gnvqsos Posted July 25, 2012 Share Posted July 25, 2012 This has really surprised me,I have never even had a credit card before or any debt at all, wasn't given a reason why except that if may have something to do with my new address. So it looks like im being punished for someone else's debt because they used to live at my flat,this sucks any advice what to do about this? If you are unlikely to get into debt what prospects are there of the bank making money from you? Link to comment Share on other sites More sharing options...
melthebell Posted July 25, 2012 Share Posted July 25, 2012 you dont have credit history, im in the same boat, wanted to buy from argos on credit and couldnt cos ive never had credit / debt Link to comment Share on other sites More sharing options...
Leah-Lacie Posted July 25, 2012 Share Posted July 25, 2012 you dont have credit history, im in the same boat, wanted to buy from argos on credit and couldnt cos ive never had credit / debt Argos credit is terribly hard to get, even for someone with a decent credit history. Link to comment Share on other sites More sharing options...
stereolab Posted July 25, 2012 Share Posted July 25, 2012 Do this online report for £2 http://www.equifax.co.uk/Products/credit/statutory-report.html Make sure there nothing on there that shouldnt be, and you are not wrongly associated with some else. Link to comment Share on other sites More sharing options...
FACEBOOK Posted July 25, 2012 Share Posted July 25, 2012 Banks want to see that you have a proven track record for successfully and responsibly managing current and previous borrowing. This allows them to profile you for potential new finance by allocating you with a credit score which really equates to the likelihood of you paying them back and your attitudes to money. If you've never had any debt, you will probably have a low score. Although there are a few things you can do to improve it straight away like ensuring you are on the electoral roll etc, the best way to increase your score to 999 is to begin borrowing and paying it back, even if right now you don't need to borrow. If you're starting from scratch having never borrowed, it would be very easy to get a high score very quickly. As a man it's very important you learn all about credit scoring as how else will you know for sure if a potential partner isn't a secret shopaholic terrible with money. On a first date your first question should always be, "what is your current credit score? If they don't know immediately or it's low, make your excuses and leave, why bother dating a moron. Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 25, 2012 Share Posted July 25, 2012 I had one credit card and I closed it down. I get a credit report and credit rating every month. Since I closed the credit card my credit rating has dropped from 999/1000 to 800/1000. I don't have any debt, never missed a payment on anything but that counts for nothing. Credit scoring seems to have two purposes. To work out how likely you will make an effort to pay money back and to indicate how much of a mug you are. OP, I wouldn't lose any sleep over it. Link to comment Share on other sites More sharing options...
FACEBOOK Posted July 25, 2012 Share Posted July 25, 2012 OP, I wouldn't lose any sleep over it. Wrong. You should lose sleep over it. Having and nurturing a high credit score is vitally important to ensure you can raise finance for all the essential things in life and the ability to make investments when opportunities arise. The worst time to apply for any form of credit or finance is when you NEED IT. The relationship with your bank is the single most important relationship of your life, treat your bank well and they will enable you live a prosperous and fulfilling life. Treat badly and you are destined to a life of struggle and just "getting by". So yes, you should lose sleep over it if you have a low credit score...and then do something about it considering how easy it is to fix. Link to comment Share on other sites More sharing options...
kidley Posted July 25, 2012 Share Posted July 25, 2012 I think if you ask the bank why you have been refused they have to tell you Link to comment Share on other sites More sharing options...
I1L2T3 Posted July 25, 2012 Share Posted July 25, 2012 Wrong. You should lose sleep over it. Having and nurturing a high credit score is vitally important to ensure you can raise finance for all the essential things in life and the ability to make investments when opportunities arise. The worst time to apply for any form of credit or finance is when you NEED IT. The relationship with your bank is the single most important relationship of your life, treat your bank well and they will enable you live a prosperous and fulfilling life. Treat badly and you are destined to a life of struggle and just "getting by". So yes, you should lose sleep over it if you have a low credit score...and then do something about it considering how easy it is to fix. I can't agree. There is something wrong with a system that requires a completely financially sound individual to obfuscate their financial prudence by manufacturing a history of debts. There are ways round it without playing this silly game, and perfectly adequate alternatives, for example if you needed a credit card to use abroad you could just go pre-pay. Link to comment Share on other sites More sharing options...
Obelix Posted July 25, 2012 Share Posted July 25, 2012 IF you pre-paid then it's hardly a credit card is it though? The institution want to know that you are good at running a revolving line of credit for a credit card - it's up to you to demonstrate that. IF you have no credit history that is difficult to do but there are cards out there that will be issued - usually with a low limit and a highish rate of interest. Get one, set up a DD to cover the full amount each month so you never get hit with interest and make some small purchases on it. Six to nine months later and you will be offered much better cards. As you said though, a credit card is not a good idea and I'd only ever recommend them for one thing - buying goods over the internet. Apart from that as you say they are a bit of a mugs game. What a good credit score is needed for though, and why you should cultivate it is a mortgage. Othewise you get really bad rates of interest..:-( Link to comment Share on other sites More sharing options...
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