Aqua Application

hopingtobuyguy18

Hi there

I’m a newbie so please be gentle

Currently saving for a mortgage in the next 2 years and am currently focusing on trying to improve my credit history. I had some issues 4/5 years ago when I was unemployed and defaulted on some accounts. These are all paid off in full but obviously will still show until they reach 6 years. I have 4 defaults still on my report, 2 will come off next May and the remaining 2 the year after.

I have 1 current account and my o2 contract phone and no missed payments but my credit report doesn’t look great. It was suggested I get a credit card to use and pay in full to build my credit history so I used the sites that tell you your “approval rate” and went for the most likely to be accepted for.... maybe not the best decision but didn’t want to risk a decline.

Anyway it was Aqua and I received an email saying they’d accepted application and what rate etc
but I needed to provide id va which I uploaded. Va was accepted but not id which was my valid passport, thought maybe it wasn’t clear first time to uploaded it again making sure everything visible.... 1 week later still nothing so tried to log into application and says not found.

Anyone had a similar experience? Also welcome to suggestions to try and be in the best possible position when I apply for a mortgage

[Deleted User]

Contact them.

hopingtobuyguy18

Will definitely later today ...

Any suggestions about boosting my credit history?

[Deleted User]

Use card regularly, clear in full each month, ignore credit score.

bobbydub

Hi, I’ve had the same problem. They said they could not verify my identity. First time that has happened so uploaded my 2 bits of info 7days later they rejected my proof of address so sent off another photo.

jonesMUFCforever

One of the easiest thing to do to improve your credit rating is to get on the electoral roll.
Maybe previous posters would not have needed to send ID if they were able to electronically ID them.

bobbydub

I’ve been on electoral roll for 7 years.

hopingtobuyguy18

I moved in September and I will be applied to register 1 December so I knew I’d need to provide documents

Hoogle

Trust me just found out I have a very poor credit score which is not good at 35. My main fault is I do not have credit only thing on my credit report is my virgin broadband.

So I researched credit scoring never worried about it before as I believed in cant afford it then cant have it. So me being me had to research the subject and really got some insight. Never had credit before your classified as a risk because you have no history of managing debt/credit shocker the fact that I have a good balance on my current account and a good balance on my savings account no overdraft or debt but I am seen a risk.....

So in September I changed my mobile phone from pay as you go style to a contract phone cost more than I need but hey I am investing in my future (AKA boosting my score)
Got a vanquis credit card which is mentally hard for me to do I hate the idea of them and believed they always make money out of you no matter how good you are. and hey presto 2nd credit report my score boosted nearly 100 points and now I have gone from Very poor > poor and only 3 points from being Fair.

Truth is 6 year credit history is not all that bad even if 4 years ago you had defaults and ccjs I have researched this. Lenders look at you today and only really take into account the last 2 years.

I could write a long reply here on ins and outs of credit scoring and how to maximise your points but I will sum up

Electrol roll is a key factor means you are more steady in life rather than moving around a lot, in their eyes anyway

Credit cards try and get 2 if you dont have other active things on your report they may be low limits to begin with but to maximise your score get 1 with automatic credit limit increases believe it or not higher limit benefits you as long as your sensible.

no late payments what so ever on anything, the chances of saying BT or Sky or virgin actually reporting a late payment is very unlikely for the odd occassion but if we are talking over a month late then maybe they will.

DO no more than 3 credit searches in 6 months this is not really that bad if you do more if it is seen as shopping around however if possible ask to do a soft search rather than a hard search. If you have a lot of searches it makes you look desperate for credit so higher risk.

Look at what your statement date is on any credit cards this is the key here as you can really boost your score upto 90 points a month. and this is where you have to be really sharp.

You get a credit card/store card log into your account online and see when your statement date is if it says 1st of the month then make sure you clear your balance before the 26th of the previous month this way when your bill is generated it looks at how much balance you have vs credit limit so if you have £100 limit card and your balance is £90 then you have a 90% utilization which makes you look bad and spending beyond your means (there is more complicated factors as your utilization score is based on all your credit but this is just explaining the basics) that 90% is reported to credit agencies which of course is only when bill is generated even if you have a direct debit set up to clear balance it can be 10-14 days of being reported at 90% all though if balance is paid on time and cleared it is not negative score but it wont have as much positive effect on your points for that month. UK and AMerica tends to have a similar optimal Utilization rate which can take into effect 35% of your overall credit score now different agencies are different but your utilization rate should be below 20% some are 5-10% for excellent. ANy payments on creditcards even if your using a debit card online takes 2-7 days to reach your account hence I suggest clearing any balance 7 days before your Bill is generated and remember some cards will apply interest on Bill generation so if you used card for cash etc then expect a bit more than the £90 balance. Clear it each month I live of my credit card But clear it weekly I have even used 90% of my available credit but I clear it asap. Never go on minimum payment despite advice from most sites that say set up a direct debit unless you really can not manage payments on time. I have my direct debit setup to clear balance but have not had 1 taken out yet as I pay the balance on my card before bill generation I am lucky my bill is generated on the 2nd of the month so from my last payment to clear the balance until my direct debit date I do not use my card.

That is why higher credit limits are good as long as your controlled enough to only use what you can clear before bill is generated because £100 limit with £90 balance i 90% utilization however if you had a £1000 limit with £90 balance then your utilization is only 9% so same balance makes you look negative on the £100 limit yet makes you look excellent on the £1000 limit.

Remember people want to make money out of you and set you up to fail no matter how much you read about them being responsible lenders etc they will increase your limits if you manage your account well to tempt you, they want you to carry a balance over to gain interest or late payment fees etc just be smart use a calendar app with notifications and dont get tempted

hopingtobuyguy18

I have virgin broadband , should that be on my credit report?

[Deleted User]

Probably not.

But remember to check all three reports (the data, not the meaningless scores).

Different companies report to a different mix of CRAs.