Hi.

I received my credit score from Experian last week. It was 711. This falls in the top tier of poor category (561-720).

The report acknowleges that i have lived at the same address being registered on the Electorate roll (5+ years). Also have no negative factors in my report.

So today i applied for 2 cards that help with low credit scores. them being Monument Visa and Barclays Intial Card. I got refused on both of them.

Could anyone offer me advice as to why this is the case. And is there any other cards that i might be accepted for.

Thanks.

No, i have no outstanding debts at all at the present. I had 2 defaults in 2001 on cards which i paid off in full within 3 months when i was a student, but even these have been wiped off my records (6 years).

For the last 5 years or so, i have just a current account at Halifax. Surely my past can't still be catching up with me 7 years on !

Do i just play the waiting game hoping my score will improve by itself in the coming months.

I'm no expert, but it may be because you havent made use of the credit system for some time and therefore companies may not know if you can manage credit.

Other things which often help a credit profile are registering on the electoral roll, having home and mobile phone contracts and holding a store card which are often easy to obtain with a low score (although I wouldnt use it as the %rates are very high).

Also if you already have an account with a bank which has been managed well, they can often tell you if they would approve you for a card or loan without searching your credit profile (often called pre-aproved lending limits).

Good luck!

Hi Andrew,

I had similar problems with credit 7+ years ago. A few months ago I applied to Vanquis and then Capital 1 a few weeks later. They both approved my applications and I'm happily running/paying my cards well.

I hope this helps.

Pablo

Andrew,

have you checked your credit report ? sometimes there are things on it that you dont know about. its worth having a look for piece of mind.

another thing is that you dont seem to have a credit trail... ironically, if you dont have any credit facilities that normally goes against you as well. my parents wanted to purchase a new bed and , although they could afford the whole amount, they wanted to take advantage of the interest free period ... guess what they - got declined because they had now credit history.

you need to get something that shows a track record.

hope this helps, get your credit rating first.

Thanks

I have my credit report as i mentioned earlier. My score is 711. I have no outstanding debts or anything.

How do i start a track record.