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No credit history, got Aqua card, not sure of next steps
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razor_flow
Posts: 5 Forumite

I mean literally no credit history... Experian couldn't even find me, and this was apparently the reason HSBC rejected me for a credit card about 2 years ago.
After that I got an Aqua card, and I've been consistently spending a small amount and paying it off. I can see this in reports from both Equifax and Experian - under 10% usage, consistent history of payments. So that's something!
I am trying to build credit as much as possible so I can eventually get a mortgage, but I don't know what to do next. My worries are:
1. Only one of my bank accounts is showing up (a relatively recent one) and for some reason it's showing as a consistent 0 balance even though I have money going in and out of it. Will this look to lenders like I have zero money, and will that bother them? If so, is this fixable?
2. I have other bank accounts that I've had for much longer - a current account and a savings account. When I asked HSBC, they said they were too old to have been automatically set to be reported, but this can be changed if I request it. Is it beneficial to have these added? And will they report past details as well if so? (e.g. if I went overdrawn 5 years ago...)
3. Aqua won't approve an increase to my credit limit with them, which a) puzzles me and b) makes me afraid that any additional credit I apply for now will be rejected. Is this a legitimate fear? Should I be wary of applying for other credit if even they won't approve me? (They don't do a hard search, which is why I felt comfortable checking, but I know other places will...)
4. In general, what else can I apply for that will be beneficial while minimising the risk of getting a hard search on my record and being turned down anyway? This is my biggest worry, I guess.
Any advice will be much appreciated!
After that I got an Aqua card, and I've been consistently spending a small amount and paying it off. I can see this in reports from both Equifax and Experian - under 10% usage, consistent history of payments. So that's something!
I am trying to build credit as much as possible so I can eventually get a mortgage, but I don't know what to do next. My worries are:
1. Only one of my bank accounts is showing up (a relatively recent one) and for some reason it's showing as a consistent 0 balance even though I have money going in and out of it. Will this look to lenders like I have zero money, and will that bother them? If so, is this fixable?
2. I have other bank accounts that I've had for much longer - a current account and a savings account. When I asked HSBC, they said they were too old to have been automatically set to be reported, but this can be changed if I request it. Is it beneficial to have these added? And will they report past details as well if so? (e.g. if I went overdrawn 5 years ago...)
3. Aqua won't approve an increase to my credit limit with them, which a) puzzles me and b) makes me afraid that any additional credit I apply for now will be rejected. Is this a legitimate fear? Should I be wary of applying for other credit if even they won't approve me? (They don't do a hard search, which is why I felt comfortable checking, but I know other places will...)
4. In general, what else can I apply for that will be beneficial while minimising the risk of getting a hard search on my record and being turned down anyway? This is my biggest worry, I guess.
Any advice will be much appreciated!
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Comments
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1. Your bank account should always show zero - if it doesn't, you're in your overdraft and need to get out of it.
2. You could ask for the current account to be added if you want - but not the savings account.
3. That shouldn't puzzle you - they are a sub prime lender so carefully manage limits. What they offer you doesn't dictate what others will offer you.
4. You could try applying for another card - one search will have little impact. But also start using your aqua card more effectively - spend what you need to and clear in full each month. As long as you don't breach the limit and are clearing in full, you don't need to stick below some arbitrary percentage.1 -
Thanks for your reply! 1 and 3 in particular are a big reassurance.
Re Deleted_User said:2. You could ask for the current account to be added if you want - but not the savings account.Deleted_User said:4. You could try applying for another card - one search will have little impact. But also start using your aqua card more effectively - spend what you need to and clear in full each month. As long as you don't breach the limit and are clearing in full, you don't need to stick below some arbitrary percentage.0 -
An older bank account could help a little - certainly won't do any harm.
With regard to the credit usage - spending only small amounts makes you look a little nervy but more importantly, unprofitable. Not paying interest is fine, but lenders needs to believe you'll at least be covering the costs of plastic, PINs, statements etc through the merchant fees they get on your spend.
It's also more likely to encourage a limit increase - aqua won't see any need to increase your limit when you're not using 90% of it.1 -
Understood! Thank you!0
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Have you registered to vote at your current address? That has a big impact.
Also keep an eye on the third agency - Transunion.
If you are paying for access cancel immediately and use the free services - Clearscore for Equifax, MSE Credit Club for Experian and Credit Karma for Transunion.
I had a credit building credit card (albeit several years ago) because I'm an immigrant and had no credit history. I managed my finances well and applied for a mainstream card after a year and got a significantly better card. If I were you I would looking at eligibility checkers for mainstream lenders rather than sticking with Aqua. Just don't apply for any credit in the months leading you to applying for a mortgage.0 -
MaryNB said:Have you registered to vote at your current address? That has a big impact.MaryNB said:Also keep an eye on the third agency - Transunion.
If you are paying for access cancel immediately and use the free services - Clearscore for Equifax, MSE Credit Club for Experian and Credit Karma for Transunion.MaryNB said:I had a credit building credit card (albeit several years ago) because I'm an immigrant and had no credit history. I managed my finances well and applied for a mainstream card after a year and got a significantly better card. If I were you I would looking at eligibility checkers for mainstream lenders rather than sticking with Aqua. Just don't apply for any credit in the months leading you to applying for a mortgage.0 -
As a small follow-up, I tried an eligibility checker and it approved me, so I decided to bite the bullet and actually apply... Now my Barclaycard will now be with me in 3 to 5 days with a limit of £5000. Success!
Now I'll just have to make effective use of it. This already makes me feel a lot less worried about eventually getting a mortgage.
Thank you both again for your help!1 -
There's no difference between having Aqua or Amex or Barclaycard on your credit report. Just keep using it as you / been suggested.
Ps I have all 3 of those (Aqua gets most spend as it's the Rewards card, which they ceased when they realised Tandem customers were moving in droves to them).0
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