View Full Version : Credit
greencreeper
04-09-2005, 15:55
I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it :scratch:
Are you on the electrol role?
I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it :scratch:
Stupid situation really but in some ways you have to develop a good credit rating (ie take out a loan and pay it back promptly). Also worth checking with credit reference agencies (Experian and IIRC Equifax) costs £2 per company but you will find out if they have any inaccurate information on you which could be preventing you getting credit. Also applying for too many different quotes can blow your rating as well.
I watch these TV programmes about people who have several thousand pounds worth of debt, largely on credit cards, and everyone around me has a credit card and/or loans. Even my mum has a credit card but she doesn't use them. I apply for a credit card and get turned down. Tried several companies and all said no. I can't understand it :scratch:
have you tried for an egg card?;)
have you tried for an egg card?;)
Good suggestion Bex :tu:
Egg are less stringent than most for credit references.
I watch these TV programmes about people who have several thousand pounds worth of debt
There are of course distinct advantages to not having a credit card...
Point being: use it wisely if/when you get one. Try to pay it off every month. Try to not use it to spend money you don't have.
Dave Stones
04-09-2005, 16:40
i have a £500 limit with my student credit card from hsbc. not allowed any more, and i doubt i could get any anywhere else either, what with living at 4 addresses in the last 3 years... :erm:
capital one will give you a credit card though, or vanquis ;) (65% apr was offered to me with a vanquis card...)
Good suggestion Bex :tu:
Egg are less stringent than most for credit references.
exactly... the basic limit is normally about £750... . i got one when i came back from uni and had an awful credit rating, by paying it back etc, it improved my credit rating.
some companies such as capital one offer cards in which you have to pay a contribution towards it, not sure how it works exactly, but again it can help to increase your credit rating
Dave Stones
04-09-2005, 17:19
i believe with capital one you have to put a deposit down, and you only get a very very low limit to start, smething like £200...
etccarmageddon
04-09-2005, 17:29
I think it's a blessing perhaps if you can not get a credit card! count your lucky stars you havent got one!
Dave Stones
04-09-2005, 17:41
i'm happy my credit limit is so low. however, i have a £1500 interest free overdraft. Overall i owe the bank abuot £1200 from a total of £2000. and £900 of that is interest free. it's a scary prospect really, i really have to hold tight to my maestro card in the shops sometimes. I'm under control though :)
Credit is the bane of my life (well used to be).
I no longer have vredit cards, and find the only time i miss them is when i have not got any money, so should not be spending anyhow..
If you want to shop on the internet then credit cards used to be essential, now you can use debit cards as well. :cool: At one point in the past I had ten credit cards :erm: now I have just three - but I could still clock up over £35k on them if I wanted :eek: - the monthly payments on that would be something :disturbd:
If you want to shop on the internet then credit cards used to be essential, now you can use debit cards as well. :cool:
All the same, I so wouldn't do that because of the security risk.
All the same, I so wouldn't do that because of the security risk.
but you are happy to hand over your debit card in a restaurant... :)
Chrysalis
04-09-2005, 18:48
I think if you have sentinel protection on debit cards their is some protection for internet purchases.
I find I am in agreement with greencreeper, I get turned down when I have applied, few facts.
On electrol Roll
Been at current address over 3 years.
No unpaid debts.
Checked credit rating and its clean. (experian)
I suspect their is location you live as an factor and if you are a graduate or not, it is certianly odd people with already thousands of debt can keep on getting more and more cards.
All the same, I so wouldn't do that because of the security risk.
but you are happy to hand over your debit card in a restaurant... :)
No, I use cash.
pwnd
I think if you have sentinel protection on debit cards their is some protection for internet purchases.
I find I am in agreement with greencreeper, I get turned down when I have applied, few facts.
On electrol Roll
Been at current address over 3 years.
No unpaid debts.
Checked credit rating and its clean. (experian)
I suspect their is location you live as an factor and if you are a graduate or not, it is certianly odd people with already thousands of debt can keep on getting more and more cards.
Credit card companies use a scoring technique. Putting it simply, you get points for living at the same address for more tha 3 years, you get points for owning your home, having equity etc, having a good history with other lenders, amongst other things. You get deducted points for renting, too many address changes, bad credit history, as well as some other strange stuff like having too many credit references taken up!
I would suggest checking with the register of County Court Judgements (the local County Court can tell you how), as it's not unknown for someone assessing your credit rating to see a CCJ registered at the address and downgrade the person. This can be a particular problem if you live in a shared house, or short-term rented accommodation.
The main agencies such as Equifax also track payments for utility bills like gas, water, electric, telephone. It is supposedly in your favour if you pay on the first bill, but against you if you wait for a final demand. By that stage the companies may have passed it to their own internal collections department, which gives you a bit of a black mark. This is all assuming the bills are in your name.
When all is said and done, if they refuse you credit just ask them why, and they will explain it to you. If you question their assessment, most will give you a small limit to start, which allows you to build some history with them.
__________________
but you are happy to hand over your debit card in a restaurant... :)
Interestingly I did this in Poland recently and was given the strangest of looks. The same thing happened in Greece. It appears that in these countries they don't let the card out of their sight. In fact, in Poland they ran a public awareness campaign warning people not to hand over a credit card and let anyone take it away.
greencreeper
04-09-2005, 22:23
I'm on the electoral roll. I've been at my current address almost 2 years - my previous address, nearly 8 years. I've never had a credit card or loan. I currently have a (used) overdraft of £1250. My only major debt is my student loan. My salary is £14,500 p.a. but bonuses and overtime probably add another £2000 on top. I tried various places, including my own bank which I've been with since I left home at 17/18. Egg was a joke - I tried and was turned down. Then I got a pay rise so I thought I'd try again. It wanted a password. Password? It seems that I entered a password but can I hell as remember it. Now I'm locked out and have to phone them :rolleyes: I gave up.
Ah :idea: There are debt collectors chasing the previous tenants :scratch: I didn't think the house mattered - always thought it was the person. The last time I check with the credit reference agencies, I was all clean :erm:
I'm was thinking of buying a new PC on a credit card - would take me ages to save up :(
I'm on the electoral roll. I've been at my current address almost 2 years - my previous address, nearly 8 years. I've never had a credit card or loan. I currently have a (used) overdraft of £1250. My only major debt is my student loan. My salary is £14,500 p.a. but bonuses and overtime probably add another £2000 on top. I tried various places, including my own bank which I've been with since I left home at 17/18. Egg was a joke - I tried and was turned down. Then I got a pay rise so I thought I'd try again. It wanted a password. Password? It seems that I entered a password but can I hell as remember it. Now I'm locked out and have to phone them :rolleyes: I gave up.
In which case go to your bank and ask for a loan over 12 months to pay off your overdraft or buy the computer. Don't be late with payments and in 12 months time you should have an acceptable credit reference (plus you will have been at your current address for 3 years by then).
I'm on the electoral roll. I've been at my current address almost 2 years - my previous address, nearly 8 years. I've never had a credit card or loan. I currently have a (used) overdraft of £1250. My only major debt is my student loan. My salary is £14,500 p.a. but bonuses and overtime probably add another £2000 on top. I tried various places, including my own bank which I've been with since I left home at 17/18. Egg was a joke - I tried and was turned down. Then I got a pay rise so I thought I'd try again. It wanted a password. Password? It seems that I entered a password but can I hell as remember it. Now I'm locked out and have to phone them :rolleyes: I gave up.
Ah :idea: There are debt collectors chasing the previous tenants :scratch: I didn't think the house mattered - always thought it was the person. The last time I check with the credit reference agencies, I was all clean :erm:
I'm was thinking of buying a new PC on a credit card - would take me ages to save up :(
Superb! At least you got to the bottom of it. You may be able to explain the situation if you speak to the various credit card companies. As a thought, I would try First Direct. If you open an account with them they usually offer you a Visa card.
Good luck!
Ah :idea: There are debt collectors chasing the previous tenants :scratch: I didn't think the house mattered - always thought it was the person.
In which case you need to lodge a "Letter of disassociation" with Experian and Equifax stating that you are nothing to do with these people or their debts.
That should help a lot.
All the same, I so wouldn't do that because of the security risk.Somewhat paranoid ? That's a bit like not crossing the road because of the risk.
<snip>
I'm was thinking of buying a new PC on a credit card - would take me ages to save up :(
Especially when you have difficulty getting a card, it may be worth looking at other options for getting credit.
www.moneysavingexpert.com has loads of good articles.
greencreeper
04-09-2005, 23:37
Superb! At least you got to the bottom of it. You may be able to explain the situation if you speak to the various credit card companies. As a thought, I would try First Direct. If you open an account with them they usually offer you a Visa card.
