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  • FIRST POST
    • Rocksolid
    • By Rocksolid 2nd Dec 19, 7:04 PM
    • 118Posts
    • 9Thanks
    Rocksolid
    New comer in UK and credit score funny story
    • #1
    • 2nd Dec 19, 7:04 PM
    New comer in UK and credit score funny story 2nd Dec 19 at 7:04 PM
    Hello,

    I'm in UK since less than a year.
    Based on experience elsewhere, for me here the credit score makes me laugh.

    So, they want me to take a loan to show them I'm able to repay, or get a credit card, well in both cases I can't because everybody asks 3 years of address history in UK.
    Then actually I've got a stupid credit card from one of the credit institutes, probably I made a mistake to send them my bank statement of a bank that I don't actually use, the balance was 70 pounds... So they gave me a card of 200, I laughed for 3 hours...
    Even if I ask a raise, they will maximum of 200 pounds, and we all know they won't do that because is too risky for me, if they base the calculation on the first statement provided, any cool idea?

    I've heard about to get multiple credit cards, this is the craziest I've seen online 😂, but if is real I may evaluate...

    So my credit score from credit monitor is 571/710...
    I know this is not reliable because it was the only platform to accept my short address history, for a proper credit history I should have 3 years address history, or that at least makes sense for a practical consideration for mortgages/loans etc...
    Should I request anyway to some real association like Halifax or Experian my real credit report?
    My application for the credit card could have been affected also from that...

    Objectives/summary of this thread:

    1) Improve the credit score
    2) Get a better credit card, ideally from high street banks, aprox 2-4k.
    3) Be sure if a real report could help me to understand what I need to do.
    4) I relocated 3 times already, not sure how much is affecting my credit score...
    5) I have 3 bank accounts, removing one could help?
    6) Should I really use less than the 30% of my actual cc balance? Which is 200 in total? It's silly 😂 Or should I keep using it? My understanding is if you use credit it means you need it, that is you are screwed... But in UK it looks like you have to use it anyway...

    I accept any suggestion 😊.
    Currently I can't apply for any kind of loan/mortgage for this reason...
Page 2
    • Rocksolid
    • By Rocksolid 4th Dec 19, 4:53 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    All this comes from moneysavingexpert, that I remember is not an official Institution, correct me if I'm wrong, so that score for me is not reliable, the data instead I don't know how they can be useful... For sure I have enquiries for debt etc but it was for the bank account openings, as well as the credit card ones (these are hard checks).

    The overdraft value is zero, because I have no overdraft, precisely should be null .
    Credit card will show up this month, but I paid in full the first month so no issue.

    I expect to know when I can apply successfully for a credit card or any other financial product like a loan or mortgage without being rejected.
    My bank says that after 1 year I can do it, wonderful, others no one knows unless I open an count with them, and this is not even sure.
    After this one year in my bank I may be also refused for such request, for whoever reason.
    I would be curious to know the result if I had 50k in my account .
    • Rocksolid
    • By Rocksolid 4th Dec 19, 4:54 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    Yes, I can't register to Experian or Halifax because of missing 3 years full UK address... And there I should be able to find my real credit score, and eventually remarks that are not visible in moneysavingexpert.
    • zx81
    • By zx81 4th Dec 19, 6:04 PM
    • 24,791 Posts
    • 27,672 Thanks
    zx81
    This is painful.

    You've already registered with Experian via MSE.

    Halifax are not a CRA.

    You will not see your "real' credit score anywhere as there is no such thing..

    There are no 'remarks' you need to see which will be of any help.

