-
ore does the free Experian or Clearscore serv
Stuff like Experian gives me a score of 838.
Can you give more context on your situation please? Which bank are you with right now? Previously bankrupt? New to country as an expat? Or just a young professional starting your career? Can give more advice for new expats having gone through the whole thing. Otherwise just general advice try creditbuilding cards such vanquis/ aqua/ even Barclays forward etc. Yonder also doesn’t require a credit history.
By the way the qualification checkers aren’t always right.. they take the strictest criteria which lenders might not actually use.
Currently with Nationwide, never been bankrupt, been living in the UK for something like 16 years now. And no, never been bankrupt. Like I mentioned, I can’t even get creditbuilding cards such as Aqua right now.
If none of the above appeals to you (you don’t seem keen on starting a phone contract etc) then the next thing would be to go to citizen’s advice or similar who may be able to help you.
Somethings not adding up here. For Aqua and Vanquis to block you is a real worry here. My first CC was an Aqua which I would pay £100 a month and pay it off. Someone did say if you buy something then immediately pay it off then it’s not as useful? I’m not sure if that’s the case.
Don’t miss any payments. Good luck.
Wait, is it supposed to be that easy to get with some like Aqua or Vanquis? I did find it funny that Aqua even sent me letters telling me how likely they are to accept people, and I still got denied.
Definitely. Aqua cards allow people with multiple CCJs and IVAs to apply so you need to check your credit score urgently. Don’t do the free ones like creditkarma, you need the full free trial ones.
Contrary to belief, who ever lives with you possibly with terrible credit is not taken into account. The address could be bringing up flags. Do you receive multiple letters from other people to to your house? Ex tenants?
Definitely. Aqua cards allow people with multiple CCJs and IVAs to apply so you need to check your credit score urgently. Don’t do the free ones like creditkarma, you need the full free trial ones.
Contrary to belief, who ever lives with you possibly with terrible credit is not taken into account. The address could be bringing up flags. Do you receive multiple letters from other people to to your house? Ex tenants?
Tried the Experian free trial, once again nothing off or negative there either.
Going back to @Savage Squirrel and @HertsSam’s point, are you technically emoloyed, or self-employed?
Since covid we’ve had multiple reports indicating that your situation may be excellent but as soon as the fact of being self-employed comes up credit is refused.
Going back to @Savage Squirrel and @HertsSam’s point, are you technically emoloyed, or self-employed?
Since covid we’ve had multiple reports indicating that your situation may be excellent but as soon as the fact of being self-employed comes up credit is refused.
Director of my own limited company, so what would be the better classification of my situation?
Ah.
I believe recently, at least since sometime during covid, we began to hear that Directors of own Ltd’s (ie those functioning as Personal Service Companies) began to be treated by credit issuers as self employed. ie negatively.
So far as I understand it this is relatively new as a treatment. Credit issuers might be calming down on this potentially as time goes on, but we did hear of people in this category of earnings being refused seemingly due to being equivalent to self employed even when they were turning over quite substantial sums.
There was also a case or two reported here where large dividends were not being taken into account from such a Ltd.
Is there any way you could either become a student or take a PAYE job, give it 6 months to a year maybe a bit longer, before applying for low hanging fruit credit, meanwhile declaring whatever you take from your Ltd as ‘Other Income’? There are definitely Saturday and weekend or odd hours /part time jobs around where salary might not be lower than you are now and could be better, and some would offer a reasonable PAYE contract.
Ah.
I believe recently, at least since sometime during covid, we began to hear that Directors of own Ltd’s (ie those functioning as Personal Service Companies) began to be treated by credit issuers as self employed. ie negatively.
So far as I understand it this is relatively new as a treatment. Credit issuers might be calming down on this potentially as time goes on, but we did hear of people in this category of earnings being refused seemingly due to being equivalent to self employed even when they were turning over quite substantial sums.
There was also a case or two reported here where large dividends were not being taken into account from such a Ltd.