Good luck!
Well I might have, yeah. I've been sending the letters back but I gave up. Even phoned them but it went in one ear and out the other. I'll check with the credit agencies again.
You don't feel like a grown up until you have a credit card :D
Ah :idea: There are debt collectors chasing the previous tenants :scratch: I didn't think the house mattered - always thought it was the person. The last time I check with the credit reference agencies, I was all clean :erm:
County Court Judgements, which are normally given in the case of bad debts are always assigned to addresses.
That is why when have credit checks you have to give all your previous addresses.
<Snip>
You don't feel like a grown up until you have a credit card :D
I have two credit cards and have yet to feel like a grown up :D
(I think that's a good thing btw)
County Court Judgements, which are normally given in the case of bad debts are always assigned to addresses.
That is why when have credit checks you have to give all your previous addresses.
That used to be the case, but I thought because of the halabalu over people moving into a new house and having their credit rating wiped out because of a previous owner, the debt/poor credit is on the person at the address, not the address itself.
I know IVA's don't affect the property or anyone else's credit rating.
I have two credit cards, and have yet to feel like a grown up :D
(I think that's a good thing btw)
Always remember...
Growing old is compulsory, but growing up is optional...
__________________
That used to be the case, but I thought because of the halabalu over people moving into a new house and having their credit rating wiped out because of a previous owner, the debt/poor credit is on the person at the address, not the address itself.
I know IVA's don't affect the property or anyone else's credit rating.
Sadly quite a lot of credit vetting is done manually so there is an element of human error potentially. People see the address is the same and don't look further.
greencreeper
05-09-2005, 00:00
I've applied online to be sent my credit report - both Experian and Equifax. It's interesting that the really big bold flashy text advertises a credit report for around £10, but the statutory report is only £2. The link to that is a bit harder to find - very well hidden in the case of Experian. Anyone would think they're after your money :erm: Just a week to wait for the good/bad news.
I've applied online to be sent my credit report - both Experian and Equifax. It's interesting that the really big bold flashy text advertises a credit report for around £10, but the statutory report is only £2. The link to that is a bit harder to find - very well hidden in the case of Experian. Anyone would think they're after your money :erm: Just a week to wait for the good/bad news.
Yes, they're known for hiding the cheaper link
Always remember...
Growing old is compulsory, but growing up is optional...
__________________
Sadly quite a lot of credit vetting is done manually so there is an element of human error potentially. People see the address is the same and don't look further.SHUOLDNT MAKE COMMENTS OR GIVE ADVICE ON THE SUBJECT IF YOURE SCREWED WITH DEBT THOUGH!
SHUOLDNT MAKE COMMENTS OR GIVE ADVICE ON THE SUBJECT IF YOURE SCREWED WITH DEBT THOUGH!Got a problem with Caps Lock ? - that's your second all capitals post in 4 minutes - and who is that comment directed at ?
All the same, I so wouldn't do that because of the security risk.
most card companys offer some form of anti fraud protection (barclaycard springs to mind)
personally i have used my two debit cards on a number of carefully selected sites, plus paypal, i have found there to be no security issue, its just where you shop on the internet, look at the site, T&C, where its based etc, not been stung yet and i hope i never will!
SMHarman
05-09-2005, 03:11
Yes, they're known for hiding the cheaper link
The £10 is the instant on-line one.
greencreeper
05-09-2005, 06:38
most card companys offer some form of anti fraud protection (barclaycard springs to mind)
personally i have used my two debit cards on a number of carefully selected sites, plus paypal, i have found there to be no security issue, its just where you shop on the internet, look at the site, T&C, where its based etc, not been stung yet and i hope i never will!
Yeah - I've used my Visa debit card online for years without problems. Like you say - just have to careful about your patronage.
Got a problem with Caps Lock ? - that's your second all capitals post in 4 minutes - and who is that comment directed at ?
My thoughts exactly???
I've applied online to be sent my credit report - both Experian and Equifax. It's interesting that the really big bold flashy text advertises a credit report for around £10, but the statutory report is only £2. The link to that is a bit harder to find - very well hidden in the case of Experian. Anyone would think they're after your money :erm: Just a week to wait for the good/bad news.
Nah, they have cottoned on to the fact that folks panic about their credit rating and so are offering a service to the gullible (this "special" service does not even tell you what is on file about you or your address (like the reports you have requested), just your credit rating :shrug: )
Chrysalis
05-09-2005, 16:56
Credit card companies use a scoring technique. Putting it simply, you get points for living at the same address for more tha 3 years, you get points for owning your home, having equity etc, having a good history with other lenders, amongst other things. You get deducted points for renting, too many address changes, bad credit history, as well as some other strange stuff like having too many credit references taken up!
I would suggest checking with the register of County Court Judgements (the local County Court can tell you how), as it's not unknown for someone assessing your credit rating to see a CCJ registered at the address and downgrade the person. This can be a particular problem if you live in a shared house, or short-term rented accommodation.
The main agencies such as Equifax also track payments for utility bills like gas, water, electric, telephone. It is supposedly in your favour if you pay on the first bill, but against you if you wait for a final demand. By that stage the companies may have passed it to their own internal collections department, which gives you a bit of a black mark. This is all assuming the bills are in your name.
When all is said and done, if they refuse you credit just ask them why, and they will explain it to you. If you question their assessment, most will give you a small limit to start, which allows you to build some history with them.
Wow this has opened a whole new can of worms, to start with when I get letter of decline it says we are unable to tell you in this letter why you was declined but you can contact this agency and pay a small fee etc. I then contact the agency who tell me nothing wrong **confused**.
If I am doing an application on the phone I have asked of course and again they tell me they cannot tell me why on the phone and say to wait for letter, which says what I mentioned above. I have defenitly found credit card companies to be very secretive about their reasons as I suspect if they told people then they would get the right lies on applications to gain points.
I think deducting points for renting is unfair and same for bills, reason I can give is simply recently powergen had accidently got my street name changed and I didnt get the bill past the final reminder, when they rang me I paid immediatly over the phone.
The current system is clearly far from reliable, since we have so many people getting cards that have high current debt they cant manage, and so many who should be given a chance been declined, they should be looking at cases manually and using common sense.
__________________
Nah, they have cottoned on to the fact that folks panic about their credit rating and so are offering a service to the gullible (this "special" service does not even tell you what is on file about you or your address (like the reports you have requested), just your credit rating :shrug: )
Interesting, does the £2 report give this info?
The reports I got in the past have always ever only showed for my name and not the address.
Wow this has opened a whole new can of worms, to start with when I get letter of decline it says we are unable to tell you in this letter why you was declined but you can contact this agency and pay a small fee etc. I then contact the agency who tell me nothing wrong **confused**.
If I am doing an application on the phone I have asked of course and again they tell me they cannot tell me why on the phone and say to wait for letter, which says what I mentioned above. I have defenitly found credit card companies to be very secretive about their reasons as I suspect if they told people then they would get the right lies on applications to gain points.
I think deducting points for renting is unfair and same for bills, reason I can give is simply recently powergen had accidently got my street name changed and I didnt get the bill past the final reminder, when they rang me I paid immediatly over the phone.
The current system is clearly far from reliable, since we have so many people getting cards that have high current debt they cant manage, and so many who should be given a chance been declined, they should be looking at cases manually and using common sense.
__________________
Interesting, does the £2 report give this info?
The reports I got in the past have always ever only showed for my name and not the address.
It should do, but may depend on what criterior the credit check company has, if it is name only (this may well show up someone in your area with the same name but a bad credit rating that is causing you problems or if they go by address a previous occupant that is causing you problems).
greencreeper
05-09-2005, 18:39
The £2 report is what the credit companies have to legally give you if you request it. I believe it's written into the credit laws, as well as coming within the Data Protection laws. The information should be complete, though identifying details of 3rd parties can be removed.
Wow this has opened a whole new can of worms, to start with when I get letter of decline it says we are unable to tell you in this letter why you was declined but you can contact this agency and pay a small fee etc. I then contact the agency who tell me nothing wrong **confused**.
I am pretty sure that the Data Protection Act means they have to tell you of any information they hold about you. Now, if they are declining an application, then they must be basing that on some info. It may seem trivial to you, just name, address, length of time at that address etc, but it's info all the same. Also, when you call them you should ask to speak to the department that sanctions credit and politely ask why you have been refused. Explain that it's not a problem, but that you would like to understand what they find so risky about you.
