First credit card with no UK address-history

cesarla

Hi,

I've moved to the UK a month and a half ago from Germany. I read as many CC tutorials I could find, so I registered for voting and tried to apply for a credit card builder but what was my surprise where all the CC requires a 3-year address history in the UK, even in the Aqua start!

I have a permanent position and a competitive salary, but I cannot even fill the online form due to my lack of address-history. Is there any other alternative to open a credit card?

In the meantime, I've opened an account in "loqbox" in order to build my credit score.

Any tips welcome.

dresdendave

Not sure of the system in Germany but credit scores don't exist in the UK other than made up numbers by companies that don't actually lend money.


Might be worth leaving it a few months and then approach the bank your salary is paid into, speaking to them directly rather than online form filling. No guarantees but that would the approach I would take in your position.

[Deleted User]

Get 3 years of residency behind you.

Also don’t focus on building a score as it’s not a real thing lenders use.

Loqbox was probably one of the worst moves you’ve made so far

chattychappy

!!! wrote: »

Loqbox was probably one of the worst moves you’ve made so far

Probably won't make much difference, but why do you view it so badly? It is a scheme for getting some credit history, afterall.

[Deleted User]

Its reported as a loan on your files.

And you don’t get 100% of your money back unless you withdraw the money to an account you open via them at the end of the period - which will likely drop your “score” that you’ve just spent building up with Loqbox.

Plus they market it as a savings account, which it’s clearly not, and sell it as a score improvement product, which as we all know is complete BS.

You’re better off putting money into an actual savings account and earning interest on it.

gt94sss2

1. It can take credit reference agencies some time to reflect the fact that you have added yourself to the electoral role.

2. Assuming you are paying utility bills in your name that should also help you build your credit record - pay your bills via direct debit if possible. Getting a mobile phone contract may also be helpful.

3. Give it a few months and see if your bank will be willing to give you a credit card based on your current account record. Some banks (HSBC?) may also accept your overseas addresses as part of the application form address history.

SlovakianGuy

!!! wrote: »

Its reported as a loan on your files.

And? Most lenders want to see you had at least SOME form of credit before. The OP can choose either to have a completely empty file, or at least have 12 months of regular payments on it. I suppose he's not going to apply for a mortgage or some major loan any time soon, as it is not even possible for him.

!!! wrote: »

And you don’t get 100% of your money back unless you withdraw the money to an account you open via them at the end of the period - which will likely drop your “score” that you’ve just spent building up with Loqbox.

He WILL get 100% of his money back, unless he opts to not open any account and pay the £30 fee. But why would he do that. Is there any problem with opening a savings account which you can then close if you don't like it?

Btw, I really doubt that opening a savings account will do anything to your credit score or credit report at all. Saving account is not a current account, there is no overdraft facility or any kind of a "buffer", so no reason to perform a credit check. I've never seen anything about savings accounts on any credit report. Only current accounts go into your file and, of course, credit cards and other credit accounts.

!!! wrote: »

Plus they market it as a savings account, which it’s clearly not, and sell it as a score improvement product, which as we all know is complete BS.
You’re better off putting money into an actual savings account and earning interest on it.

It basically is a savings account with no interest for the first 12 months. You are still saving those money, i.e. putting them aside, aren't you? At the end, you open a proper savings account which also pays interest. Yeah, you miss out on some interest during the first 12 months, but do you really miss that £10 or £20 so much? I personally prefer to have 12 months of payment history on my file rather than £20 and no history at all.

[Deleted User]

Nah.

I’d rather put the money into a fixed/high rate account or bond and actually earn some money on it.

Loqbox is poorly marketed and should be avoided.

Willing2Learn

Does the CapitalOne Secured card require the three year history? Or will they accept an application with a security deposit?


https://www.capitalone.co.uk/support/faqs/secured-card.jsf

MDW

You need 3 years minimum I wouldn't bother lying.

radoslaff

I'm not sure about the 3 years requirement. I will make 3 years of UK residency tomorrow and I already have a bunch of CCs (some of them more than 2 years old now) and quite a good mortgage too. I was approved for my first credit card (Lloyds Choice) just 4.5 months after I set foot on English soil for the first time ever. My experience is that they require 3 years worth of addresses, not necessarily in the UK. The OP just needs some history of banking and they'll get a credit card. It's easier to get a credit card in the UK then get a proper current account.