Is there any way you could either become a student or take a PAYE job, give it 6 months to a year maybe a bit longer, before applying for low hanging fruit credit, meanwhile declaring whatever you take from your Ltd as ‘Other Income’? There are definitely Saturday and weekend or odd hours /part time jobs around where salary might not be lower than you are now and could be better, and some would offer a reasonable PAYE contract.
I am already a student as well. I’m both a uni student and run my little company.
Ah.
I believe recently, at least since sometime during covid, we began to hear that Directors of own Ltd’s (ie those functioning as Personal Service Companies) began to be treated by credit issuers as self employed. ie negatively.
So far as I understand it this is relatively new as a treatment. Credit issuers might be calming down on this potentially as time goes on, but we did hear of people in this category of earnings being refused seemingly due to being equivalent to self employed even when they were turning over quite substantial sums.
There was also a case or two reported here where large dividends were not being taken into account from such a Ltd.
Is there any way you could either become a student or take a PAYE job, give it 6 months to a year maybe a bit longer, before applying for low hanging fruit credit, meanwhile declaring whatever you take from your Ltd as ‘Other Income’? There are definitely Saturday and weekend or odd hours /part time jobs around where salary might not be lower than you are now and could be better, and some would offer a reasonable PAYE contract.
I am already a student as well. I’m both a uni student and run my little company.
You are likely far more creditworthy as a student than you are as a director of a (new or very small?) Ltd; banks – for obvious reasons – are keen to attract university students, so:
1) There are a number of student credit cards on the market including most of the big name banks.
2) Have you tried applying for these? Even better if in person at a student-focused branch; they will be used to navigating typical student circumstances
3) For credit card purposes for students, money you receive from a student loan counts as income. Are you including this in any applications?Ah.
I believe recently, at least since sometime during covid, we began to hear that Directors of own Ltd’s (ie those functioning as Personal Service Companies) began to be treated by credit issuers as self employed. ie negatively.
So far as I understand it this is relatively new as a treatment. Credit issuers might be calming down on this potentially as time goes on, but we did hear of people in this category of earnings being refused seemingly due to being equivalent to self employed even when they were turning over quite substantial sums.
There was also a case or two reported here where large dividends were not being taken into account from such a Ltd.
Is there any way you could either become a student or take a PAYE job, give it 6 months to a year maybe a bit longer, before applying for low hanging fruit credit, meanwhile declaring whatever you take from your Ltd as ‘Other Income’? There are definitely Saturday and weekend or odd hours /part time jobs around where salary might not be lower than you are now and could be better, and some would offer a reasonable PAYE contract.
I am already a student as well. I’m both a uni student and run my little company.
You are likely far more creditworthy as a student than you are as a director of a (new or very small?) Ltd; banks – for obvious reasons – are keen to attract university students, so:
1) There are a number of student credit cards on the market including most of the big name banks.
2) Have you tried applying for these? Even better if in person at a student-focused branch; they will be used to navigating typical student circumstances
3) For credit card purposes for students, money you receive from a student loan counts as income. Are you including this in any applications?So when asked if I’m full-time employed, self-employed, or student, what should I ask then, which is the most beneficial. I’m also not really in the market for student-specific credit cards, as I’m mainly just looking for something with good cashback. In terms of putting down my student loan income, I do already include it, or at least the student maintenance loan, and not the course fee loan.
Student.
And your Ltd is ‘Other Income’.“I’m also not really in the market for student-specific credit cards, as I’m mainly just looking for something with good cashback.”
Beggars can’t be choosers. Take what you can get as student. Whatever that is. Choose one of the big banks. Run it putting amounts on it that you pay off religiously each month for, say, a year or a bit more. Then you’ll be able to move towards a type of card with other benefits attractive to you. But students gey relatively hugely better deals for first timers. it’s about building your track record.
Right now, you have nothing. Do you want to start where you can, or not?
I’d put student. It then entirely explains low earnings (anything else would be unusual!) and makes you look like a good bet for the future.
I’d also adjust your expectations: you’ve already told us you can’t seem to get accepted for anything, yet are now saying you don’t want to apply for anything without “good cashback?”. You need to build a credit history with a card you can get for a while; and then the whole market will open up to you.
Student.