I can't get a credit card because my total income is split across two accounts..and I'm not changing my system to suit anyone..I'm happy without a credit card.
Chrysalis
06-09-2005, 00:35
I am pretty sure that the Data Protection Act means they have to tell you of any information they hold about you. Now, if they are declining an application, then they must be basing that on some info. It may seem trivial to you, just name, address, length of time at that address etc, but it's info all the same. Also, when you call them you should ask to speak to the department that sanctions credit and politely ask why you have been refused. Explain that it's not a problem, but that you would like to understand what they find so risky about you.
Well when it was done over the phone the computer decided, the guy even told me he answered the computer's questions and it threw out an automated response so he couldnt tell me and I had to wait for a letter. Your own experiences of getting credit and mine seem completely different, the rent thing losing you points was defenitly news to me.
I think credit cards should still be sent but if the person is considered risky why not just plonk a stupid limit like £50 on it to start it off and see how the customer handles it, the worst that can happen is they get £50 out of pocket.
I think credit cards should still be sent but if the person is considered risky why not just plonk a stupid limit like £50 on it to start it off and see how the customer handles it, the worst that can happen is they get £50 out of pocket.You must be kidding. Who do you think would end up footing the bill when thousands of these £50's are lost ? - the rest of us who don't run off with the money.
I am pretty sure that the Data Protection Act means they have to tell you of any information they hold about you. Now, if they are declining an application, then they must be basing that on some info. It may seem trivial to you, just name, address, length of time at that address etc, but it's info all the same. Also, when you call them you should ask to speak to the department that sanctions credit and politely ask why you have been refused. Explain that it's not a problem, but that you would like to understand what they find so risky about you.
I think you'll find the credit scoring process uses a secret algorithm (that changes regularly depending on what promotions their doing) and all the agent gets is a yes/no decision based on a figure that's output.
The data they then hold on you is the info you gave them, info from the credit agency(s) they use and the final figure given from the algorithm, nothing that will help you understand why you were turned down. :)
Well when it was done over the phone the computer decided, the guy even told me he answered the computer's questions and it threw out an automated response so he couldnt tell me and I had to wait for a letter. Your own experiences of getting credit and mine seem completely different, the rent thing losing you points was defenitly news to me.
I think credit cards should still be sent but if the person is considered risky why not just plonk a stupid limit like £50 on it to start it off and see how the customer handles it, the worst that can happen is they get £50 out of pocket.
The thing with computer systems is they can always be overrided (overridden?), you just have to ask for someone more senior.
The issue of renting against owning is multifold: a house owner will hopefully have some form of equity for the company to pursue if the cardholder doesn't pay; the renter will be harder to trace, but will find it easier to abscond. Also, people usually rent for comparitively short periods, hence there is no real stability for the company to reflect upon.
The problem with setting too low a limit is that it will soon get used up; then people would keep asking for an upward review. In addition, if you default for such a small amount it really isn't worth pursuing, but a lot of small debts would add up to a fair old whack.
I would honestly ask to speak to the credit sanctions department and find out why you are being refused credit.
PS My experiences tend to be more from the granting of credit, as opposed to requesting it.
Macca371
06-09-2005, 00:47
greencreeper: http://www.compass-finance.co.uk/html/credit_repair.asp?intro=
It's free
I think you'll find the credit scoring process uses a secret algorithm (that changes regularly depending on what promotions their doing) and all the agent gets is a yes/no decision based on a figure that's output.
The data they then hold on you is the info you gave them, info from the credit agency(s) they use and the final figure given from the algorithm, nothing that will help you understand why you were turned down. :)
That's what some companies would have you believe, but more often than not there are people who can make or change a final decision.
SMHarman
06-09-2005, 04:10
Nah, they have cottoned on to the fact that folks panic about their credit rating and so are offering a service to the gullible (this "special" service does not even tell you what is on file about you or your address (like the reports you have requested), just your credit rating :shrug: )
Yes it does, it gives you the same report, all the payment histories etc, plus it scores the report.
__________________
I am pretty sure that the Data Protection Act means they have to tell you of any information they hold about you. Now, if they are declining an application, then they must be basing that on some info. It may seem trivial to you, just name, address, length of time at that address etc, but it's info all the same. Also, when you call them you should ask to speak to the department that sanctions credit and politely ask why you have been refused. Explain that it's not a problem, but that you would like to understand what they find so risky about you.
Information and source of information, not how they assess that information and the value they place on the different aspects of that information.
Though, common sense dictates which parts usually cause a problem. In the OPs case a 14k salary and 0 debt it is likely to be
1. Lack of data on the credit report
2. Historic credit problems at the address
3. Electoral roll
4. Incorrect association with other family members.
Re. 4. when I moved out of my parents address Orange wanted a £150 security deposit for me to take out a mobile phone contract (oh, those were the days before PAYG etc). My credit report obtained soon after had me linked to my parents, thus I had two mortgages and three car loans on my credit report and obviously would have found servicing such debt a little difficult. A notice of dissasociaiton soon fixed it.
Chrysalis
07-09-2005, 01:49
You must be kidding. Who do you think would end up footing the bill when thousands of these £50's are lost ? - the rest of us who don't run off with the money.
Umm the same people who foot the bill when someone who has 10k debt gets another 5k credit card and leaves a 15k bill behind.
__________________
The thing with computer systems is they can always be overrided (overridden?), you just have to ask for someone more senior.
The issue of renting against owning is multifold: a house owner will hopefully have some form of equity for the company to pursue if the cardholder doesn't pay; the renter will be harder to trace, but will find it easier to abscond. Also, people usually rent for comparitively short periods, hence there is no real stability for the company to reflect upon.
The problem with setting too low a limit is that it will soon get used up; then people would keep asking for an upward review. In addition, if you default for such a small amount it really isn't worth pursuing, but a lot of small debts would add up to a fair old whack.
I would honestly ask to speak to the credit sanctions department and find out why you are being refused credit.
PS My experiences tend to be more from the granting of credit, as opposed to requesting it.
Yeah next time I decide to try Ill do it, I never start repeated applications since once you declined they use it against you on a subsequent application. So I always wait many months. Plus I am not desperate for credit I just want it as it is more safer for online shopping.
Yeah next time I decide to try Ill do it, I never start repeated applications since once you declined they use it against you on a subsequent application. So I always wait many months. Plus I am not desperate for credit I just want it as it is more safer for online shopping.
Just a thought, but you could always use a debit card?
As for repeat applications, I would always ring up once you receive the letter and ask for someone to clarify it; you may find it's a marginal decision that they are willing to reverse, plus it saves waiting, as well as filling out another form.
Chrysalis
07-09-2005, 18:06
Just a thought, but you could always use a debit card?
As for repeat applications, I would always ring up once you receive the letter and ask for someone to clarify it; you may find it's a marginal decision that they are willing to reverse, plus it saves waiting, as well as filling out another form.
I do use a debit card but the risk is frightening, one rogue company can empty the bank account since there is no limit on the card and it has less protection for online purchases.
Also Debit Cards don't give the protections of Section 75 of the Consumer Credit Act (although apparently Visa *will*, on some occasions, compensate you if you're ripped off when using a Visa Debit card)
Since my partner's managed to get herself a credit card again despite a credit history that makes BCCI look well run, I reckon anyone can. The limit's tiny and the interest is extortionate, but since it's for emergency use when abroad on her own (which could mean the difference between safety and danger) it's worthwhile. It's a CapitalOne one, incidentally.
Chrysalis
08-09-2005, 18:21
Since my partner's managed to get herself a credit card again despite a credit history that makes BCCI look well run, I reckon anyone can. The limit's tiny and the interest is extortionate, but since it's for emergency use when abroad on her own (which could mean the difference between safety and danger) it's worthwhile. It's a CapitalOne one, incidentally.
Capital one were the ones who rejected me last, I did an app following a discussion in another thread and applied for the one thats apperently for people with bad credit rating's.
To add to this, my younger sister and her boyfriend who both work and live at the same address. My sister earns 14k a year, has current overdue debt owns a car and drives but is only on a fixed term contract renewed annually has no problem getting credit. Her boyfriend is a graduate in permanent employment for 6 years now on 17k a year has only one card which is clean and cannot get credit.
Capital one were the ones who rejected me last, I did an app following a discussion in another thread and applied for the one thats apperently for people with bad credit rating's.
They do a secured credit card where you pay a deposit (the amount depends on how much of a risk they consider you to be), they say the only way to be turned down for that is to have been involved in fraud.
If you just want a card to rebuild your credit rating then it may be worth a call to them.
