Credit history and personal loan..

10
Found 14th Jul 2011
I'm 21 years old who works full time..
Iv never really had any credit besides mobile phone contract.
I've applied for a few credit cards that ave been advertised on martins money saving tips but always been refused because I have no history.
This has caused my credit rating to drop A little bit.
I've managed get it back up to 701 which falls in the poor category and fair/neutral being 720.
My car insurance is far to much and decided to get a newer one with smaller engine.
I've been to Halifax and they have give me a quote on a loan that I can afford to pay. But I didn't get a credit check. Is it worth me trying?

Is there anyway I can get a few extra points on it to get out of the poor catergory in the next few days?

I've been tracking my report with experian
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Halifax will do internal credit scores and wouldnt offer you a loan if it would decline. Fill your boots
Next few days no, only advice is apply for Credit Card, reduce credit limit to £100 (avoid you going silly) and set the Direct Debit to take the balance in full each month.

Use card for petrol, shopping etc... (do not withdraw cash on it)! within 6months your rating should increase a fair amount!

Applying for credit reduces your score slightly, so don't apply for more than 2-3 products a month and this can also look dodgy even though it may not be. Close any unused credit card/store cards you have as these will show as £xxxx.00 available credit on your file.
Edited by: "Sloman" 14th Jul 2011
You realise the "score" you can see is worthless to Halifax and the like? As said before, they will assess you under their own criteria, whilst they may reference your credit file, it wont make their decision

Thats why they employ underwriters on decent wages

PS you have more chance of being accepted by your bank as they will have there own record of how well you pay your bills.

underwriters on decent wages

haha not mentioning any names but i know most banks only pay 17-20k per year
Edited by: "Sloman" 14th Jul 2011
gbspurs

Halifax will do internal credit scores and wouldnt offer you a loan if it … Halifax will do internal credit scores and wouldnt offer you a loan if it would decline. Fill your boots



I can't comment specifically about Halifax, but in my experience you will be made a provisional offer of a loan based on the information you provided about your income, employment status etc, but this is pending a successful credit check.

OP I remember reading something on MSE about ways to boost your credit score. Can't remember what the are, but worth doing a quick search of the site.
gbspurs

Halifax will do internal credit scores and wouldnt offer you a loan if it … Halifax will do internal credit scores and wouldnt offer you a loan if it would decline. Fill your boots



Untrue, like someone above said, it's only a provisional 'yes' until you've passed the credit check.

OP are you on the electoral roll?

Are you on the electoral roll? I had great credit never missed payments and always paid off credit cards in full but my bank still refused the loan...put myself on the electoral roll and voila I got a loan straight away ...
well i just applied for my first ever credit card, student with placement job of not much money.. and got accepted by bank of scotland with a cheeky 3 months 0% interest! give em a try
The problem may be that you applied for a few credit cards at one time - each time your credit score is looked at by one of the credit card companies it gets logged and it flags up if lots of applications have been made within a short amount of time - or at least that's what I'm led to believe.
If you are struggling to get a credit card and want it for the purchase protection, then you could consider a pre-paid mastercard so you get the benefits of a credit card without the need for an application for actual credit.
Just be aware that every credit card you have will count as possible credit available to you - so if you have 5 cards and a £3,000 limit on each one, then that is considered a possible debt of £15,000 so your credit score will show this and so it's not a good idea to have too many without closing old accounts down as even if you do not use the cards that available debt is still linked to you in your credit score.
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