    Look at your Clearscore and Noddle files.
    • Thrugelmir
    • By Thrugelmir 4th Dec 19, 6:10 PM
    • 66,351 Posts
    • 58,409 Thanks
    Thrugelmir
    Credit card will show up this month, but I paid in full the first month so no issue.
    Originally posted by Rocksolid
    Credit card will be shown as the balance owing on the day that the data is reported by the lender.
    “Risk comes from not knowing what you are doing. – Warren Buffett”
    • Ben8282
    • By Ben8282 4th Dec 19, 8:06 PM
    • 4,766 Posts
    • 2,625 Thanks
    Ben8282
    You say Money Saving Expert is not an official institution. Not sure what you mean by that. Are you suggesting credit reporting should be nationalised? if so, suggest it to Jeremy Corbyn.
    Nobody except perhaps Mystic Meg will be able to tell you when you can apply successfully for a credit card or any other financial product like a loan or mortgage without being rejected as every lender will have their own acceptance criteria.
    As previously stated Experian, along with Equifax and TransUnion, are CRA's who you can contact to obtain your credit files and to whom providers of credit report. Halifax is a bank, you cannot obtain your credit files from them and no providers of credit report to them (or at least I hope they don't!).
    If you had £50,000 in your account (you are another poster whose keyboard appears to lack a £ sign I notice) it would make no difference.
    There is no such thing as a 'real' credit score and myself and others have repeatedly told you this but for some reason you don't seem to want to understand. The CRA's provide a credit score based on their opinion of your general credit worthiness based on information contained in the credit files held by them which lack very important information (salary, employment status, residential status, affordability etc) which will be taken into account by providers of credit. This score is useless as an indication of the likelihood of you being accepted for a specific credit product. The score is also used as a marketing tool by the CRA's to get individuals, usually those with lower scores, to take out financial products to improve the aforementioned score for which the CRA advertising the product will receive a financial consideration.
    As to what remarks you expect to find, perhaps you could clarify? Any such remarks would of course only be the opinion of whoever wrote them.
    You appear to have a problem with the idea of providers of credit requiring some stability such as three years address history in the UK. This makes sense to me. You say you successfully applied for a credit card and were given a credit limit of Euro 2000.00 in another country after only 2 months residency. In my opinion the issuer of this credit card took quite a gamble. Do you still have this card? Do you still use it? Have you repaid it in full?
    Last edited by Ben8282; 04-12-2019 at 8:08 PM.
    • Rocksolid
    • By Rocksolid 4th Dec 19, 11:46 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    I will have a look to the other websites to check the credit score, but I'm quite sure I can't register to see it...

    Yes my card was 2k euros and was issued after 3 months, so we can say the 4th month.

    Probably was due to my kind of blue card there, here is also with biometric data, is not necessary but I remember was a requisite to speed up the process and get it so early, I've done it as soon as I landed. Does it have any effect here for credit application?

    I always paid in time my card, never paid any interest and always used that card as suggested from the bank (probably data collection), even to pay 0.1 euro candy.

    That was a top level bank, a premium one that I was paying per month for their service, here the same service would cost around 16 pounds per month, but those plans are tight with your salary, so if you just want to pay for it you can't take it, the salary is a presequisite... Probably with this sort of bank accounts I should be able to have the credit card even the next month...
    Here it looks every bank account is for free, thanks, they give the worst service ever, neither the 2fa with the sms code or push notification, or notification of transaction done in somehow by email or sms, completely behind the central Europe... No offense for people eh, just reviewing my experience.
    Here is just implemented a stupid machine learning that have been oiled several times, and for my understanding if it doesn't work for some reason the transaction is simply allowed, do not stop the business.
    Just my consideration guys, don't take it personal.
    Another thing is the missing verification of full name and bank coordinates, here just numbers, mistakes in transactions are frequent I've heard... Am I surprised? No ��.