Worst thing is, everytime you apply for a different card or any service requiring a credit check it leaves a "footprint" on your credit record. IIRC if there is more than 6 such "footprints" in any 12 months that also blows your credit rating.
Chrysalis
09-09-2005, 04:26
They do a secured credit card where you pay a deposit (the amount depends on how much of a risk they consider you to be), they say the only way to be turned down for that is to have been involved in fraud.
If you just want a card to rebuild your credit rating then it may be worth a call to them.
Thats the one I got turned down for, I have never done fraud.
I applied for a bank account, nothing spectacular but I have to pay carers from it. So I toddled off to Lloyds TSB. Everything was going swimmingly untill this massive popup appeared on the credit controllers screen saying "refer to CIFAS".
So off she went and rang the credit bureau, came back and went we are not going to proceed with your application. When I asked why I was told to get hold of Experian which I have done.
Imagine my complete shock and horror when I opened the report to find out Black Horse FInance had "forgotten" to report that my loan with them was satisfied and British Gas had also forgotten the £80 odd quid I payed them for my last address, even though the bill was not in my name.
Worse was to come. I have never ever been in any trouble, I am a good girl ;-) well so they tell me, but I had this massive CIFAS warning. It said all financial insituitions were to reject ANY application made by myself. I was completely mystified untill I read a little further and found a "Gemma Jones" on my report. I have nothing to do with her, I dont' even know who she is and she has a birth date 21 years and one day less than mine. SO I rang experian to be told "Sorry we dont' deal with that."
I am now left in a quandry. I have spoken to the police to make sure I haven't been the victim of some identity fraud or that they haven't arrested me without me knowing. I will now have to find another tenner to pay for a fraud investigation done by CIFAS. Untill then, as ususal, my life is left in limbo.
To those who can not get credit, then PLEASE get your reports and CHECK them. Apparently I am due some compensation for my "distress" as no other name is supposed to be on my credit report. We wil wait and see. Probably be a bunch of flowers or a mouldy doughnut.
Sian
found a "Gemma Jones" on my report. I have nothing to do with her, I dont' even know who she is and she has a birth date 21 years and one day less than mine. SO I rang experian to be told "Sorry we dont' deal with that."
They are talking out of their backsides. As I said above:
"your personal record is being influenced by the debts of a relative or former spouse, it is possible to have a Notice of Disassociation added to your file. This effectively filters the other person's information from your credit file. You can also add a Notice of Correction. This can be used where there is a piece of information that is correct but could benefit from being set into context. For example, a credit default from a time when you had been made redundant or following divorce. "
http://uk.biz.yahoo.com/dealwithdebt/improvingyourrating.html
So they *can* and *should* "deal with it".
Chrysalis
10-09-2005, 00:04
Thats the one I got turned down for, I have never done fraud.
Ok I gave capital one another ring and it seems I was done an app for their lowest basic card so not the pre deposit one, they sending an app for that in the post.
Also I been thinking about my record and capital one said it "may" be the case but wouldnt tell me if it "was" the case that the address made me fail, but I do know that 2 previous tenants here left debts behind as I had to ring up the debt collection agencies so I will contact experian next week to dissasociate myself from those records.
greencreeper
10-09-2005, 00:13
I've got my credit reports and there's very little on them. Not sure if that's good or bad - probably both. The only thing I'm slightly irritated by is that my broadband rental appears as though it's a debt I'm paying off. The cheek of it :shock:
I've got my credit reports and there's very little on them. Not sure if that's good or bad - probably both. The only thing I'm slightly irritated by is that my broadband rental appears as though it's a debt I'm paying off. The cheek of it :shock:
Wouldn't that actually help your rating, as it shows that you are actually paying regular?
greencreeper
17-09-2005, 19:13
Wouldn't that actually help your rating, as it shows that you are actually paying regular?
Cooo - my thread has reappeared :hyper:
I guess you could look at it that way, but the notion of my having a debt, especially to NTL, does grate a bit.
Cooo - my thread has reappeared :hyper:
I guess you could look at it that way, but the notion of my having a debt, especially to NTL, does grate a bit.
Why don't you call Experian or whoever you got the report from and query it?
greencreeper
18-09-2005, 00:14
Why don't you call Experian or whoever you got the report from and query it?
I'm a cynic resigned to life's fate :D
Information systems often lack the capability to store data in the best format - so the next best is made use of. They clearly have no facility for showing rental payments, so they shoved the data in as a debt - the next best thing. The two things are similar-ish :erm: Besides - I've fought companies before, and victory is hard and rarely won. No stomach for fighting right now.
My central question remains - how people manage to run up tens of thousands of pounds worth of debt. It's a mystery to me - the same systems that deny me credit must surely by applied to them. Or is that the lenders are happy for people to fall deeper into debt?
Graham M
18-09-2005, 00:15
I have a Loan for this laptop im typing on just now of about £950 and my Overdraft is maxed at about £600 just now, only reason being is ive just finished college and dont have a "proper" job yet, all of that well get paid off as and when.
Chrysalis
18-09-2005, 06:15
I'm a cynic resigned to life's fate :D
Information systems often lack the capability to store data in the best format - so the next best is made use of. They clearly have no facility for showing rental payments, so they shoved the data in as a debt - the next best thing. The two things are similar-ish :erm: Besides - I've fought companies before, and victory is hard and rarely won. No stomach for fighting right now.
My central question remains - how people manage to run up tens of thousands of pounds worth of debt. It's a mystery to me - the same systems that deny me credit must surely by applied to them. Or is that the lenders are happy for people to fall deeper into debt?
Concur with the question, surely someone must know.
http://www.joincreditexpert.com/freecreditreport/?sc=408200&bcd=experhomee183223free
I cancelled it after a day- just checked the free credit report. Seems rather good.
My central question remains - how people manage to run up tens of thousands of pounds worth of debt. It's a mystery to me - the same systems that deny me credit must surely by applied to them. Or is that the lenders are happy for people to fall deeper into debt?
Concur with the question, surely someone must know.
Call me cynical if you want, but it's exactly what GC says, the lenders are quite happy for people to fall deeper into debt.
Very few people actually default on credit card debts, but by the time they've paid them off they've racked up masses of interest charges which is where the CC companies make their money.
Why do you think they keep offering people these "0% for X months" deals? Not because they want people not to earn interest, but because they're relying on people's inertia to forget/ not be bothered that, after the interest free period is up, they start paying for it.
That's why they're now starting to introduce fees for balance transfers because of people like me who *don't* suffer from that inertia and keep shifting the balances around to get long-term interest free loans :mad:
Chrysalis
19-09-2005, 04:38
Call me cynical if you want, but it's exactly what GC says, the lenders are quite happy for people to fall deeper into debt.
Very few people actually default on credit card debts, but by the time they've paid them off they've racked up masses of interest charges which is where the CC companies make their money.
Why do you think they keep offering people these "0% for X months" deals? Not because they want people not to earn interest, but because they're relying on people's inertia to forget/ not be bothered that, after the interest free period is up, they start paying for it.
That's why they're now starting to introduce fees for balance transfers because of people like me who *don't* suffer from that inertia and keep shifting the balances around to get long-term interest free loans :mad:
Still doesnt make sense as high risk borrowers are more likely to only pay min payment racking up interest. I think someone with 5 x £2000 credit cards is more likely to default then someone with 1 x £250.
I'm a cynic resigned to life's fate :D
Information systems often lack the capability to store data in the best format - so the next best is made use of. They clearly have no facility for showing rental payments, so they shoved the data in as a debt - the next best thing. The two things are similar-ish :erm: Besides - I've fought companies before, and victory is hard and rarely won. No stomach for fighting right now.
My central question remains - how people manage to run up tens of thousands of pounds worth of debt. It's a mystery to me - the same systems that deny me credit must surely by applied to them. Or is that the lenders are happy for people to fall deeper into debt?
One of the factors in assessing "credit worthiness" is the ability to pay. This is harder to ascertain in individuals than with companies, so the the lenders will look at previous payment history as one indicator. Consequently, people who have debt but make regular payments are considered a reasonable risk. This applies even if the regular payment is only the minimum required payment, which is often barely enough to clear the monthly interest and a little from the existing debt.
