a big credit history when I have never needed to have a loan or anything before. I applied last september for a student account but what rejected. I have spoken to my bank account last year but they told me that if I had already been rejected then to wait

[Deleted User]

They don't expect you to have an extensive file. It just means that you are viewed as higher risk until you have some history.

If it's almost a year since you last applied, you really should be thinking about applying again somewhere.

Also consider getting and using a credit card sensibly to start building some solid history.

KC1995

Ok I will try again, Thank you for your help!!

Dobbibill

Do you live at home? Are you on the Electoral Roll?

Do you have a mobile phone contract? (this will show on your CR) if so have you paid it on time every month?

Do you drive? Do you pay for car insurance monthly?

All the above will show on your CR, not just loans and mortgages.

I don't expect you to answer all these questions but they are food for thought for you.

HTH