    Anyway the whole story is that I don't need a cc, but I need to boost my credit score.
    • Rocksolid
    • By Rocksolid 4th Dec 19, 11:49 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    I'm still waiting to see a kind of insurance if someone !!!!s your bank account or credit card, the security here is granted ����, or like the time to take back a misleading bank transfer.
    • Rocksolid
    • By Rocksolid 5th Dec 19, 1:28 AM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    Ok guys, good job, just reporting 3 addresses to Credit Karma helped to register this damn account, so or you have 3 addresses or 3 years of address history. (I've relocated recently and now tried again to register)

    I see few more info there and things to work on, for example I see already something weird, 50 pounds on 200 are seen like high credit usage, I'll work on that tomorrow on what the hell it means.
    It looks like a suggestion rather than a real problem, because below in the negative factors there is nothing...

    So, as before was suggested to use the full balance and then pay it full every month, now I'm not considering anymore that idea , what do you think about this guys?
    • zx81
    • By zx81 5th Dec 19, 5:30 AM
    • 24,791 Posts
    • 27,672 Thanks
    zx81

    Anyway the whole story is that I don't need a cc, but I need to boost my credit score.
    Originally posted by Rocksolid
    The most important thing is to make sure your credit score is an even number. Never odd
    • phillw
    • By phillw 5th Dec 19, 11:23 AM
    • 3,197 Posts
    • 2,649 Thanks
    phillw
    The most important thing is to make sure your credit score is an even number. Never odd
    Originally posted by zx81
    probably one of your most helpful credit score posts.
    • Terry Towelling
    • By Terry Towelling 5th Dec 19, 4:27 PM
    • 2,222 Posts
    • 1,893 Thanks
    Terry Towelling
    @Rocksolid, you keep banging on about your credit score - why? It means Jack and Didley. It is irrelevant. It is simply a tool to manipulate your borrowing behaviour. As has been pointed out, the important thing is your credit 'history' and you can't magic that up out of nothing. A good, solid credit 'history' takes time to amass. I understand the 'catch 22' nature of 'needing a credit history before you can get credit, but can't get credit without the credit history' and that is just tough - deal with it (just my consideration, don't take it personal).

    There is no point in examining your credit history if you don't have one. It occurs to me that the only time your credit history is worthy of examination is where you suspect something in it may be wrong. I've never checked mine in the whole 147 years I have been alive.

    If you can't get a loan, then you can't get a loan; likewise if you can't get a CC with a decent limit. No amount of examining your credit history (assuming it is correct) will alter that, so stop doing it.

    Just use the card you have and pay it in full each month - things will soon change.

    As a matter of interest, what did you do with the credit cards and bank accounts that you maintained in other countries?
    Last edited by Terry Towelling; 05-12-2019 at 8:01 PM. Reason: Typo
    • Rocksolid
    • By Rocksolid 5th Dec 19, 5:28 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    ok thank you, now the point is how to use properly the card.
    Suppose that I spend 500 pounds per month as average for whatever thing needs to be billed, if I use currently all my 200£ of balance, or the next one of 500£ (example), in order to have the max utilization on both cases, is this better than to use only the 30% max?

    The point is, if I spend anyway 500 per month and I pay back fully, what's the difference if I spend max the 30%?
    So automatically they see I'm able to pay back more and grant me a bigger amount sooner, ideally.
    All the reasoning because if I borrow 200£ (current credit) and I'm able to pay back all, is different if I borrow 50 pounds only and pay back in full... This should build more trust for my understanding, and is also quite obvious because 200 are for eating in 20 days aprox, there are also other expenses.

    What do you think about this?