So, you have someone that uses a credit card regularly, pays off the minimum payment each month, clearing the interest and a little of their debt. The little that is cleared is less than the monthly spend, so the balance goes up. The credit compay is reasonably happy as regular payments are being made, and as Graham pointed out, they are raking in the interest. So they increase the limit, and the cycle continues.
greencreeper
19-09-2005, 18:34
But if you need a history to get credit, and you can't get a history without credit, how do you get a history? It's chicken and egg all over again. Well, the lizard came first but we won't get into it :D
Chrysalis
19-09-2005, 19:28
I think noone here is going to agree that the system is flawed that it can allow someone with 10k worth of maxed credit cards to just keep getting more, and people not on the credit ladder have a hard time getting on it.
I think noone here is going to agree that the system is flawed that it can allow someone with 10k worth of maxed credit cards to just keep getting more, and people not on the credit ladder have a hard time getting on it.
Yes it's flawed in the sense that it doesn't consider the damage it does to people; but these companies are there to make money, and they make a lot of it. If everyone were to manage their finances then the companies wouldn't make money; but then if everyone were to manage their finances we could probably do away with finance companies in the main!
So the system is flawed, from the perspective of people who get into debt that they can't manage.
greencreeper
29-05-2006, 02:51
Digging up an old thread but...
I still cannot obtain a credit card. Colleagues at work have suggested Capital One - "anyone can get a card". I, er, cannot. I tried for the "classic" card for those with a bad credit history (I just have no credit history) and was turned down. My gross income is about £20K and I have now paid off my overdraft, so I have no immediate debt. Yet still I cannot obtain a credit card. I tried purchasing Experian's online credit report, with helpful information, etc., but they refused the purchase because my identity could not be verified!
It's very frustrating and slightly frightening - I know "they" must be referring to information I cannot see, because there is nothing on my credit report that would lead to my being refused credit. But how do you request information that you cannot prove exists becase the proof is the information? It's also a frightening thing when you know who you are but cannot prove it.
Graham M
29-05-2006, 03:15
Have you tried for a credit card through your bank, because they will have to most up to date records on your credit history, don't apply online but rather go into the bank and speak with an accounts manager, they are usually very helpful! HTH!
highlandlassie
29-05-2006, 07:02
I just have no credit history
It's very frustrating and slightly frightening - I know "they" must be referring to information I cannot see, because there is nothing on my credit report that would lead to my being refused credit.
thats possibly why you can't get a credit card as there is no credit history. The majority of CC companies/banks won't lend unless there is a credit history
they refused the purchase because my identity could not be verified!
I agree with Zeph, I would try the bank you had an overdraft with
GC, are you on the electoral register? Why could they not verify your identity? This would be problem number one when you are trying to get a card, if your identity cannot be verified at your address you will be turned down for a lot of things.
etccarmageddon
29-05-2006, 09:36
why do you need a credit card? have you considered a debit card instead? at least then you can't get suckered into debt.
---------- Post added at 09:36 ---------- Previous post was at 09:35 ----------
I think if you cant get a credit card you aren't at much of a disadvantage in life as they are designed to screw you for money.
highlandlassie
29-05-2006, 09:53
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,#scoring
the above link may help to explain things better. Also below is a template for Equifax, which you may have already done
Your name
Your address
Equifax, Plc.
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Dear Sir / Madam,
I wish to apply under section 7 of the Data Protection Act 1998 for a single copy of my credit report. I enclose the statutory fee of £2 made payable to Equifax Plc.
Here are my personal details:
Name:
Current Address:
Date of Birth:
Contact Details (Phone / Email):
Addresses where I have been resident in the past 6 years:
Yours Faithfully
greencreeper
29-05-2006, 19:01
I've tried with my bank - was turned down. I'm on the electoral register. I do have a debit card, but I'm wanting a new PC, which I was hoping to buy with a credit card and pay off over 3-4 months. I have my credit reports and they are fine, so far as I can tell. There was a problem with my date of birth - listed two different ones, which is a bit dodgy :D That's now sorted. It's a mystery to me :(
Graham M
29-05-2006, 19:40
Greeny, have you tried for retail finance, something like interest free for 6 months that you can pay off when you want?
Strzelecki
29-05-2006, 20:23
won't that still need a credit report/credit rating? Credit reports are a right pain. I wanted to get a contract phone when I was 18, the only way I could do so ws to get a credit card from my bank (barclays), spend on it and pay it off in full for 3 months (worst thing I ever did as I still have that card!).
TheDaddy
29-05-2006, 21:13
You could try Barcley card, as their checks are done through your bank they are easier to get.
Graham M
29-05-2006, 21:28
won't that still need a credit report/credit rating? Credit reports are a right pain. I wanted to get a contract phone when I was 18, the only way I could do so ws to get a credit card from my bank (barclays), spend on it and pay it off in full for 3 months (worst thing I ever did as I still have that card!).
Funny really, I managed to get a Contract Mobile just 4 months after my 18th birthday having had no credit previously. Now am about £3500 in debit! oops! oh well
It could have some thing to do with your address if at some time it has been black listed that would count against you even if you wasn't living there at the time
Wicked_and_Crazy
29-05-2006, 22:22
Have you tried for a credit card through your bank, because they will have to most up to date records on your credit history, don't apply online but rather go into the bank and speak with an accounts manager, they are usually very helpful! HTH!
rubbish, the bank will just go to someone like experian to get a credit rating for you. They need to do that in order to understand what credit you have elsewhere.
---------- Post added at 22:22 ---------- Previous post was at 22:18 ----------
You could try Barcley card, as their checks are done through your bank they are easier to get.
not true, they use a credit reference company
TheDaddy
29-05-2006, 22:23
rubbish, the bank will just go to someone like experian to get a credit rating for you. They need to do that in order to understand what credit you have elsewhere.
Banks are more likley to lend if they already have a relationship with you especially if you have a good borrowing record with them, if all else fails Capital One do a secured credit card that is guarenteed to be given providing that you don't lie in your application.
Chimaera
29-05-2006, 22:25
But greencreeper has already said that Capital One wouldn't give him a card. Unless that was just the ordinary type and not the secured one? :shrug:
thats possibly why you can't get a credit card as there is no credit history. The majority of CC companies/banks won't lend unless there is a credit history
I had no problem getting a credit card from Natwest a few years ago. I had no credit history in the UK. In fact, I had only just signed a tenancy agreement and was about to move to the UK (from mainland Europe). I was not on the electoral register, and with a gross salary not much above what GC quotes, I got a gold card. This was when I opened a bank account btw.
Wicked_and_Crazy
29-05-2006, 22:25
It could have some thing to do with your address if at some time it has been black listed that would count against you even if you wasn't living there at the time
You could have a point there. GC's differing dates of birth would have been an issue too.
They need to be able to positively identify you. They will also have a credit status for your address too and this can count against you. I'm not sure this would show up under a DPA request as the inormation is about your address and not you personally. A DPA check only shows information about you.
TheDaddy
29-05-2006, 22:27
rubbish, the bank will just go to someone like experian to get a credit rating for you. They need to do that in order to understand what credit you have elsewhere.
---------- Post added at 22:22 ---------- Previous post was at 22:18 ----------
not true, they use a credit reference company
So they don't check with your bank to see if your wages are being paid in and you are who you say you are, what do you think they all use the same system, you seem to be confused by the service a credit reference service provides as each lender has different criteria and just because one turns you down it is not the case others will.
Wicked_and_Crazy
29-05-2006, 22:30
Banks are more likley to lend if they already have a relationship with you especially if you have a good borrowing record with them, if all else fails Capital One do a secured credit card that is guarenteed to be given providing that you don't lie in your application.
:rolleyes: no they wont. If bank lent someone £10k which was paid back why would they blindly lend again??? You might have massive debts since the last loan or even be bankrupt
---------- Post added at 22:30 ---------- Previous post was at 22:28 ----------
So they don't check with your bank to see if your wages are being paid in and you are who you say you are, what do you think they all use the same system, you seem to be confused by the service a credit reference service provides as each lender has different criteria and just because one turns you down it is not the case others will.
im not confused at all :rolleyes:
what is being paid into your bank account as wages is irrelvent if you have loads of debtors
TheDaddy
29-05-2006, 22:45
:rolleyes: no they wont. If bank lent someone £10k which was paid back why would they blindly lend again??? You might have massive debts since the last loan or even be bankrupt
---------- Post added at 22:30 ---------- Previous post was at 22:28 ----------
im not confused at all :rolleyes:
what is being paid into your bank account as wages is irrelvent if you have loads of debtors
http://beginnersinvest.about.com/od/prepaidcards/
Liquid card third one down, no credit check.
http://beginnersinvest.about.com/od/prepaidcards/
Liquid card third one down, no credit check.That's an American site though and for prepaid cards, not a traditional credit card.
