How Long to Apply After Credit Report Update?

gbsharman

Hi guys, I was recently declined for a Bank of Scotland credit card and Barclays initial card.

I got my credit report from Equifax and everything was green, but the electoral roll red, giving me a very poor rating of 264. I then registered at my new address, and am due on the register in a week.

Once my credit reports have been updated with the electoral roll information, am I then free to apply again, or is it necessary to wait a while? It is very urgent that i get credit

Thanks, any info appreciated

[Deleted User]

You can apply at any time. But be aware that the recent searches may count against you. You need to balance various factors. It may also take some time for the electoral roll update to be applied to your credit files.

Why is it so urgent you have credit? Do you have alternatives?

Ebe_Scrooge

Most councils will update the CRAs with electoral roll information monthly, though this is by no means guaranteed.


But if you've got a couple of searched already on your file, it's worth leaving it a couple of months, as too many searches in a short space of time sets alarm bells ringing.


Oh, and your "score" is meaningless, ignore that.


Why is it so urgent that you get credit ? That in itself sounds worrying to me.

gbsharman

It's the only way to get my business going. I need it to buy product from suppliers once the customer buys, so it is quite risk free but I need credit for this. (i get the payments from customers on a 2 week basis)

I was told by the council that I can send a letter to the credit agencies if the report was not updated to speed up the process.

I have not had a credit card before, no debt or any other problems, just the electoral roll problem, so I am worried I may have to wait a few months before I can even apply for a credit builder card.

I wish there was more clear rules about when it is OK to apply. Guess I will have to wait a couple months then?

sjbrun

Can you get credit from your supplier directly if that's what you need?

Most suppliers will offer you to settle your invoices in 30days. If not can you find one that does?

gbsharman

No I can not get credit from suppliers.

gbsharman

Can any one recommend what my next steps are?

Ebe_Scrooge

gbsharman wrote: »

Can any one recommend what my next steps are?

A business loan from your bank ?

gbsharman

In regards to getting a credit card and building credit? I guess I just need to wait a few months then re-apply? I think a loan could come with more complications and risk

I was just wondering what steps I would need to take to reapply again, and if the process would be quicker than waiting for months as long as my electoral roll information is updated.

gbsharman

Also with a loan I can't predict how much a customer will buy so I don't think that will work

Ebe_Scrooge

gbsharman wrote: »

I need it to buy product from suppliers once the customer buys

This sounds a bit odd. So the customer places an order with you, then you buy the goods from a supplier and sell it straight on to the customer ? Presumably with a mark-up ? Why wouldn't the customer deal directly with the supplier and save themselves your mark-up ?