    The difference in that country is that I had the registration as a foreign citizen, what here is called blue card, I'm gonna apply soon if I'm entitled.
    Otherwise I was using my cc for everything, but using only around 30% of credit, sometimes I went down to 70% but for no reason, just to see what the bank was thinking about that ahaha, no sense if you have the money to buy something, it can be useful if you have emergencies, that don't create other emergencies...
    • Thrugelmir
    • By Thrugelmir 5th Dec 19, 5:46 PM
    • 66,351 Posts
    • 58,409 Thanks
    Thrugelmir
    ok thank you, now the point is how to use properly the card.
    Originally posted by Rocksolid
    Spend and repay. Repeat and repeat. Time alone builds credit history.
    “Risk comes from not knowing what you are doing. – Warren Buffett”
    • Rocksolid
    • By Rocksolid 5th Dec 19, 6:04 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    Thanks but I'm in doubt with the amount to use, above my explanation.
    • Ben8282
    • By Ben8282 5th Dec 19, 6:22 PM
    • 4,766 Posts
    • 2,625 Thanks
    Ben8282
    Thanks but I'm in doubt with the amount to use, above my explanation.
    Originally posted by Rocksolid
    Use a substantial part of the limit but not all as you don't want to risk accidentally exceeding your credit limit.
    Wait for a statement.
    Repay in full.
    Repeat each month.
    • Rocksolid
    • By Rocksolid 5th Dec 19, 6:28 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    So you mean if I trigger that kind of transaction for funds not available is a real problem with the cc?
    I'll use the 90% then, let's see what happens.
    • Ben8282
    • By Ben8282 5th Dec 19, 6:32 PM
    • 4,766 Posts
    • 2,625 Thanks
    Ben8282
    So you mean if I trigger that kind of transaction for funds not available is a real problem with the cc?
    I'll use the 90% then, let's see what happens.
    Originally posted by Rocksolid
    Yes. If you exceed your credit limit it will be a REAL BIG PROBLEM so don't even think about doing it.
    • Rocksolid
    • By Rocksolid 5th Dec 19, 6:34 PM
    • 118 Posts
    • 9 Thanks
    Rocksolid
    To avoid that I think I'll overcharge the cc, if is possible with this card, bigger pillow sweet dreams.
    • CKhalvashi
    • By CKhalvashi 5th Dec 19, 6:54 PM
    • 9,024 Posts
    • 25,839 Thanks
    CKhalvashi
    All this comes from moneysavingexpert, that I remember is not an official Institution
    Originally posted by Rocksolid
    MSE is a private website, which provides advice and credit score information directly from a CRA. I'm not sure which one as I don't use MSE for this purpose.

    MSE are a highly trusted company in the UK, started by a very clever man who has helped many people here get out of debt and play the system.

    I have applied for products through the site as I believe it is worth supporting, and also believe that doing this keeps the site free for those who need it most.

    The overdraft value is zero, because I have no overdraft, precisely should be null .
    Credit card will show up this month, but I paid in full the first month so no issue.
    Good to hear that MSE and the CRA in use are providing correct information. This is how it should be.

    I expect to know when I can apply successfully for a credit card or any other financial product like a loan or mortgage without being rejected.
    It will depend on your circumstances.

    My first credit card had a limit of £200. The same card many years later has a limit of 5 figures. I have always paid in full and never paid interest on this card.

    My bank says that after 1 year I can do it, wonderful, others no one knows unless I open an count with them, and this is not even sure.
    After this one year in my bank I may be also refused for such request, for whoever reason.
    I would be curious to know the result if I had 50k in my account .
    This is the same for everyone, it depends on their circumstances.

    If you're saving/investing every month, there's no reason why you won't be able to do this as it's obvious you have spare income. If you have a small amount going into the account and are struggling financially, then the bank will not offer to extend you credit.

    Any limits will be based on your personal circumstances.
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

    Call me Remainer or Romaniac, but not Remoaner. It's insulting and I have the right to have my voice heard too.

    I can spell, my iPad can't.
    • Ben8282
    • By Ben8282 5th Dec 19, 8:20 PM
    • 4,766 Posts
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    Ben8282
    To avoid that I think I'll overcharge the cc, if is possible with this card, bigger pillow sweet dreams.
    Originally posted by Rocksolid
    'Overcharging' a credit card is not a term that I am familiar with but if you mean what I think you might mean, overpaying and putting the credit card account into credit, that is not allowed and you will have BIG PROBLEM if you do it and the credit card will be cancelled so don't.
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