Wicked_and_Crazy
29-05-2006, 22:49
http://beginnersinvest.about.com/od/prepaidcards/
Liquid card third one down, no credit check.
ask yourself why there's no credit check. Its PRE FUNDED??? :rolleyes:
Even less flexible than a debit card
TheDaddy
29-05-2006, 22:54
That's an American site though and for prepaid cards, not a traditional credit card.
Sorry look on the right hand side of the site for Britain, second one down is the same as the Yankees.
Wicked_and_Crazy
29-05-2006, 22:55
Sorry look on the right hand side of the site for Britain, second one down is the same as the Yankees.
Doesnt matter where it is, its still pre paid!
TheDaddy
29-05-2006, 23:00
Doesnt matter where it is, its still pre paid!
What do you think normal secured credit cards are? In fact the link for the Capital One card I spoke of earlier is above it, as I said providing you don't lie or are crooked you should get it.
Wicked_and_Crazy
29-05-2006, 23:04
What do you think normal secured credit cards are?
secured credit cards are NOT pre paid. They're based upon your credit rating!
greencreeper
29-05-2006, 23:15
It could have some thing to do with your address if at some time it has been black listed that would count against you even if you wasn't living there at the time
Well that's what I'm thinking too, but the standard line is that there is no address blacklisting. I just don't believe it.
I applied for the "classic" Capital One card, which according to their website is designed for those with a poor/bad credit history - the chavy type who'd pimp out his gran. I was turned down. I've been with my bank since I left home - opened an account probably July 1999. They won't give me a card. They wouldn't even reduce my overdraft to £100 it was all (£1250) or nothing, so I ended up with nothing. Definitely something going on.
TheDaddy
29-05-2006, 23:22
Well that's what I'm thinking too, but the standard line is that there is no address blacklisting. I just don't believe it.
I applied for the "classic" Capital One card, which according to their website is designed for those with a poor/bad credit history - the chavy type who'd pimp out his gran. I was turned down. I've been with my bank since I left home - opened an account probably July 1999. They won't give me a card. They wouldn't even reduce my overdraft to £100 it was all (£1250) or nothing, so I ended up with nothing. Definitely something going on.
Obviousley I am not calling you a liar, but I know a chap who had his house reposessed and got a Capital One card, it had a £100 limit on it and he had to pay £50 up front to secure it, not much I know but it's a start.
I tried purchasing Experian's online credit report, with helpful information, etc., but they refused the purchase because my identity could not be verified!
Was this identity issue resolved then gc? If not, I can understand that being a problem.
greencreeper
29-05-2006, 23:33
Obviousley I am not calling you a liar, but I know a chap who had his house reposessed and got a Capital One card, it had a £100 limit on it and he had to pay £50 up front to secure it, not much I know but it's a start.
Yes, well, I think that goes to prove that something aint right if I can't get credit. I've a feeling I'm seeing the dots but not the pattern.
Was this identity issue resolved then gc? If not, I can understand that being a problem.
Not yet - with the bank holiday. I've sent an email and will follow it up, for sure. Need to get to the bottom of this. Hate being judged without having my say :fit:
Not yet - with the bank holiday. I've sent an email and will follow it up, for sure. Need to get to the bottom of this. Hate being judged without having my say :fit:
Sounds like a plan. With a £20k salary and no debts, I don't see why you should be refused a credit card.
greencreeper
29-05-2006, 23:58
I keep looking at the report - got it now. There's just nothing on it :erm: Unless it's because my parent's address is on there - from when my mum acted as guarantor on a washing machine. But would a lender search for more information on that address? This is the sort of thing I hoped Experian's online report would tell me - once I can prove I'm me :rolleyes: I mean, I am linked to my previous address and my parent's address, but I don't have anything financially to do with the people who live there. The only other thing is the move in date according to the electoral register. I moved in January 2004 but Equifax have it as August and Experian as October. They won't change it - that much I do know. The register is gospel. Sigh.
Oh and I keep saying "Experian" when I mean Equifax - both begin with E and I get confused :dozey:
TheDaddy
30-05-2006, 00:06
Did you have any trouble getting the phone connected, if indeed you have a landline phone that is.
So they don't check with your bank to see if your wages are being paid in and you are who you say you are,
No they don't, your OD and other details are on your credit report - all the info needed for a credit application is either held by Experian/Equifax/Callcredit or it's on the application form. Do you really think your bank would go dolling out your salary details to anyone?
GC, you need to understand what is causing an issue for lenders. Have you obtained a recent (past 3 months) credit report from both Experian/Equifax (both charge £2). Once you have then you need to check several things:
Your address details - are they up to date, is there any gaps in them (they should list dates from and to that you have lived at the addresses listed)
Electoral Roll - Are you listed with both as being on the electoral roll? You need to be for most credit companies to even consider lending to you.
Financial Associations - Are you linked on your file to any other person? If you are and they no longer have an open account with you then get them removed - you need to fill out a financial connections questionnaire to do this and both you and the linked person need to sign it.
DOB - as this was an issue in the past then you need to double and triple check with the CRAs that it has been corrected (on ALL of them as many lenders search more than one CRA)
Previous searches - how many are there of these? Lots of them in a short space of time will stop you getting credit - companies will see them as a sign of desperation if you go around applying for credit every other day.
These drop off your file in three months so can easily be thinned down again if this is your issue. Make sure that they are all yours and that the info given in them is correct - any info you give on an application form will be added to your credit file, do you trust those typing the data in to get it right? I don't. :)
Credit Accounts - Check what exactly is listed. If you have a current account with HSBC for example it should be listed here - even their basic bank accounts are added to your file.
There should be info on it about the length of time you've had the account, what your overdraft is, what your overdraft balance is as well as a list of numbers that summarise your usage of the account. With Experian for example you want them to be a row of zeros.
Here's an example of how a bank account listing should look:
C1
Name and address: MR A N OTHER
4, THE STRAND, LONDON LO2D 7ON
Date of birth: 12 April 1978
Company name: HSBC BRANCH BANKING
Account type: Current Account
Started: 10/02/2005
Overdraft Balance: £0
File updated for period to: 16/04/2005
Status History:
00
Summary of Payment History: In last 2 months, number of status 1-2 is: 0 number of status 3+ is: 0
And a credit card:
C7
Name and address: MR A N OTHER
4, THE STRAND, LONDON LO2D 7ON
Date of birth: 12 April 1978
Company name: CAPITAL ONE
Account type: Credit Card / Store Card
Started: 03/02/2005
Current Balance: £91
Credit Limit: £2000
File updated for period to: 14/05/2006
Status History:
000000000000
Summary of Payment History: In last 15 months, number of status 1-2 is: 0 number of status 3+ is: 0
And a contract phone:
C4
Name and address: MR A N OTHER
4, THE STRAND, LONDON LO2D 7ON
Date of birth: 12 April 1978
Company name: ORANGE PCS
Account type: Rental
Started: 29/06/1999
Current Balance: Settled
Settled On: 23/10/2000
File updated for period to: 08/04/2001
Status History:
011222222u00
Summary of Payment History: In last 21 months, number of status 1-2 is: 9 number of status 3+ is: 3
Obviously the contract phone one isn't what you're looking for - several months payments were 2 months late! Oops.
If you have any issues with the account status section this you can add your comments to it - this is called a notice of correction - just write what you want to add as your comments (no more than 200 words) and send them in to the relevant CRAs. It won't guarantee that companies will look on them more favourably but if it is a borderline case then it may sway them. :)
If everything looks o.k. then you do perhaps have an issue with your credit, a call to the CRAs in question is in order for a second opinion.
If you do have an unfixable* problem then my advice would be check you all three CRA's (fix what you can) and then consider your options.
If you have an issue on all the CRAs then your stuck with applying for a Capital One Secured credit card (different to their classic card and you have to fight to get the application form as the staff don't seem to get any commission for selling this type!).
You have to pay a deposit but you will at least get a card (with a low limit) to start building up your history.
If you only have an issue with one of the CRAs (that you can't fix*) then take a look at this table (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1129725802,83707,) - it tells you which companies use which agency(s) - you can then take a pot shot at a company you think you'll have a better chance with.
My advice would be to try the new Amex Nectar card (although Amex do seem to prefer homeowners) as Amex use CallCredit a little known and little used CRA that you'll be unlikely to have an outstanding credit account listed with. They’re also advertising at the moment – see below.
If you don’t fancy an Amex then have a think about which companies are advertising their cards at the moment as they generally lower their requirements when they advertise - after all there's no point spending millions on a product no-one can get. Once you get an idea of who you'd like to apply to then take another look at the table and see if you are likely to run into issues.
