Credit Checks Info

[Adam.I]

Hi all. I have just tried to get a contract phone from o2, and I filled in all the details, accepted the ToC, and finally clicked on 'Confirm and Buy', after it does this, it said that I have been declined and the URL says 'credit check fail'. The problem is that I have never had anything before in mine or anyone elses name. I have only just opened a bank account, literally on Monday and got my card Wednesday, so how could I have a bad credit history? I have just ordered my credit report from Experian and that should be here within seven days, but what could have happened?

Thanks in advance.
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Veni Vidi Vici

[biker-dj]

It's probably because you have never had credit before that's usually the case and especially as you have only just opened a bank account. They need to see money going into the bank and going out - but you not going into the red of course. I've had this problem before because I never had a credit card or any form of credit. When you have been with your bank for a while ask for a cheque guarantee card or debit card then at a later date get a credit card but with a very small credit limit and pay it off each month!
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[Adam.I]

Never ever want a credit card. Work of the devil. I already have a debit card now, and there was funds iin it to cover the first month. So it could be as simple as that though? Also, who is it that needs to see there is a regular amount of money going in, the bank? Surely it is up to me if I choose to have direct debit payments, and they must be OK with that as they have given me the debit card. Oh why can't things just go right for once!
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[McJamweasel]

No credit history = bad credit history.

They need to check that you are not a risk, having no information at all to go on means that they can't do that. You'll just have to cope with pay as you talk for a while.

Do not be tempted to keep trying for different contracts as each failed credit check is a black mark against you.
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[Adam.I]

I remember reading that keep trying and failing goes against you so I have stopped. Think I tried twice with the same company and phone and then gave up. So how do I go about getting a good rating then when I'm not allowed to get goods to give me the good rating? Catch 22 situation I think.
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[McJamweasel]

The first step is using your bank account. They need to see money going in and out, and you being able to avoid going overdrawn.

Of course, it also possible that your address is blacklisted. Your credit report will show this. If there is anything there then all you need to do is write to Experian/Equifax and tell get them to remove it from your file. You will still need to prove your credit-worthiness first though.

When you can get credit, a credit card is a good idea. Use it every month, but not too much that you can't pay it off in full (pay for your petrol on it, maybe). This will help your credit rating no end, very helpful for when it comes to getting a loan/finance/mortgage.
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[Adam.I]

So roughly how long is it before I should start applying for credit, i.e. if I run a really good account and never go overdrawn or apply for anything, how long to my credit rating is good enough?
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[biker-dj]

[Davo]

Another important one is to ensure your on the Electoral role register. A lot of places seem to refuse you if your not on the list.

[Adam.I]

Would a catalogue help me build up my rating?
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[plugger147]

try here: https://www.experian.co.uk/creditreport/

There could be other problems to somebody else in the house with bad credit, my brother (thieving lying scumbag) fucked mine up royaly screwing up my house buying plans by the time I found out the previous searches were frowned upon and it took ages to sort out.
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[vixen]

credit is NO longer tied to the address unless secured.

If there is bad credit history it is to do with a person not the address.

This was changed bout 4 years ago.

The fact that you have also just opened account and your age will be taken into account.

The best thing to do is take out a credit card and chop it up and never use it.

Paying your bills by DD also heps.

Most companies will not touch you without a clean 6 month credit history.

You need to have credit to get credit. It's really stupid but thats the way it works.
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[plugger147]

[Kickstart]

Hi

Officially nearer 20 years since it was tied to your address. Practically it is still tied to your name at that address (and previous addresses).

Home land line is also another one they look favourably on in credit checks.

All the best

Keith
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[Mrs Kickstart]

Hi,

Another big factor is proof of address, Ideally you should be on the electrol roll are you ? if not get added. Once you bacnk account starts working this will help as do direct debits and stuff.
so if you are newish address, new bank account new job you will need to wait

Regards
C
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