HutchGlanzaV
Member +
Anyone know how credit works? I've just been denied credit for a laptop. Its value is less than £800, both me and my wife work, I really can't understand why I've been turned down.
turned down for credit
- Thread starter HutchGlanzaV
- Start date
shauntgtt
Member +
This is partially right e.g having a credit card and managing it well is one of the quickest ways to increase your credit rating. Also things like direct debits being paid on a monthly basis. If you have had any bank charges etc over the last 6 years this will not help. A good way to find out whats holding you back is to visit www.experian.co.uk
stuart
Member +
Ah yep, a few years ago when I went to get a contract phone, I was turned down due to the previous house owners having bad credit (Had only just moved there, couple of months or so...)
Kelly
Member +
Yeh you need realy need a stable address is yours ok hutch? Also be careful dont try for credit lots. As too many ppl peering into your credit report gives you bad credit too.
To be honest, shops that offer stuff like that with the laptop etc are usually the first to lend ppl money. If you really want/need the laptop you or your mrs(if she has stable address) apply for a 0% cred card and buy it that way. Prob be cheaper if the laptop had interest on it.
To be honest, shops that offer stuff like that with the laptop etc are usually the first to lend ppl money. If you really want/need the laptop you or your mrs(if she has stable address) apply for a 0% cred card and buy it that way. Prob be cheaper if the laptop had interest on it.
markeybhoy
Member +
this sound daft but if you have a credit or store card, make sure the amount on it is about half of your limit. this shows as green to lenders, a low amount of outsiding money or high amount show as red. lenders basically want to see that you have bedt but are in control of it, that way they trust you basically and will tend to give out to you.
another thing is to make sure your on the electoral role, if you have recently moved address you may not be on it, double check this as this will help greatly!
if you dont have a credit card, allply for one and use that to buy the laptop outright then manage it wisely, thats wot i would do
another thing is to make sure your on the electoral role, if you have recently moved address you may not be on it, double check this as this will help greatly!
if you dont have a credit card, allply for one and use that to buy the laptop outright then manage it wisely, thats wot i would do
Elaine
Lifer
Hutch I think you will find it’s mainly because of your job and the fact that you have lived out of the country for the last couple of years.
I had so much trouble when I was in the Navy as the bank did not understand I had a floating address.
However it’s a good idea to get your credit check done as they will clearly lay out what may be stopping you from getting credit. If it does come down to your address you can inform them that your in the RAF and they can sort something out that’s what I did to get my mortgage when I lived on my ship
I had so much trouble when I was in the Navy as the bank did not understand I had a floating address.
However it’s a good idea to get your credit check done as they will clearly lay out what may be stopping you from getting credit. If it does come down to your address you can inform them that your in the RAF and they can sort something out that’s what I did to get my mortgage when I lived on my ship
HutchGlanzaV
Member +
I was thinking that too Elaine but while I was in Cyprus I had a UK account still that recieved money each month and my new address is off base. I'm a bit confused by people saying I need to be in debt to get credit. I've had loans and stuff before and paid them off and I've got a big over draft that I dip into most months. Would that affect my credit?
BTW for anyone interested the laptop I'm looking at is on a "buy now, play later" offer. Got 12 months to pay for it otherwise it goes onto a finance deal. If I settle up before 12 months then its interest free.
*edit*
Tried Experian but they need all sorts of forms sending off and tbh I can't be arsed.
BTW for anyone interested the laptop I'm looking at is on a "buy now, play later" offer. Got 12 months to pay for it otherwise it goes onto a finance deal. If I settle up before 12 months then its interest free.
*edit*
Tried Experian but they need all sorts of forms sending off and tbh I can't be arsed.
it might be because you need to have lived at a UK address for 3 years m8 ? it doesnt matter if you are planning to pay it off in the 0% period as they will still class it as credit.
Best thing to do, as kelly stated, is to get a credit card with 0% on all purchases for however long and make sure you pay it off. This in return will give you a good credit rating.
Best thing to do, as kelly stated, is to get a credit card with 0% on all purchases for however long and make sure you pay it off. This in return will give you a good credit rating.
Elaine
Lifer
Same as me Hutch I had a UK bank account and the money was paid in to it but due to the fact I had no fixed UK address I was not on the electoral roll and I am guessing that due to the fact you and your wife been out of the country for so long you have been removed.
All you need to do is contact your local council and ask for the relevant forms and they can put you on there roll this takes about 6 weeks.