I'm assuming your issues are related to not having a continuous list of addresses on file or there being some mix up with your DOB or something. ‘Cos you said there wasn't any credit account reporting issues before.
Hopefully you'll get these sorted and you'll be on your way - but remember don't go applying for loads of credit all at the same time. Credit companies can smell desperation a mile off. :)
A last couple of final notes to those that have managed to read through this rather long post. Firstly, regarding blacklists, credit scores and property blacklists, they don't exist so don't worry. You can’t get blacklisted, nor can your housemates/partner/mum or dad affect your credit file (unless you have a financial association with them - joint account etc.). If you have a financial association that is incorrect and someone is linked to you who shouldn't be then see above about the financial correction questionnaire. :)
Secondly and most importantly, please don't use this info to get credit you cant afford, if you are in serious financial crisis, or think you may be heading that way take a look here:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103204730,72152,
Oh and I promise this is the final note - if you have a fairly decent credit rating and want to see your score (yes they don't exist but that is explained on the article) for FREE then take a look here:
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1110747660,24962,
*an old account with poor repayment or a defaulted account you can't afford to pay off just yet.
---------- Post added at 00:11 ---------- Previous post was at 00:09 ----------
Obviousley I am not calling you a liar, but I know a chap who had his house reposessed and got a Capital One card, it had a £100 limit on it and he had to pay £50 up front to secure it, not much I know but it's a start.
This is becuase he had the SECURED card, not their CLASSIC card :)
---------- Post added at 00:13 ---------- Previous post was at 00:11 ----------
Did you have any trouble getting the phone connected, if indeed you have a landline phone that is.
Proves nothing if he's with Ntl for his phone (like his BB) as they don't bother doing searches. :(
---------- Post added at 00:17 ---------- Previous post was at 00:13 ----------
On and one more to add after reading your new posts (took me ages to spell check that ;) ) GC, you should have taken that overdraft and not used it - that way it'll show on your credit file that you are a responsible borrower.
By refusing it even though it wasn't exactly what you wanted you've denied yourself the chance to prove to other lenders how responsible you are :(
TheDaddy
30-05-2006, 00:30
Actually having a landline phone helps with your credit score, not that it was my point as you pointed out some companies check.
Capital One would have offered him something if they could, it's written in the frequentley asked question's part of the earlier link.
I thought banks did share information through the fraud prevention agency, maybe not actual salery details but certainly that you are who you say you are and that your account is run properly.
greencreeper
30-05-2006, 00:36
Great post Shaun - thanks.
Equifax report goes like this:
Linked addresses:
- Lists my previous address twice, once for "Equifax Consumer Credit" and again for NTL
- Lists my current address twice, once for "Equifax Consumer Credit" and again for NTL
- Lists my parents' address for the washing machine rental
Electoral Roll:
- Move in date is Aug 2004
- No information for 2006 - not sure if there should be
Search Information
Insight Information:
- Has NTL down as "I" - arrangement to pay - but all the figures are zero
It then repeats the Electoral Roll and Insight Information for my previous address:
- Move out date is wrong
- Has two searches, from July and September 05
- Insigh information on the washing machine rental - settled
The Experian report is pretty much the same, but with far less information.
There will be a lot of searches - I am desperate :( I've posted a thread about contract phones - cannot have them neither.
Re: the Zopa link - "We’re very sorry, but we've been unable to confirm your identity using our online process. We will be in contact shortly to let you know alternative ways to join Zopa"
I got rid of the overdraft thinking it would help. It was from my student days. I wanted it reducing to £100 but they refused - I could only cancel or keep it. So I cancelled.
Actually having a landline phone helps with your credit
score,
Yes, it does, well some times - some companies use it as an indicator (in their internal scoring), some don't - it is not stored on your credit file and plays no part in how the CRAs treats applications for you. :)
not that it was my point as you pointed out some companies check.
Ntl don't seem to bother - not sure why. they obviously think the cost of running them isn't worth it.
Capital One would have offered him something if they could, it's written in the frequently asked question's part of the earlier link.
Only if he specifically asks for the secured card will he get it. Its a paper application that needs to be filled out before they run the checks. An application for their Classic card won't be "downgraded" to an application for a secured card. They are treated as separate products.
I thought banks did share information through the fraud prevention agency, maybe not actual salary details but certainly that you are who you say you are and that your account is run properly.
See above - the bits in my post in quotes are all the info the banks/mobile phone companies/credit card companies give to the CRAs.
There is also a section for fraud protection but 99% of people wouldn't have anything in it so I didn't mention it.
It's pretty obvious if you have fraud issues - it's printed on your credit file. Again though the info is limited and doesn't AFAIK include info on salary.
---------- Post added at 00:54 ---------- Previous post was at 00:40 ----------
Great post Shaun - thanks.
Equifax report goes like this:
Linked addresses:
- Lists my previous address twice, once for "Equifax Consumer Credit" and again for NTL
- Lists my current address twice, once for "Equifax Consumer Credit" and again for NTL
- Lists my parents' address for the washing machine rental
Sounds o.k. - not exactly sure how Experian deals with listing your details, may be worth a call to them just to make sure that they have them in the right order and for the correct dates. IF they are listed twice it may be that they are showing where they have been updated/added by various companies but still worth a call - www.saynoto0870.com have some cheap numbers for them :)
Electoral Roll:
- Move in date is Aug 2004
- No information for 2006 - not sure if there should be
Again sounds o.k. Many people don't get put onto the electoral roll until the yearly update so I'd not worry too much about the date on this.
Search Information
Insight Information:
- Has NTL down as "I" - arrangement to pay - but all the figures are zero
Looking good - zeros are excellent, you;ve paid ontime every month. :D
It then repeats the Electoral Roll and Insight Information for my previous address:
- Move out date is wrong
- Has two searches, from July and September 05
- Insigh information on the washing machine rental - settled
You need to update the info here so that the dates are correct - the washing machine info looks good, it's marked as settled and that's what you want :)
The Experian report is pretty much the same, but with far less information.
Are all the address details o.k. - dates moved in and the like if not then get them corrected.
There will be a lot of searches - I am desperate :( I've posted a thread about contract phones - cannot have them neither.
Something's a miss by the sound of it - don't attempt to get more credit until you have made sure that all your details are correct (and the same on all agency's)
Re: the Zopa link - "We’re very sorry, but we've been unable to confirm your identity using our online process. We will be in contact shortly to let you know alternative ways to join Zopa"
I have a feeling there may be an issue with your addresses or maybe with your DOB still if you're still having issues identifying yourself. A call to the two CRA should be able to confirm this to you - once you know you can fix it.
I got rid of the overdraft thinking it would help. It was from my student days. I wanted it reducing to £100 but they refused - I could only cancel or keep it. So I cancelled.
This is a hard one - now you've canceled it I'd leave it until you sort out your issues as another credit search isn't going to help you at the moment.
Like I said it looks like there is still an issue with your ID data, if you ge that fixed then I cant see an issue.
Oh and which bank are you with? Seems rather strange that you've not got that listed :erm:
Sorry to go OT here but is anyone else having problems viewing their credit report on the Credit Expert site? I am paying for the subscription as i had the free trial a couple of years ago but when i click to view it it seems to go onto the ordering page again and then says it's unavailable:(
greencreeper
30-05-2006, 22:40
I'm with Abbey - have been for years. I would have thought my student current account with them would have been on the report - with it having a overdraft - but it's not.
I've spoken to Equifax and they have graciously permitted me access to their site, having first asked me about a dozen questions. Just waiting now for my order to be completed and I'll be able to access my credit report online.
I'm with Abbey - have been for years. I would have thought my student current account with them would have been on the report - with it having a overdraft - but it's not.
Ring Abbey (***spit***, sorry - bad taste in my mouth :erm: )
I've spoken to Equifax and they have graciously permitted me access to their site, having first asked me about a dozen questions. Just waiting now for my order to be completed and I'll be able to access my credit report online.
Once you get access ring them and get them to have a look at it - also I'm sure their "free" web access is one month then a 12 month contract so be warned :)
---------- Post added at 00:37 ---------- Previous post was at 00:35 ----------
Sorry to go OT here but is anyone else having problems viewing their credit report on the Credit Expert site? I am paying for the subscription as i had the free trial a couple of years ago but when i click to view it it seems to go onto the ordering page again and then says it's unavailable:(
Give them a ring on 0800 656 9000 and find out why P :)
Chrysalis
31-05-2006, 08:41
Digging up an old thread but...
