Credit rating 999, but refused accounts and phone contracts

Jamesl1392

Hello,
My Credit rating on Experian is the highest at 999, but I am constantly refused things like mobile telephone contracts and the opening of even basic current accounts. I also had a problem once subscribing to something like Netflix! Can anyone explain why please?

I have a joint signatory on one credit credit card in my wife's name, which is fully paid off each month. I have no loans or other credit agreements and have never had bad debt. I have a healthy amount of savings and own my own property outright.

I'm guessing that the problem is that I virtually don't have a credit history at all. It seems crazy, but is the solution to obtain a credit (if someone will let me) and start building a credit history?

Thank you in advance!

TheMilkmansDad

I think you've answered you own question perfectly there!

[Deleted User]

Your credit rating is 999 because you have a very thin file and are therefore higher risk. The only people who see your score are Experian, but unfortunately they don't do loans.

Start with a credit card from your own bank or a sub prime lender. You need to start building a credit history. Your score will plummet as you do so, but remember that's a good thing, because Experian hate what lenders like - positive change.

Jamesl1392

Thank you. Searching through the Forum, it seems that this happens regularly.

Any tips on how to most effectively build a credit history?

Is it a matter of getting a credit card and using it like crazy?

[Deleted User]

No. It's a matter of getting a credit card, using it for your normal spend and clearing in full each month, once you get the statement.

Ebe_Scrooge

Jamesl1392 said:

Is it a matter of getting a credit card and using it like crazy?

As you've discovered, your "perfect" score from Experian means absolutely nothing.  If you're an additional cardholder on your wife's account, this will have no bearing on your own credit history - the account is solely hers.

You need to apply for any credit card you can get - as ZX81 says, either your own bank or a sub-prime lender are the 2 usual recommendations for those with a thin credit file.  If you go for sub-prime then the APR is likely to be high - but that matters not one jot.  The reason being that you'll use the card responsibly and ALWAYS pay IN FULL every month without fail.  It's important to do this for the sake of avoiding interest, it's even more important if your primary objective is to start building up a good history.

Just use if for stuff you'd buy anyway - food, petrol, whatever, wait for the statement to arrive then pay in full.  It doesn't matter how much you spend on the card, just use it for everyday purchases and always pay in full without fail.  Ideally set up a Direct Debit for the full balance, that way you'll never forget.

Just use the card to buy things you need ("need", not "want" !) and can afford - never look upon it as a windfall pot of free cash

xlnc99

However... It seems there could be another issue at hand here if you are rejected from everything including basic bank accounts. Anyone can get a basic bank account!

Maybe check if you have a CIFAS marker

macman

Your credit score is a fictitious number that lenders don't even see. Ignore it.
No credit history? Utility accounts, mobile contract? Check all 3 credit files.

Chrysalis

Biggest factors are credit history, with recent having more importance.  Having no history can be worse than a bad history.
Financial stability (length of relationship with financial companies)
Address stability (length of time at current and previous address)

The score presented by these agencies is a kind of emulated check, but doesnt mean anything when you have an actual check done by a lender who use their own criteria.

In my opinion one of the fastest ways to make yourself more desirable as someone to lend to is get a credit card, any will do, low limit is fine, use it every month and pay it off in "full" every month.  In not much time at all you will become a more desirable customer whilst paying no costs.

AmberDepp

Jamesl1392 said:

Hello,
My Credit rating on Experian is the highest at 999, but I am constantly refused things like mobile telephone contracts and the opening of even basic current accounts. I also had a problem once subscribing to something like Netflix! Can anyone explain why please?

I have a joint signatory on one credit credit card in my wife's name, which is fully paid off each month. I have no loans or other credit agreements and have never had bad debt. I have a healthy amount of savings and own my own property outright.

I'm guessing that the problem is that I virtually don't have a credit history at all. It seems crazy, but is the solution to obtain a credit (if someone will let me) and start building a credit history?

Thank you in advance!

Netflix don't do credit checks so what problem could you possibly have other than user error?

FindMyWayBack

Electoral roll maybe?