Question:
My rating on the report was 854 out 1000 I am on the electrol roll have no defaults or CCJs. I applied for a credit card and today I received the letter saying I was refused because of my credit score. I contacted the company and all they said was that I could appeal if feel they were wrong to refuse me. I have one other credit card which is always paid for on time each month and two other small credit (catalogues) which I always paid on time too.
Can anybody give my any advice and what can I do to improve my credit rating?
Thanks
Answers:
your credit rating is very good, aslong as all your accounts are up to date and you are on electoral register there isn't really anything else you can do. how old are you? i read that your credit rating improves when you are 25+.
could try another company just to see?
The below link explains all, as people think I am going on and on and on, lol
They don't just look at your score, they look at the number of inquiries you have on your report. And they look to see the if there is a high balance on your accounts that you do have. The add these "points" into your credit score and divide it out and get a whole new credit score. Then they base their decision off that.
You have answered your own question. You have no credit rating. To get a credit rating you have to owe money, daft but true. When I was your age I had no credit cards paid cash/cheque for everything the only debt I had was my mortgage, when I became a rep for a company they could not get me a company credit card my MD asked the bank why and off the record they said it was because they could find no record of me oweing money to any of the banking institutes. It's a double edged sword to get credit you have to owe money so they can track your re-payment record if you pay on time which they hate you don't build up any points.
My Oh My Wendy P does go on and on on on on .
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