Improving credit score in 1-2 months

Candyapple

Deleted_User wrote: »

My annual salary is £35,000. I'm a UK citizen and on the electoral roll. Apart from the card and the overdraft, I have one other bank account where my salary is paid and which I use for most daily expenses. It doesn't have an overdraft facility.
ETA - been at this job for a month.

Thanks for answering the questions, however you didn't answer about how many applications you made.

If you have only been in your job for 1 month, then what salary were you putting down for your previous loan applications?

Also, how much money were you looking for in total regarding the loan?

My guess is if everything else is ok with your credit history then you are going to suffer greatly with lots of credit application searches in a short period of time. Nothing you can do about it, their impact will slightly lessen after 6 months and drop off entirely after 1 year. In the meantime, have you tried asking your bank (the one your salary is paid into) for a loan? They will have a history with you and are the likeliest to give you a loan. Failing that, if you only need £1.5k, have you tried applying for a money transfer credit card?

http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

[Deleted User]

Candyapple wrote: »

Thanks for answering the questions, however you didn't answer about how many applications you made.

If you have only been in your job for 1 month, then what salary were you putting down for your previous loan applications?

Also, how much money were you looking for re the loan?

My guess is if everything else is ok with your credit history then you are going to suffer greatly with lots of credit application searches in a short period of time. Nothing you can do about it, their impact will slightly lessen after 6 months and drop off entirely after 1 year. In the meantime, have you tried asking your bank (the one your salary is paid into) for a loan? They will have a history with you and are the likeliest to give you a loan. Failing that, if you only need £1.5k, have you tried applying for a money transfer credit card?



Oops, sorry. I bank with TSB (who I joined about six months ago) and have probably submitted 3 applications with them - once every couple of months. I've banked with Lloyds for 12 years, I have the overdraft with them. I also applied about 3 times over the space of maybe 3-4 months.

So do other banks see those applications?

Candyapple

Yes - anyone who you apply for credit with will be able to see everything on your credit reports; including who has recently searched your files and given that no new accounts have correspondingly been opened after those searches, it will be pretty clear to see that those applications were declined.

Yea your searches are not going to help you at all. I'd probably try for one more card application and if that fails, then you need to sort out your council tax arrears first and then given you earn roughly £2.5k a month, start saving some of it to pay the costs you need. You've got 6 months until August, that should be plenty of time.

[Deleted User]

I've got six months until August, but I don't know if it's a good idea to leave it so late to book a flight. There's also the move. I don't mind having a loan at all - I know I can make the payments every month and still have plenty leftover. But the timing of the move and the travel are making me nervous - and may leave me really tight if I don't get a loan.

Candyapple

There's no point in explaining to us why you are a good candidate for a loan, the banks/lenders are the ones who make the decisions and right now, you are not a viable candidate whom they want to lend to.

Have you tried applying for a credit increase on the card you do have?

[Deleted User]

I'm just answering the questions people are asking me.

I haven't tried applying for an increase, partly because I'm not sure I can pay for a home deposit on a credit card. But maybe I will try, to at least help with my flight. If I call them and ask, and they say no, does THAT show up on my credit report?

Candyapple

Deleted_User wrote: »

I'm just answering the questions people are asking me.

I haven't tried applying for an increase, partly because I'm not sure I can pay for a home deposit on a credit card. But maybe I will try, to at least help with my flight. If I call them and ask, and they say no, does THAT show up on my credit report?

I meant ask for the credit increase to pay for your flights, not for the deposit - hence why I said to try one more application for a money transfer card.

If you apply for an increase, some lenders will credit search you again, others don't. No way of knowing until you apply. If they say no, it won't show up on your reports, only a search (if they do search you again).

[Deleted User]

Okay. I'll definitely consider that as an option. Thanks

[Deleted User]

Just as an update - I applied for a new bank account with Barclays. I'm switching from TSB.

They said they would run a credit check, and after I hit 'apply', it came up with a message along the lines of 'your credit report indicates another bank account you've had since 2008 and a previous address, please clarify'...so I did, and I got accepted.

Is it that bank accounts are easy to get no matter what your report? Or is it that the problems I had getting a loan with Lloyds and TSB are something to do with my reputation with them internally (i.e. the overdraft) and not a bad credit rating?

Just curious.

Candyapple

Yes, bank accounts are generally a lot easier to open than say applying for a loan.

Curious though as to why you incurred another search rather than following advice and putting that search to good use and applying for a money transfer card?