Obtaining Credit

DeluxeM

Hi everyone!!

Recently I have been trying to obtain credit, from an online retailer in the hope of purchasing something on a 'Buy Now Pay Later 12 Month' option, while I applying I noticed I was rejected, I immediately went to Experian and signed up for a free credit report (As I have never obtained or had ANYTHING on credit) while looking I found I had nothing registered.

I phoned them just to double check, and they confirmed that I had nothing on my credit file what would impact me in getting credit, but due to not ever buying anything on HP, it would be difficult for me to obtain credit.

I've been looking around on the internet for the past 3 days trying to see what I can do for getting credit, most of it which I have already done, being on electoral register, paying DD on time etc...

However, I have seen other people have had this problem, and had to use a Credit Card to obtain a credit file. I would go for one, but I am not wanting to get something which I know I could not afford unlike the 'Buy Now Pay Later' method, as it breaks the monthly costs down into something affordable in which I can pay.

Can anyone suggest a way in which I can obtain credit without going down this road, and if it will be difficult for someone who has never had a line of credit before, or had any marks on there credit file, obtaining credit.

I tried most retailers, such as Very, Currys, Littlewoods, JD Williams, Tesco, and they all refused me.

Many thanks for any help, and have a great evening!!! :j

Dobbibill

DeluxeM wrote: »

I tried most retailers, such as Very, Currys, Littlewoods, JD Williams, Tesco, and they all refused me.

This is adding to your problem. Stop applying. You are going to appear desperate to potential lenders.

(As I have never obtained or had ANYTHING on credit) while looking I found I had nothing registered.

I phoned them just to double check, and they confirmed that I had nothing on my credit file what would impact me in getting credit, but due to not ever buying anything on HP, it would be difficult for me to obtain credit.

What exactly is showing on your credit report?
Do you have a current account showing?
Are you on the ER?
Do you have any utility bills?
Do you have a mobile phone contract?
Have you moved address recently?

DeluxeM

I never knew that would effect by applying for credit from different lenders.

My credit report showing nothing, I have moved within the last 5 years. I am currently on the ER, and I have 2 utility bills, the partner pays the rest. I don't have a contract I have always used pay as you go.

I also have a Visa Debit which I informed them on the phone.

Dobbibill

DeluxeM wrote: »

I never knew that would effect by applying for credit from different lenders.

My credit report showing nothing, I have moved within the last 5 years. I am currently on the ER, and I have 2 utility bills, the partner pays the rest. I don't have a contract I have always used pay as you go.

I also have a Visa Debit which I informed them on the phone.

Hi Deluxe,

There's not alot of information on your CR for any lender to view. What they look for is history to evidence you are a safe risk and always pay any commitments. You don't have much/any history to base this on. This won't be fixed overnight.

When did you update the ER? It can sometimes take several months to filter through to the CRAs.

Do both your utility bills show on your CR? If they are reporting to it, this will be a good thing.

Does your current account show on your CR too? That again is good.

DeluxeM

Dobbibill wrote: »

Hi Deluxe,

There's not alot of information on your CR for any lender to view. What they look for is history to evidence you are a safe risk and always pay any commitments. You don't have much/any history to base this on. This won't be fixed overnight.

When did you update the ER? It can sometimes take several months to filter through to the CRAs.

Do both your utility bills show on your CR? If they are reporting to it, this will be a good thing.

Does your current account show on your CR too? That again is good.

I updated my ER around 2 months ago. And currently only 1 bill reports to my credit score, it also shows now that I have a current account.

Is there anyway such as if someone using there credit account was to purchase something for me then switch the item/account into my name for me to pay the bill would this work?

Dobbibill

I certainly wouldn't apply for anymore credit at the moment, given how slim your CR is looking and the several applications you have already made.

Have you checked to see if the ER details are showing on your CR? It probably isn't just yet.

Do you check all 3 CRAs. You can do Call Credit via Noddle and Equifax via Clearscore. Don't pay for subscriptions, they are a waste of money

How long is the history of the 1 utility bill that reports? If it's only been reporting for a small length of time, it won't be helping. The same goes for your current account.

Unfortunately it's going to be a waiting game. You need to build up history. I wouldn't apply for anything for at least 6 months.

DeluxeM

Dobbibill wrote: »

I certainly wouldn't apply for anymore credit at the moment, given how slim your CR is looking and the several applications you have already made.

Have you checked to see if the ER details are showing on your CR? It probably isn't just yet.

Do you check all 3 CRAs. You can do Call Credit via . Don't pay for subscriptions, they are a waste of money

How long is the history of the 1 utility bill that reports? If it's only been reporting for a small length of time, it won't be helping. The same goes for your current account.

Unfortunately it's going to be a waiting game. You need to build up history. I wouldn't apply for anything for at least 6 months.

It's not been that long since the first bill starting showing, maybe around 4-5 months, and my current account has only been registered within the last 2 days. My ER details are not showing yet, but I was informed that it would take a while for that t be shown on my CF.


I have done Call Credit, on all 3 websites (I refuse to pay for a credit report, another con) and they all state the same, except Noodle shows that I have a bill pay for 8 months from around 3-4 years ago...

I just find this stupid, you'd think a lender would jump at the opportunity to give someone who has never had a line of credit, credit. But it seems like they don't another way for an American company to hump me!!!! Ahhh

[Deleted User]

DeluxeM wrote: »

I just find this stupid, you'd think a lender would jump at the opportunity to give someone who has never had a line of credit, credit. But it seems like they don't another way for an American company to hump me!!!! Ahhh

Only if they play in the higher risk end of the market.

Which American company is providing this humping you speak of?

Dobbibill

If you think about how it looks on paper.

They don't know you and have no evidence on paper (your CF) to say you are a good risk and will pay them back.

The length of time with anything reporting on your CF is going to impact that.
Being on the ER normally indicates stability. Give it time, reapply in 6 months and you may get a different answer, albeit a low credit limit to start with.