And your Ltd is ‘Other Income’.“I’m also not really in the market for student-specific credit cards, as I’m mainly just looking for something with good cashback.”
Beggars can’t be choosers. Take what you can get as student. Whatever that is. Choose one of the big banks. Run it putting amounts on it that you pay off religiously each month for, say, a year or a bit more. Then you’ll be able to move towards a type of card with other benefits attractive to you. But students gey relatively hugely better deals for first timers. it’s about building your track record.
Right now, you have nothing. Do you want to start where you can, or not?
What should go into my primary income and what into other income then? Plus will it even help getting any, even the most basic card, given how no bank wanted to even give me the time of day yet and even stuff like Aqua would give me an instant denial?
I’d put student. It then entirely explains low earnings (anything else would be unusual!) and makes you look like a good bet for the future.
I’d also adjust your expectations: you’ve already told us you can’t seem to get accepted for anything, yet are now saying you don’t want to apply for anything without “good cashback?”. You need to build a credit history with a card you can get for a while; and then the whole market will open up to you.
Issue is I can’t build that credit history in the first place if I just get auto-denied out of every bank and lender anyway. Is putting student on my application supposed to be the silver bullet that helps?
Beginning to think this poster is a troll or a 12 year-old. You’ve been given loads of advice on how to approach this yet you keep asking the most asinine questions.
Why not re-read the all the responses, then put some of the advice into action?
I’d put student. It then entirely explains low earnings (anything else would be unusual!) and makes you look like a good bet for the future.
I’d also adjust your expectations: you’ve already told us you can’t seem to get accepted for anything, yet are now saying you don’t want to apply for anything without “good cashback?”. You need to build a credit history with a card you can get for a while; and then the whole market will open up to you.
Issue is I can’t build that credit history in the first place if I just get auto-denied out of every bank and lender anyway. Is putting student on my application supposed to be the silver bullet that helps?
I suggest you make an appointment through the student offers channel at whichever bank branch they indicate and ask for help to complete the application for student offer. Take what it is, don’t comment to them about what you’d rather have, get signed up and start along the journey.
Though they won’t confirm, you have in fact had advice from several finance professionals on this thread and it is now up to you to absorb that advice and act on it.
I’d put student. It then entirely explains low earnings (anything else would be unusual!) and makes you look like a good bet for the future.
I’d also adjust your expectations: you’ve already told us you can’t seem to get accepted for anything, yet are now saying you don’t want to apply for anything without “good cashback?”. You need to build a credit history with a card you can get for a while; and then the whole market will open up to you.
Issue is I can’t build that credit history in the first place if I just get auto-denied out of every bank and lender anyway. Is putting student on my application supposed to be the silver bullet that helps?
I suggest you make an appointment through the student offers channel at whichever bank branch they indicate and ask for help to complete the application for student offer. Take what it is, don’t comment to them about what you’d rather have, get signed up and start along the journey.
Though they won’t confirm, you have in fact had advice from several finance professionals on this thread and it is now up to you to absorb that advice and act on it.
Thing is, what is most likely to be more of a factor here, income or the complete lack of a credit history? When I applied for an American Express card for example, even though their eligibility checker gave me good chances, I still got automatically rejected, and the rejection email clearly stated that it was my income that is the issue. Are student accounts lest stringent on income? Or just withdrawing more money from our company account as salary or something could be enough to get a better card?
Stop trying to manipulate the credit scoring and credit agency systems.
You’ll end up red-flagging yourself for a decade and potentially have your current account closed if you put conflicting data in – even if it’s not the same organisation. *Every* enquiry/application you make is stored and cross-referenced, even if it’s called a “soft” search for anti-fraud and AML purposes.
If you’re a student, you’re a student. If you’re a company Director, make sure your salary and dividend stated matches that credited to your account and detailed in your submitted accounts to Companies House.
Don’t try to wear both hats at once, but do list any PAYE and Dividend income accurately whether that’s as your primary as a CD or under “other” as a student and be prepared to bring in properly prepared accounts to evidence.
Stop trying to manipulate the credit scoring and credit agency systems.
