Pengy
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Well it is low because you have no credit to speak of and everytime you apply your score takes a hit of 5-7 points |
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Sam Fisher
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it's low because u have no credit history. start from 200 i think. employment continuity matters here. also make sure you don't have some bogus stuff in the repotrting credit bureau.
good luck |
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andy
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Go to your bank and have them give you one. It's not that your credit score is low, it is nonexistent which is worse. |
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Samuel A
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Try your level best..just keep trying. |
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K B
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Try talking to your bank where your salary is paid. Because you have a history with them, they should help you. Ask for a credit card or maybe a personal loan, but try to go in there and actually speak to them face to face about it rather than just completing a form, you will usually stand a better chance if you explain why you want it to a real person. |
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WelshLad
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This may help:
http://www.moneysavingexpert.com/banking/credit-rating-credit-score |
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reggie
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If you have your utility bills in your name and pay them on time and if you have a bank account which never goes overdrawn and never bounces cheques, these things will help you build a good credit rating. But remember every time you apply for credit and get turned down will reduce your score. So wait for a year or so keeping your finances in order then try applying again. |
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ali2inc
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Ask yourself do you really need a credit card? A credit card is useful when you want to buy something when you don't have cash in your purse, you can also use it to set up a direct debit to your account. If you want to create a good credit report, deposit some money monthly to an a current or savings account and have a bill get paid from it. Check your rating every 3 months to see if it improves. I'd stay away from store cards as the interest rate is very high. Check that you're registered to vote (electoral list). |
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MsDynamite
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Hi, as has been suggested, you have no credit information relating to you because you have not yet built up any credit profile.
If I had my time over again I would put off getting any credit - especially store cards. I too thought, buy the stuff, stick it on a credit card and then pay it off. However, life's not always that straightforward and it's all too easy to get another and another....before you know it, you've got half a dozen, coupled with a credit card and your finances are out of control. I'm sorted now financially, but it can take years to get out of store card hell. I suggest pay cash where possible..the stores hate it because they don't get any interest from you, but you end up smiling because you've got your goods and you don't have to worry about where the money's coming from to pay for it. Also, although interest rates are very vey low now, they will, when the recession is over go sky high.
Hope this helps. |
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Bri
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Hi,
I am in the same boat as you darling. I turned 18 in November and applied for a card two-three weeks ago and just found out (10 minutes ago) that I was declinded. I was like "WTF!! WHY!??!" well apparently for the same reasons as you because we have no credit. Well now you are probably asking the same question I did, how can I build credit if I don't have a credit card? Well the woman I spoke to (from Bank of America) was not the most educated on this topic but from what I got out of the convernsation was that there are other things they consider when applying, for example how much money you make, bills you pay regularly (in your name), loans, mortages etc. I am not sure what schooling you are in (high school or college?) but when you go to college around the time of your sophmore/junior year many credit card companies send applications in the mail for students.
I know it is really frustrating especially since you want to start building credit now! But do not apply to anymore cards because it will lower your score, even if someone tells you that a friend of their's had no credit and got a credit card, there were probably other factors that were taken in account of. Wait a year or two and then apply, especially if you are in college by then.
Good Luck to you!!
Feel free to message me if you want to talk about it or anything else more!
It sucks to be declined, I know! |
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thoserfree
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that's the reason why, you don't have any history for them to check to see if your a good payer so alot of companies wont borrow to young people. |
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Judy
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Things that will not improve your credit.
Utility bills
Overdraft at your bank
Mobile phone
Catalogs
They merely ding your credit. It will not show up on your credit report as a creditor.
You need a job for 6 months.
You need a checking account for 6 months.
Your checking account will probably offer you a credit card attached to your checking account.
Credit inquiries are only 10% of your score, and soft ones like credit applications last less than 3 months.
Don't sweat those.
Go to
annualcreditreport.com
see if you can get your reports. You probably won't. But if you do that may mean something is wrong. Print them out, and forget the scores for now. They are useless, unless you know how to improve them. Review your reports carefullly. One of of five people have an error on their reports.
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Lily B Talus
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Are you on the electoral register? If not, this could be it. |
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David H
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That is the problem.You dont have a record they can decide on.I am sure you will find someone who will give you credit,then amass as good record as you can |
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Paul
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Your credit rating is low because you've never had credit.Crazy i know.
Try using one of the catalogue companies - Grattan, Littlewoods etc - to try and build up your rating.They don't give you a card but you get credit.
Also try applying for a fee free pre-paid credit card.
Don't keep applying to everyone because this will lower your credit rating even more. |
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Nelly N
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I think you have to start with little things first like applying for a small overdraft on your account to have some credit rating |
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Cornish Granny
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Keep trying, you have been declined credit because you have never had any, so people do not know if you are a risk or not. Try Tescos, my friend got one there, she had never had a card before. |
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sian n
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u have already answered the question, it cause u have never had credit. i would take out a mobile phone contract to help u on ur way. and maybe try the high interest credit card with capital one. maybe take out store credit! u prob will be accepted for at least one of these and then u can start building ur credit rating up!
then again why do u need credit if u have a high household income? why spend what u havent got??? |
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Irish Eyes
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It's low BECAUSE you have not credit.
If stores won't give you a card, you will have to start with a secure credit card. These are one that you send them the amount of money that you want the limit to be for. So, if you want a limit of $500...you send them $500 to hold etc. |
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