Your credit rating will take in to account your address this why when ever you ask for a store card ect they ask for proof of the last 3 years. For service personal this is not an easy thing to do but there are ways around it. Like getting on the electoral roll as the cried referencing agency will use this information to help authorise credit
In terms of to get credit you have owe money before you can borrow it. This is sad but true, they don’t care how much you owe just as long as you and prove you are able to pay it back. The correct amount on the correct date ect.. This is why people who owe a large amount keep getting to in to more and more.
Hutch I am sure if you get your selfs on the roll it will make a big difference
Hope this helps
E
All you need to do is contact your local council and ask for the relevant forms and they can put you on there roll this takes about 6 weeks.
Your credit rating will take in to account your address this why when ever you ask for a store card ect they ask for proof of the last 3 years. For service personal this is not an easy thing to do but there are ways around it. Like getting on the electoral roll as the cried referencing agency will use this information to help authorise credit
In terms of to get credit you have owe money before you can borrow it. This is sad but true, they don’t care how much you owe just as long as you and prove you are able to pay it back. The correct amount on the correct date ect.. This is why people who owe a large amount keep getting to in to more and more.
Hutch I am sure if you get your selfs on the roll it will make a big difference
Hope this helps
E
HutchGlanzaV
Member +
I haven't mentioned that I lived overseas and besides, it was on a military base so therefore technically part of the UK. Thing is if I'm getting turned down for credit will I even be able to get a credit card? Plus I don't really want one either, can see the car getting far too much attention if I do get one!
Elaine
Lifer
I would not recommend you do this as it is likely that you will be turned down again as the credit card company will run the same checks as the laptop finace people….
If you do need to get a loan/card I would strongly advise you see your bank as they will have a much better understanding of your account history and have the right to offer you credit when the independent company’s cant.
Speed Freak
Fresh Recruit
I used to work in a phone shop selling contracts and we came across this so many times, where people were declined contracts and they couldnt understand why.
Your credit history is effected by many things as people have said above. If you have credit cards and use them but pay them off well then it gets you a good history. if you have mobile phone contracts and pay them each month, this helps. Mortgages help. Overdrafts dont normally make a difference.
But it does sound like you havent got a good one because of being out of the country. Although, if you still use a bank account here it wouldnt normally affect it!
The thing with your address having a bad credit doesnt help, but not all companies check you on your address. Phone shops do but not everyone does.
I got my lap top fine, I have mobile phone contracts but no credit cards or anything so I was just lucky with mine!
But whatever you do , DONT keep trying for credit. Because, as with phone contracts, if you keep trying it will slash your credit score even more!
To be honest, the only things you can do is get a credit card and use that well. Or pursue the checks with Experian. Theres nothing esle that you can do to amend it.
Black marks stay on houses for (I think) 10years before they are wiped.
Your credit history is effected by many things as people have said above. If you have credit cards and use them but pay them off well then it gets you a good history. if you have mobile phone contracts and pay them each month, this helps. Mortgages help. Overdrafts dont normally make a difference.
But it does sound like you havent got a good one because of being out of the country. Although, if you still use a bank account here it wouldnt normally affect it!
The thing with your address having a bad credit doesnt help, but not all companies check you on your address. Phone shops do but not everyone does.
I got my lap top fine, I have mobile phone contracts but no credit cards or anything so I was just lucky with mine!
But whatever you do , DONT keep trying for credit. Because, as with phone contracts, if you keep trying it will slash your credit score even more!
To be honest, the only things you can do is get a credit card and use that well. Or pursue the checks with Experian. Theres nothing esle that you can do to amend it.
Black marks stay on houses for (I think) 10years before they are wiped.
This is what i meant to say, bit rushed typin as im at work
Best bet is to go and see your bank if ur interested in using a credit card....
HutchGlanzaV
Member +
my UK bank statememnts have gone to my parents address since I joined up. Just tried applying for a credit card and because I've been at my current address for lass than 3 years then need my previous address. BFPO numbers aren't recognised. Looks like I'll be using my folks address.
Looks like I'll be using my folks address.
Elaine
Lifer
my UK bank statememnts have gone to my parents address since I joined up. Just tried applying for a credit card and because I've been at my current address for lass than 3 years then need my previous address. BFPO numbers aren't recognised.
Great idea thats what I did to get my first Mortgage
HutchGlanzaV
Member +
iirc I used my current address on the finance application and then when it asked for my previous address I put my old address (when I lived in the barrack block) in. Reckon if I reorder and use my folks address as my previous address (since thats where my bank statememnts go) my application will be sucessful?