I still cannot obtain a credit card. Colleagues at work have suggested Capital One - "anyone can get a card". I, er, cannot. I tried for the "classic" card for those with a bad credit history (I just have no credit history) and was turned down. My gross income is about £20K and I have now paid off my overdraft, so I have no immediate debt. Yet still I cannot obtain a credit card. I tried purchasing Experian's online credit report, with helpful information, etc., but they refused the purchase because my identity could not be verified!
It's very frustrating and slightly frightening - I know "they" must be referring to information I cannot see, because there is nothing on my credit report that would lead to my being refused credit. But how do you request information that you cannot prove exists becase the proof is the information? It's also a frightening thing when you know who you are but cannot prove it.
agree, the law obviously needs changing that if credit companies deny credit they have to specify the exact reasons, its all too common that they just say contact XXX credit agency and then the agency shows no black marks on record meaning they used other information which they wont disclose.
---------- Post added at 08:28 ---------- Previous post was at 08:23 ----------
Banks are more likley to lend if they already have a relationship with you especially if you have a good borrowing record with them, if all else fails Capital One do a secured credit card that is guarenteed to be given providing that you don't lie in your application.
you mean the one where they offered me a £250 card if I paid a £250 deposit, told them to stuff it as its no different to one of those prepaid cards except the prepaid card I choose when to spend and not have them have my deposit until I spend and then I get charged interest when I am not actually using credit because of the deposit.
---------- Post added at 08:41 ---------- Previous post was at 08:28 ----------
Some more info as someone who works for a credit card told me this.
They can get info from banks, not everything but they can get overdraft limit, overdraft limit in use, monthly income.
Usually get 0 pts for no phone, 5 pts for mobile, 25 pts for landline.
Length of time at address a factor anything under 3 years likely to give you negative pts.
Same as above for employment.
If you rent instead of mortgage again negative pts.
No current credit often treated worse then bad credit.
Postcode also a factor, areas that generally have more wealth they take chances on people, whilst run down areas require more pts to qualify.
I find the system unfair and inconsistent it clearly shows when people with CCJs etc. can get credit and other people who hop between addresses also able to get half a dozen cards max them out and move on, and because of their current unfair policies I am glad the credit card companies often get ripped off as they treat people with empty credit cards worse then people who already have a lot of unpaid credit.
Incidently BT recently ran a check on me and no problems whatsoever, credit card companies do MORE then grab a credit report of experion etc.
What makes me laugh is that I was turned down for a contract phone a few weeks ago - I have a mortgage, I could get finance for a car with payments of over 150 quid a month, yet they wouldn't let me have a £25 per month contract.
Makes no sense whatsoever :confused:
budwieser
31-05-2006, 18:27
I found out many years ago that having no credit history is actually worse than having a bad credit history.!
I used to pay cash for everything that i bought,And i was proud of that fact, but one day i wanted a loan to pay for a new Drum kit and applied for finance with about 4 different firms and i was told that i didn`t meet their criteria!:mad: :Yikes:
I still had a mortgage at that time and had never missed a direct debit payment. To this day, i still can`t get a Barclaycard in spite of earning in excess of £25,000 per year.!!!!!!!
:erm:
greencreeper
31-05-2006, 22:17
I hate ringing Abbey. It's an Indian call centre. Nuff said.
I've tried ordering my fangled Equifax credit report/score twice now. It just tells me that the order could not be completed, and has order status "Retrying" for a while then "Failed due to retry count exceeding configured maximum". Pretty crap company.
All very depressing.
greencreeper
02-06-2006, 18:44
I have access to my report :D There's nothing in it :cry: Score of 317 - poor. Only thing wrong is that I haven't lived at my current address for more than 3 years - indicates stability apparently :rolleyes: I spent 8 years at my last address - how stable do they want?
PC has started making nasty noises of the fan bearing type :cry: Not good at all. Might have to speak to the parents :disturbd:
Chrysalis
03-06-2006, 04:37
the 3 years I think is very harsh, just because you move it doesnt mean you are not stable, people often move as they grow up and they meet someone have children, increase quality of life etc.
Hmm i finally obtained my Credit report online, it doesn't look good:erm:
No wonder i can't get an extension on my overdraft lol!
Makes me feel a bit bad really, that i've only been able to get credit for 3 years and i've managed to mess it up in that time.
greencreeper
09-06-2006, 22:40
At least you know what's wrong - gives you something to work on. I've nothing wrong. They just don't like me :(
Chrysalis
10-06-2006, 17:10
thinking about this some more credit checking should be made more simpler.
if never had credit should "always" be allowed to borrow a modest amount to start with.
where you live should "never" be a factor.
how often you move should "never" be a factor.
the length of time employed should be more leniant.
the biggest factor should be credit history, and if no black marks no negative scoring.
very simple really.
the problem is with credit checks they are been used more and more often, and in 10 years it may well be possible that to buy services and products for a lot of things require you to pass a credit check making the social divide much longer.
greencreeper
10-06-2006, 18:01
The main problem is that the credit report is only a small part of it. The lender can deny you credit for any reason - and is entitled to. So if they want to deduct points for age, location, gender, or employment status, they can. It's not good when, as Chrysalis says, credit is pretty much a neccessity for life's larger purchases.
GC - have a read of this PDF (http://www.ico.gov.uk/documentUploads/6%20Data%20Protection%20Act%20Preventing%20Decisio ns%20Based%20on%20Automatic%20Processing.pdf) - it may be of use to you when applying for credit.
I never knew you could stop lenders using automated systems to make decisions about your credit worthiness. Maybe if a real person takes a look at your application then you may get something. :)
GC - have a read of this PDF (http://www.ico.gov.uk/documentUploads/6%20Data%20Protection%20Act%20Preventing%20Decisio ns%20Based%20on%20Automatic%20Processing.pdf) - it may be of use to you when applying for credit. I never knew you could stop lenders using automated systems to make decisions about your credit worthiness. Maybe if a real person takes a look at your application then you may get something. :) Now that's useful to know.
greencreeper
10-06-2006, 18:21
Yeah - it's "anti-skynet" legislation. Stop technology taking over completely. Easily get around it by getting a human to rubber-stamp the computer's decision - that way the company can rightly claim that both a human and a computer reached the decision.
I've given it up as a bad job. Like I said above - clearly basing the decision on a lot more than the credit report. I suspect that had I a hypen in my name and lived in Mayfair, I'd have no trouble, regardless of credit history. *******s. Nothing changes - just looks like it has. I'm going to see if my mum will lend my 50% of the cost. No doubt be a row but I seem to specialise in it :rolleyes:
Chrysalis
12-06-2006, 03:04
GC - have a read of this PDF (http://www.ico.gov.uk/documentUploads/6%20Data%20Protection%20Act%20Preventing%20Decisio ns%20Based%20on%20Automatic%20Processing.pdf) - it may be of use to you when applying for credit.
I never knew you could stop lenders using automated systems to make decisions about your credit worthiness. Maybe if a real person takes a look at your application then you may get something. :)
Alot of people I know reckon it was easier in the past to get credit, I will back this theory up also, because then humans did make these decisions. Back when I was 19 my bank advisor authorising my overdraft, now they have to ask the computer.
macaroni
12-06-2006, 11:01
Yeah - it's "anti-skynet" legislation. Stop technology taking over completely. Easily get around it by getting a human to rubber-stamp the computer's decision - that way the company can rightly claim that both a human and a computer reached the decision.
I've given it up as a bad job. Like I said above - clearly basing the decision on a lot more than the credit report. I suspect that had I a hypen in my name and lived in Mayfair, I'd have no trouble, regardless of credit history. *******s. Nothing changes - just looks like it has. I'm going to see if my mum will lend my 50% of the cost. No doubt be a row but I seem to specialise in it :rolleyes:
Have you tried applying for a catalogue credit account- Choice, Littlewoods, Freemans etc to boost your credit rating?
UncleBooBoo
12-06-2006, 12:12
I have never been able to get credit!
When I tried to view my credit report they had no records of me!!!
Said it was because I had never borrowed money, their response was go get a credit card from my bank! My response to that was I tried but you failed me on a credit check!!!!!!!!
Anyway I managed to get a credit card about three months ago from vanquis, one of those high interest rate ones. Used it once to get £10 topup and paid the balance off once I received my invoice.
But guess what?
I still fail credit checks! Work that one out!
Chrysalis
12-06-2006, 13:14
catalogues turn me down have tried 2.
incidently I have written a letter to my bank asking if they have blacklisted me since they are the only creditor I have ever had and noone else could have blacklisted me, all utility bills etc. I have always paid on time.
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