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Anonymous
Posts: 0

refused contract - poor credit rating - why???

I have twice been refused a contract through O2 now. I have contacted Experian, who didn't do much to help, so went to Equifax who O2 use.

I received a credit report and paid to see my credit rating.

As predicted, everything seems fine, although my overall rating is VERY POOR - the reason... I have no credit account at my address!

Does this mean I have to sign up for a credit card simply to improve my credit rating? In this financial market where the word's finances are on their **** due to excess lending, it seems pure madness that as somebody who hasn't owed a penny his life, I should be forced to sign up for credit in order to get a mobile contract! Smiley Mad

Does anyone have any advice on how I can get a credit account on my credit report, thus improving my rating, without signing up for a credit card?
Posts: 1,034
Topics: 8
Kudos: 152
Solutions: 38
Registered: ‎13-07-2008

refused contract - poor credit rating - why???

Catalogues are normally the best bet... or mobile phone contracts though as o2 have already knocked you back.............
Anonymous
Posts: 0

refused contract - poor credit rating - why???

I'm currently on a SIM Only contract with Orange and prior to that had two normal contracts, one at my current address (which I signed up for at a previous address). These do show up on my credit report and show no problems.

Going to speak to Equifax tomorrow. I may also contact my bank manager. I do have an overdraft on my current account which I have never had financial problems with. I want to find out why that isn't being acknowledged.

Will look into a catalogue shop, but will force me to buy something I don't want, or can I just join and not buy anything?
Anonymous
Posts: 0

refused contract - poor credit rating - why???

Thanks for the advice.

I have been at my address 1 year, 11 months, and this was highlighted in my credit rating, but not flagged up as any major problem (I know it all adds up though, as its recommended you're at your address 3 years)

No judgements at my address were shown

I'm 26 and have been in full time employment (with the same employer) for over 5 years. I don't think that will be an issue.

Will contact Equifax tomorrow and find out more. It may be that I have to stick with Orange (unfortunately they do not do unlimited data which is what I wanted). I have been able to get a contract with them before, so maybe they're less strict.
Anonymous
Posts: 0

refused contract - poor credit rating - why???

one more thing i can mention is that make sure you are registered on the electrol roll. this always looks good on your credit file Smiley Happy

Thanks for the advice.
I have been at my address 1 year, 11 months, and this was highlighted in my credit rating, but not flagged up as any major problem (I know it all adds up though, as its recommended you're at your address 3 years)
No judgements at my address were shown
I'm 26 and have been in full time employment (with the same employer) for over 5 years. I don't think that will be an issue.
Will contact Equifax tomorrow and find out more. It may be that I have to stick with Orange (unfortunately they do not do unlimited data which is what I wanted). I have been able to get a contract with them before, so maybe they're less strict.
Anonymous
Posts: 0

poor credit _ bit off topic!

I hold a phone contract with O2 and previously held a 18 month phone contract with virgin (NEVER missed any payments with them).
However as i am due to graduate next year and hoping to get a mortgage, instead of revising for my exams, i decided to check my credit rating with equifax. I know this is a slightly different topic but i am hoping someone on here will be able to give me some advice as equifax are pretty useless in trying to help!
I'm 22 and dont have any CCJ's, defaults what i do have is a student credit card, loan & overdraft and they're all paid on time as well as my car insurance, my car installments and my o2 contract. So why on earth is my credit rating so poor :mansurprised:
Last time I checked it was 233 and 2-3 months later (today) went down to 225 :robotmad: :robotmad: :robotmad: HOW?WHY? If all payments are made and everything is up to date why is it decreasing instead of increasing? If this never changes how the hell am i meant to get a mortgage!!1 arghh so frustating, really don't get it.
Does being financially associated with someone with low credit and defaults on their account affect my own credit rating?
I came through a prepaid credit card called cashplus which helps improve your credit rating as long as you pay the £4.90 fee each month for 12 months more info here: http://www.mycashplus.co.uk/default.aspx although it seemed like a good idea, i don't know whether to go for it as like i mentioned above i held a phone contract with virgin mobile, and now with O2 and although no payments have ever been missed, it does not seem to have improved my credit rating :robotindifferent: :robotindifferent:
I thought if you never missed a payment on your phone contracts, car insurance, car installments etc that at least you would have a fair credit rating, so why is mine so poor? :robotindifferent: :robotindifferent:
Sorry to drag on but don't know where else to go for help as everyone seems so useless and hopefully someone here will be kind enough to help me out. Thank you for taking the time to read this and i am sorry to have posted this on here, but perhaps it will help someone else in a similar situation.
Better do some revision now Smiley Very Happy
Anonymous
Posts: 0

refused contract - poor credit rating - why???

Thanks for your advice. I always use my parents address and i'm also on the electoral register, and i have held a part job for the past 4 years with an annual income of £13000 (not bad for a part time job).
I know i'm perhaps too young to get a mortgage straight away but really want to move out of my parents house and also the money i would spend on renting a property would be of better use if that money was actually going through something that will actually be mine rather than helping someone else pay their own mortgage. Unable to get credit card through bank as since i have a poor credit rating it means i'm refused credit.
Thanks for the tips Smiley Happy
Posts: 27,019
Topics: 247
Solutions: 1,614
Registered: ‎29-07-2008

refused contract - poor credit rating - why???

You may find this of interest.

http://www.thisismoney.co.uk/credit-rating
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Anonymous
Posts: 0

refused contract - poor credit rating - why???

I had an experience with Carphone Warehouse when getting my second iPhone contract (for my wife; a gift so I had to put it in my name).

I have a "Good" credit rating, but CW failed me - I was incredulous and slightly worried until I thought to check my Experian account (CreditExpert...very useful and recommended). It shows the details of recent searches, and it turned out the fool clerk at CW entered completely wrong information.

Ask to see the details before someone submits a credit search, and check it's all correct, as some people are either lazy or incompetent ... I've also had sales people at PC World and Curries put in erroneous information... "Oh I'll just put you down for 3 years at this address" type stuff. They think they're doing you a favour, but they're not, and probably doing potential damage.

As someone above said, get on the electoral register - it's easy and actually compulsory anyway, and will make a huge difference to your ability to get credit.
Anonymous
Posts: 0

refused contract - poor credit rating - why???

..... the money i would spend on renting a property would be of better use if that money was actually going through something that will actually be mine rather than helping someone else pay their own mortgage....


On average 15 years of a 25 year mortgage are spent repaying interest :womanindifferent:

So, unfortunately, whether you rent of buy someone is paying their mortgage with your money :robotmad: