mestonian
Member
Registered: 23rd Feb 03
Location: Leeds - Drives: New Punto Sporting
User status: Offline
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Well, ive just turned 18, ive been a new media designer for the last 12 months with a regular income of £1,250 a month, i have never had a penny of credit in my life (obviously as ive just turned 18!) - I have applied for a loan for £3,000 and been refused, applied for a credit card and refused, even a £100 overdraft and been turned down. Asked the bank why and i keep being told to go see my branch and they will tell me why. A lot of my mates work in warehousing and are on sorta £500 / £600 a month and have debts of catalogues, contract phones etc, and all have got loans and credit cards. I am well fucked off!
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Joff
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Registered: 17th Oct 00
Location: Cambridgeshire
User status: Offline
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Go and see your branch and they will tell you why.
Alternatively... go to Burton and buy a pair of socks. Accept their kind offer of a storecard and get your 10% off. Pay off the storecard and wait a couple of weeks before applying for a proper grown-up credit card.
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Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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My mate had this problem. They said it was because he had always spent all the money he had earned every month. He was told to keep £12 a month in for 3 months and then apply for a Credit Card to which he has now got.
[Edited on 18-05-2004 by Peugeot Nut]
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mestonian
Member
Registered: 23rd Feb 03
Location: Leeds - Drives: New Punto Sporting
User status: Offline
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Thing is though ive got a savings account which automatically takes £400 out of my account every month on the 1st of the month. Ive had this 3 months now and i still arent being accepted. Ive got like £1300 but i need another £3,000 for what i want to do to my car.
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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I know it's hard but i'd sace up and do it. Loans etc are a pain in the arse and cost you money in the end
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Je11ybubb1es
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Registered: 11th Jun 02
Location: Milton Keynes
User status: Offline
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i work in a bank and the thing is, once you've turned eighteen even though you they wont give you a credit card or loan, there's the possibility that you could still go overdrawn without an agreed limit, by not looking after your money. the reason they say three months is to see what you're like with looking after your money when you havent got an overdraft. hold on that makes on sense, well it does to me. just ignore me i've been talking banks all day i'm tired of them!
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Je11ybubb1es
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Registered: 11th Jun 02
Location: Milton Keynes
User status: Offline
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what bank you with
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DAYZEE
Member
Registered: 13th Nov 00
Location: Stevenage, MR2 Turbo, 328i Coupe, CBR600F
User status: Offline
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bollox to the bank, get a loan of Tesco or the AA. They don't give a rats ass who they hand them out to......
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ljames555
Member
Registered: 2nd Sep 03
User status: Offline
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i kept getting refused with banks so i went with goldfish and they accepted me but with goldfish you have a fixed term so you cant pay it off when you like
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CorsaLad16v
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Registered: 5th Mar 03
Location: Sheffield UK Drives: VW Golf
User status: Offline
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i work for Norton Finance 
but i deal with secured loans against properties.. and for that u have to be 21 i think, thats for the credit search
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mestonian
Member
Registered: 23rd Feb 03
Location: Leeds - Drives: New Punto Sporting
User status: Offline
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quote:
Originally posted by DAYZEE
bollox to the bank, get a of Tesco or the AA. They don't give a rats ass who they hand them out to......
Got refused with AA!!
[Edited on 18-05-2004 by mestonian]
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DAYZEE
Member
Registered: 13th Nov 00
Location: Stevenage, MR2 Turbo, 328i Coupe, CBR600F
User status: Offline
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quote:
Originally posted by mestonian
quote:
Originally posted by DAYZEE
bollox to the bank, get a <span id="LOAN" class=xxxxkeyword onmouseover="onmo(this);" onmouseout="inMenu=false;hide(this);">loan</span> of Tesco or the AA. They don't give a rats ass who they hand them out to......
Got refused with AA!!
Then you are fcuked.
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psycho sport
Member
Registered: 27th Mar 03
Location: Guildford Surrey Drives: Vauxhall Monaro
User status: Offline
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join barclays! i have no income and overdraft limit of £980!
they give u overdraft of £250 with a new account any way!
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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What's that other one. Err... yes credit They say they will give any fool a loan
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Je11ybubb1es
Member
Registered: 11th Jun 02
Location: Milton Keynes
User status: Offline
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stop applying everywhere, cos every time you apply it puts a mark on your credit history, which when you apply to someone else, the someone else sees too. if you have loads of declines, potential lenders will start looking and thinking its all a bit dodgy you keep applying and getting turned down, and they'll stay away cos they think there's something wrong with you
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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quote:
Originally posted by psycho sport
join barclays! i have no income and overdraft limit of £980!
they give u overdraft of £250 with a new account any way!
Mine is 1500 but i'm in credit  Well until MOT time
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nickyboy01
Member
Registered: 10th Sep 03
Location: Oxford-ish
User status: Offline
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Reason they turn you down is because you have no credit history, with no loans/cards there is nothing to score you on and as such you have al ow credit rating. Once you begin with overdrafts etc and have no problems with then your credit rating will shoot up.
Your own bank shouldnt refuse you a loan tho, its higher interest but they tend to go on a account basis not by credit scoring.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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quote:
Originally posted by mestonian
i have never had a penny of credit in my life
Herein lies your problem.
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Unlucky, I earn £1800 per year and have a £50 overdraft from the bank... Hope it doesn't soil my credit rating cos I use it quite a bit...
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linzi_h
Member
Registered: 9th Oct 03
Location: St Helens
User status: Offline
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the best way to get on the credit ladder is capital 1 - they give em out like hot cakes
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bun
Member
Registered: 6th Oct 03
Location: Adel, West Yorkshire
User status: Offline
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quote:
Originally posted by corsa_linzi
the best way to get on the credit ladder is capital 1 - they give em out like hot cakes
this is true but the interest rate is through the roof
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Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Ian
quote:
Originally posted by mestonian
i have never had a penny of credit in my life
Herein lies your problem.
Tis funny init, had the same problem when I first wanted to go to rj's when I turned 18 (rj's is a crap club in new brighton), they said it's regulars only 
How u become one of them them i'm barred now 3 years later
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miles
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Registered: 25th Mar 02
Location: plymouth Drives: Astra Sport
User status: Offline
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Its a nasty circle. They wont lend you money because you have no credit rating, you cant get a credit rating as no one will lend you money.
The best way to improve your credit rating is to borrow money and pay it back, or even make regular payments on a credit card.
You can contact expirian (sp) or there is another credit checking agency, and for £2 they will give you details of your credit rating.
Every time your credit rating is checked it gets worse! To stop people getting loads of debts in a short period of time.
I have a credit card that I just use to buy petrol once a month, then pay it off in full when the bill comes, just to help my credit rating. In saying that mine should be quite good; being a student I have loads of debt and borrowings! Never missed a payment either.
The bank should give you a £50 OD though to get you started.
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M2RTY
Member
Registered: 25th May 01
User status: Offline
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they wont give u anything as u dont have a credit rating
get a credit card from your bank and pay for things on it that u can afford to start building your rating
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OzzieeSRi
Member
Registered: 3rd Dec 02
Location: Bayroot
User status: Offline
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I had the same problem - I found the problem to be with the electrol roll...I found out as was registered as Ms and not Mr? ha
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