You’ll end up red-flagging yourself for a decade and potentially have your current account closed if you put conflicting data in – even if it’s not the same organisation. *Every* enquiry/application you make is stored and cross-referenced, even if it’s called a “soft” search for anti-fraud and AML purposes.
If you’re a student, you’re a student. If you’re a company Director, make sure your salary and dividend stated matches that credited to your account and detailed in your submitted accounts to Companies House.
Don’t try to wear both hats at once, but do list any PAYE and Dividend income accurately whether that’s as your primary as a CD or under “other” as a student and be prepared to bring in properly prepared accounts to evidence.
How exactly am I trying to manipulate anything though? If this is about me being both a student and employed, well how am I supposed to know what to put if I can only select one or the other in an application form? In terms of personal income, I do put in both my salary and student maintenance loan money.
Enough.
You’ve been given the best advice, far better than you could have got elsewhere.If you are unable to follow the main route you’ve been given very clearly, plus some supplementary suggestions, then you won’t be capable of managing a credit card either.
One reason for making an appointment with a bank to get ‘help with your application’ for a student deal, is that flopping around like a beached fish you may have made too many applications too close together, possibly giving contradictory data across applications recorded on industry-accessible databases. The only way to potentially resolve this might be to present yourself in person as a student needing help to fill out the application in your particular circumstances with a banker who may be able to hear you, advise and override any computer flags that come up.
Beginning to think this poster is a troll or a 12 year-old. You’ve been given loads of advice on how to approach this yet you keep asking the most asinine questions.
Why not re-read the all the responses, then put some of the advice into action?
Exactly this. I gave up sooner than several here as it just sounds like a troll now.
Their responses are also starting to contradict, for example Amex chance of success has gone from 3.5/10 in their first post to “even though their eligibility checker gave me good chances”.
Anymore time spent on this trying to be helpful is just a waste of time now.
I am confused by this thread.
Are you the @gh148 who started a thread in June about minimum income requirements for Amex? Also on that thread you said your income was £16.3K.
Then today (Monday as was when I started writing this reply) there is a thread on MSE started by somebody called gh148. Are you that person?
The confusing part is that on that the thread the OP said they had an income of £5k as they were self-employed/director of their own business.The thread did read like a therapy session of some sort.
Enough.
You’ve been given the best advice, far better than you could have got elsewhere.If you are unable to follow the main route you’ve been given very clearly, plus some supplementary suggestions, then you won’t be capable of managing a credit card either.
One reason for making an appointment with a bank to get ‘help with your application’ for a student deal, is that flopping around like a beached fish you may have made too many applications too close together, possibly giving contradictory data across applications recorded on industry-accessible databases. The only way to potentially resolve this might be to present yourself in person as a student needing help to fill out the application in your particular circumstances with a banker who may be able to hear you, advise and override any computer flags that come up.
While I don’t know where this distasteful tone came from, I did just come back from my bank’s branch. However before I went I did contact their online support, to see if they could give me any info on why I was rejected. They told me it was because I wasn’t eligible for the credit limit I applied for. Issue is the credit limit I entered when prompted, £500, was already the lowest I could enter on the website. So I asked about what I could do next, or if I can apply for an even smaller credit limit in-branch or something, but was told that £500 is the minimum and it’s impossible to get a lower one than that.
So I went to my branch regardless, ready to get laughed out of there for even suggesting to them I want a credit card, and as is to be expected I got again denied on the spot.
You say you’ve been in the UK for 16 years but did you arrive before you were 16 ie as a child?
How long have you been with Nationwide? Also how often have you switched banks? Also how often have you moved home in those 16 years?
I think that if you’re being refused a card with only a £500 limit potentially you might also have a problem if you’ve only been with Nationwide a short length of time. That combined with a low income and being a student as well as having your own Ltd company that obviously doesn’t generate much income and multiple soft searches you are clearly not doing yourself any favours.
Do you have a debit card with Nationwide? Maybe just stick with that?
I still recommend the low hanging fruit of establishing a credit history like a mobile phone contract or a shopping website card is tge way to go.
If you’re not prepared to do that then just stop doing soft credit approval checks for a while. Sometimes it just isn’t going to happen.
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