Should I pay for credit score from Experian ?

NinaSwiss

hi,
I'm looking into maxing out my ISA at the start of the next Tax year. I'm looking into getting a 0% credit card (which I can then pay off when my A&L regular saver account matures) However, from previous experience, I never seem to get accepted for credit card applications(last time i applied was 3 yrs ago).
I feel its probably because i dont have much of a financial history.

I have just checked my credit history on Experian and as expected, I have no late payments on my vodafone contract and I dont use my overdrafts. Address history is also as expected. However I was disappointed to see that i was not on the elctoral register as i filled and sent off the forms when i lived at my previous address. I was also informed by my flatmate when we moved in together at my current address
in 08/2006 that she had sent off the forms to inform the concil/electoral register of our address info.

- If I register now on the electoral register now, how long will it take before the credit agencies are aware of this ?
- Also even without been on the electoral register, is it worth me paying for a credit score from experian ?
- I have applied for the free 30-day trial Equifax report too but will need to call them next week to complete the process. Does their offer include a free credit scoring?

Thanks.

missile

You have to pay extra for the credit score and IMHO it is not worth paying for.

Zebedee69

Like missile says its not realy worth paying for. Its a nice gimick and its great to say your better than 75 85 95 whatever percentage of the poulation you are.

Iv bought it three times ha ha! Having said that I buy it in full knowledge that its a gimick and that every lender has their own scoring method. It is nice to see it going up though.

Keeping_Positive

Credit score - not worth the paper its written on! Found out that my record is great so got a top score ( top1%!!) but it didnt reflect an association I had and that I wasnt using all the credit available to be so got turned down. Better to ring experian up and go through your report with them. I wish I had known before wasting my money.

Sorry rant over!

PS was only going for the quidco money didnt want to borrow anymore.

sicker

Again, very much against, wasting your money.

John.

rulerofuniverse

Having read the above then, does anyone recommend getting a Capital One card just to get the free reports? Baring in mind that it slightly effects your credit status!

lisyloo

Not really.
The report is only £2 anyway, so the 2 free reports are worth £4 (and you can probably get a free triall for 30 days anyway).

The cashback card is really good at 4% but I woudln't say it's worth it just to save that amount.

You can get free trials on Experian and Equifax (remeber to cancel in time) and call credit is free with
https://www.annualcreditreport.co.uk or https://www.garlik.com.

If you've exhausted the free trials the statutory reports are £2 each.

YorkshireBoy

rulerofuniverse wrote: »

Having read the above then, does anyone recommend getting a Capital One card just to get the free reports? Baring in mind that it slightly effects your credit status!

I can't imagine anyone recommending an application for a credit card just to get £4 worth of credit reports a year from Equifax.

Moggles_2

Originally Posted by bizzyjunky
If I register now on the electoral register, how long will it take before the credit agencies are aware of this?

Good question. It's possible to enrol each month from early December until mid-August, using the rolling register procedure.

If you type "electoral roll" and the name of your council into google, you'll be directed to the relevant pages on your local authority website. Most council websites are set up so you can register online or download a form. The majority include an explanation of how the register is compiled and when your name will appear.

Once done, you may have to contact your local Electoral Services Dept, to ask when the agencies are next updated, as frequency varies.

Moggles_2

Originally Posted by bizzyjunky
I never seem to get accepted for credit card applications (Last time I applied was 3 yrs ago). I feel it's probably because I don't have much of a financial history.

If this would be your first credit card, you have a limited credit history, so from the lender's perspective you're something of an unknown quantity. You probably need to be more concerned about actually getting a card at the mo, rather than trying to find the best 0% deal.

Lenders launch these 0% promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants.

Presumably you have a bank account. Once you're registered on the electoral roll, the bank which holds your main current account may be the best place to start.

Skeekwarton

I couldn't resist paying the extra for my credit score - 980 out of 1000, result !