Required time lived in uk to get a loan?

zayrus25

So ive lived in the uk for a little over 2 years now. And i got my first credit card more than 1 year ago, also been enrolled on the electoral roll since.
Fast forward today i have 5 credit cards, i payed all of them on time, always, and in the course of that year, right now on a clear score check it shows me that my credit score is higher than the national average.


Yet the strangest thing hits me, i have 0 credit card offers (i had still a couple of starter bad ones before covid, but my score was a littlr worse then aswell, in tbe yellow area) , and more notably i have 0 loan offers except the scam ones (or so i call them) with 50 procent apr where you end up repaying twice more than you have borrowed. Even saw one from two amigo with 90 apr. It was hilarious and my friends never ever heard of that before.

My question is, from what ive heard, is it true that credit score isnt everything? I heard that i need to have at least 3 years lived in the uk to get a loan, no matter how good credit score? Is that true for credit cards as well? Why cannot i get a mid tier even, after having 5 starter ones and paying them on time/good score.?  It cant be all bcuz of the coronavirus right? 

Also from what i saw in an informational financial video, is it true that in the upcoming months, next year even the situation will reverse? The banks will be more open to borrowing and lower aprs will be present in order to unfreeze the economy, produce circulation and encourage it? Thats what it stated there.

Or will all the offers stay scarce and barely at all as is? Thank you for your time.

[Deleted User]

It's true that your credit score isn't anything. It's not a factor in lending at all.

You'll struggle to get a mainstream loan under 3 years in the UK.  Use the time to build some good history with your existing cards and to avoid the need for a loan at all.

Clive_Woody

When you say that you have no CC of loan offers, are you expecting lender to contact you to see if you want their products?

zayrus25

Deleted_User said:

It's true that your credit score isn't anything. It's not a factor in lending at all.

You'll struggle to get a mainstream loan under 3 years in the UK.  Use the time to build some good history with your existing cards and to avoid the need for a loan at all.

What do you mean the score isnt anything and not a factor in lending at all? Ive been led to belive that the credit score is EVERYTHING related to lending and borrowing.
Credit score accounts for your payments on time, accountability, history, age of credit, utilisation, how and where and when you use it, everything.
Theres a million videos on youtube and articles everywhere instructing you how to do this how to do that to increase your credit score, to afford a mortgage , a lease, a loan with good apr everything.
The person ive been following (despite being in america still same rules apply) Is the credit shifu show.
Isnt the credit score the result of your accountability ( it even counts in your time spent on an adress and electoral roll !!!!!!!) And the feature that lenders use before making a decision on if to borrow you or not, and at wgat rates?? Has my life been all a lie? Lol.

And you mean 3 years of credit card history hsage and experience, payments on time, or 3 years of being here and just having a nino and paying tax?

zayrus25

Clive_Woody said:

When you say that you have no CC of loan offers, are you expecting lender to contact you to see if you want their products?

Well. Obviously no. I know thats only for the highest scored people
I activelly check on totally money, experian and clear score, and even with my credit score i have 0 CC offers currently and 0 loan offers (except the ridiculous scam apr ones)

[Deleted User]

zayrus25 said:

Deleted_User said:

It's true that your credit score isn't anything. It's not a factor in lending at all.

You'll struggle to get a mainstream loan under 3 years in the UK.  Use the time to build some good history with your existing cards and to avoid the need for a loan at all.

What do you mean the score isnt anything and not a factor in lending at all? Ive been led to belive that the credit score is EVERYTHING related to lending and borrowing.

The pretend credit scores you see are nothing to do with lending criteria.  It's just a gimmick provided by the CRAs for you - it's similar to a horoscope. Fun if you like that sort of thing, but no one in their right mind would make any decision based on it, as you've already found out.

A lender will look at your credit files and assess your risk based on the data therein.  You need to assess your own risk the same way.

You've been watching American stuff, where FICO (or credit ) scores do have a bearing on your credit acceptance.  But just not here.

Duration of residency is going to be the key for you in avoiding a flat decline, but building good history is also going to help massively with future acceptance.

With regard to whether your whole life had been a lie? No idea. Are you either Jason Bourne or Dominic Cummings?

PRAISETHESUN

I was in a similar boat to you - I found it hard to get accepted for much until I had 3 years UK residency under my belt. The 3 years (usually lenders ask how long you've lived at each of your previous addresses, so it'll be when this combined total gets to 3 years) is not a strict requirement as there are some providers who will lend to people with less residency than that, but they are seen as being much riskier so they price them accordingly, as you've no doubt seen. I'd avoid staying away from these unless you are absolutely desperate.

As for credit score, I think zx summed it up quite well. The score itself means absolutely nothing, but instead the credit history information on your files is what is important. Focus on doing what you can to be seen more positively in the eyes of lenders - pay your cards off on time and stay within your limits. Lenders use this information to inform their own decision-making so it's important this is correct and up-to-date. Apart from that it's probably a bit of a waiting game - sounds like your doing all you can, so just keep at it and eventually you'll find you become eligible for better products down the line.

foxy-stoat

zayrus25 said: Ive been led to belive that the credit score is EVERYTHING related to lending and borrowing.

Go on, who lead you to believe that credit score is everything?

Credit history is everything - and if you already have 5 credit cards why are you worried because you can't get credit card offers?

How much do you owe on the cards and whats your salary?

DCFC79

The Americans have a different system, there the score matters but here its opposite with the score, what matters is your history.