I have money, but no credit rating!

jonnyfolk

I have very recently purchased a flat in the UK after many years of living in France. I own my main residence in France outright and have money in my bank accounts both here and in France. Unfortunately I have made a couple of applications for credit here, but have been turned down as I haven't lived anywhere in the UK for at least 3 years. This is a long time to have to wait! Does anyone know how I can fast track 'upping' my credit rating - possibly with a letter from my French bank or contacting Experian.
All advice gratefully received!

[Deleted User]

Ty one of the sub prime card providers to build credit history (not rating). If they decline you, leave it another 6 months.

Ebe_Scrooge

As above - you need to build a history of responsible borrowing and repayment, and the only way to do this over a period of time.


What specifically do you need credit for ? Depending on the purpose, there may be alternative options available.

KoshB5

You have what is known in the trade as a 'thin file' and as has been suggested in this thread you need to build up a credit history.

Make sure you are on the electoral role (make sure you have opted out of the open register or your details can be used by anybody who can buy it e.g. for marketing purposes).

To find you a CRA will use your name, dob and address(es) and potentially an existing account depending on the type of application

Also if your have a preexisting bank account that is very old it may not be on your file as it's T&Cs could be what is termed 'non-consented', this can be changed.

It may also be useful in the short term, once you exist from a CRA perspective, to place a notice of correction (NoC) with all CRAs to state your change of residency. A NoC tends to force an applications through a manual acessment process forcing someone to look at your application in detail and read the NoC. It won't though necessarily change their decision.

jonnyfolk

I'd like to take advantage of various deals - we bought living room furniture and had to pay the whole lot cash rather than take advantage of 4 years free credit. That sort of thing! It's a bit frustrating that I can't use my French credit rating here - the country's drowning in bad debt but I can't catch a break!