How long do i have to wait

MaxIRB

Greeting

Im a new memberand need to ask you guys here. Im a foreigner (non EU) just finished my MA course, planning to get a JOB in UK and stay for a long term. It has been 11 months since i arrived and have been turned down several times for credit card application. I do know about the credit score and how it is affected my credit application, but my question is how am i suppose to build a credit history if there is no institution that willing to approve my application in the first place? :mad:. I have a bank account with some features such as Visa debit card. I also have been approved recently on monthly payment mobile phone subscription. If its required me to wait longer, how long do i have to wait? is there any bank which would approve "new to credit score" customer? or is there any other way? Thanks for all helps.

nrsql

Have you tried capital one?
Believe they give out cards with very low limits which will at least give you a history.

Richie(UK)

Hi Max,

I'm relatively new to this forum myself, but I'll offer my thoughts until somebody else chimes in.

The Credit Reference Agencies (CRAs) maintain data on your credit history for the last 6 years. Having only been in the country for 11 months you may find that some lenders are a little apprehensive about this.

You say that you are planning to stay for the 'long term'. How long? Are you planning on obtaining UK citizenship (being on the electoral register will improve your credit rating)?

You will also find it easier once you have been in employment for a while - lenders like to know that you will have an income with which to service the debt that you may create.

You also say that you have been turned down for several applications. This in itself can add to the problem - too many applications in a short period of time will be seen as desperation by many lenders and they will be reluctant to take a risk on you.

Having the mobile 'phone account will help - it will demonstrate your ability to make regular payments. This is what the lenders are interested in.

As you already have a bank account, have you approached a member of staff in your local bank and discussed with them what your needs are? They will be better placed to make an informed decision than the other lenders because they will know how well you have run your bank account.

If your bank turn you down then it may be wise to keep your head down for 3-6 months : develop the mobile 'phone payment history, the employment history, and make no further credit card applications. Then approach the bank again.

HTH

MaxIRB

Thank you v/much for your comments guys, i really really do appreciate it.

nrsql
Thank you for your suggestion, yeah i did tried CapOne before, and they did approved me for £250 limit however they required me to put £250 "security deposit", which i thought at that time it was silly. But you have a good point, i might want to think its like a price that i have to pay to start a new credit history. maybe,...

Richie(UK)
Thanks for your explanation, i do have a job right now, i work 37,5 hours a week which i guess its a full time job, and i have been working for about 10 months, i dont know if that can be counted. I definitely will try to talk to the bank. Thanks again,...

Any other suggestion for me guys,.....

InsuranceLiability

Keep paying the balance off your Capital One card each month and then apply fro some more in 6 months time