Recently moved to the UK and not eligible for credit cards & want to build the score up. Help?

CKhalvashi

Also remember that if you're rejected, sending them a copy of your latest bank statement and proof of address (copy of tenancy agreement or a council tax bill) with a covering letter may cause a reconsideration, or may not. This is because you're most likely to fail on identification grounds.

As James says, if this doesn't work, a 6 month wait may be in order, but you'll get there eventually.

amapofthepiano

CKhalvashi said:

Also remember that if you're rejected, sending them a copy of your latest bank statement and proof of address (copy of tenancy agreement or a council tax bill) with a covering letter may cause a reconsideration, or may not. This is because you're most likely to fail on identification grounds.

As James says, if this doesn't work, a 6 month wait may be in order, but you'll get there eventually.

Oh i didn't even think you can try and make them reconsider! The prospect of the rejection just feels so dramatic and sort of final. It's good to know there's a little chance to make them reconsider because my biggest asset is the savings so would be good to get a chance to sort of show them.

Thrugelmir

amapofthepiano said:

CKhalvashi said:

Also remember that if you're rejected, sending them a copy of your latest bank statement and proof of address (copy of tenancy agreement or a council tax bill) with a covering letter may cause a reconsideration, or may not. This is because you're most likely to fail on identification grounds.

As James says, if this doesn't work, a 6 month wait may be in order, but you'll get there eventually.

because my biggest asset is the savings so would be good to get a chance to sort of show them.

If you've significant savings you've no need to borrow on a credit card. Simply maintain your bank account in good order. 

CKhalvashi

Thrugelmir said:

amapofthepiano said:

CKhalvashi said:

Also remember that if you're rejected, sending them a copy of your latest bank statement and proof of address (copy of tenancy agreement or a council tax bill) with a covering letter may cause a reconsideration, or may not. This is because you're most likely to fail on identification grounds.

As James says, if this doesn't work, a 6 month wait may be in order, but you'll get there eventually.

because my biggest asset is the savings so would be good to get a chance to sort of show them.

If you've significant savings you've no need to borrow on a credit card. Simply maintain your bank account in good order. 

Honestly though, for things like S75 protection, a CC is worth having.

Under this logic, I have no need for a credit card. I have 2, use both routinely and pay in full by DD every month, thereby not paying interest, keep money in my current account for a month longer than otherwise would be the case and have the additional legal rights that this brings.

amapofthepiano

Thrugelmir said:

If you've significant savings you've no need to borrow on a credit card. Simply maintain your bank account in good order. 

Wait so if i get rejected i shouldn't show them the savings? Just the day job contract and anything else that proves my steady income? I tried reading on what the banks want from a credit card holder and i read so much it's all a blur

[Deleted User]

Thrugelmir said:

amapofthepiano said:

CKhalvashi said:

Also remember that if you're rejected, sending them a copy of your latest bank statement and proof of address (copy of tenancy agreement or a council tax bill) with a covering letter may cause a reconsideration, or may not. This is because you're most likely to fail on identification grounds.

As James says, if this doesn't work, a 6 month wait may be in order, but you'll get there eventually.

because my biggest asset is the savings so would be good to get a chance to sort of show them.

If you've significant savings you've no need to borrow on a credit card. Simply maintain your bank account in good order. 

That's nonsense, spending on a credit card is not borrowing unless you don't pay off in full (which OP will do thanks to savings) - it offers section 75 and chargeback cover and interest free periods AND crucially, builds a good credit rating towards getting a mortgage.

amapofthepiano

CKhalvashi said:

Under this logic, I have no need for a credit card. I have 2, use both routinely and pay in full by DD every month, thereby not paying interest, keep money in my current account for a month longer than otherwise would be the case and have the additional legal rights that this brings.

How do you know how much to setup the DD for? Or you can send yourself back whatever's left after you pay the credit amount off in full? I've never owned a credit card and i'm so confused

[Deleted User]

You set up a DD for the full amount and the card company take whatever amount that it is.

You're thinking of a standing order where you decide the amount, but that's a terrible way to manage a credit card.

amapofthepiano

Deleted_User said:

You set up a DD for the full amount and the card company take whatever amount that it is.

You're thinking of a standing order where you decide the amount, but that's a terrible way to manage a credit card.

I thought that you're supposed to kind of pay them back what you used over the month? Say if i use it for my day to day expenses and end up with 300 pounds spent before the deadline i need to transfer that amount to the credit card? But that'll be different every month so you can't really set a DD for a specific amount cause you might end up paying more or less? I'm sorry i tried googling but i'm navigating in the dark cause it feels like rocket science to me

[Deleted User]

That's exactly what you're supposed to do.  But you're still thinking of a standing order. 

You don't set a DD for a set amount - you set it for the full amount of the statement. The provider then takes that amount each month, no matter what it may be. Might be a pound. Might be £4k. But you'll always pay the right amount.