Tried to get credit but been refused!

Hey guys, really need help with this one.

Have no credit history but need credit...

So I've just moved out of my parents' house and unfortunately (crappy timing) had to resign from my job (boss was doing some dodgy things, but I won't go into it, in short I had to leave). My student finance from January has already gone and NO I didn't spend it on nights out, takeaways etc. Rent and groceries eat into it a lot, and plus I'm an indoors type of gal.

Need some form of money to tide me over until my next student finance or the first pay from my new job comes in, whichever comes first. Tried to apply for a credit card, even the ones that are supposedly for "credit-building" purposes, but still keep getting declined.

I'm really trying to avoid payday loans though if I got one, I would pay it off in one go, as opposed to a monthly repayment plan.

I can't move back in with the parents as the house is now too cramped (5 people in a tiny two bedroom flat. I was sharing my box room with both of my 16 year-old and 12 year-old sisters - I'm 21).

Tried to ask parents for help with money but after a while they started asking questions and made me feel guilty. Plus, I don't want to be a burden to them. Haven't had to ask them for money since I turned 18 and started working.

So, my question is...what are my options?

**I don't need people lecturing me on the responsibilities of living on my own. I'm not a child and I didn't move out because I wanted to but because I HAD to. I also don't need people telling me I should have minimised my spending in January because I DID but obviously I had to pay a deposit which set me right back and then rent and groceries eat into it. Food in itself is ok because I can cook and it lasts me a fair while but things like cleaning products, loo roll, perishables i.e. milk can be quite costly as I have to keep buying them regularly. I haven't gone out since I moved and I gave up on takeaways years ago for dietary reasons so please don't reply unless you actually have a helpful suggestion. Thank you.


Posted from TSR Mobile

Do you have a student bank account? if so, you should have an interest free overdraft.

Student accounts don't count towards your credit rating. A current account will do.

A student account is just a type of bank account. It goes on your credit report in the exact same way that any other does.

That's what I was told by someone at the bank. A student credit card counts.

Get a free trial of Experian and see what your credit rating is and how you could improve it. Things like being on the electoral roll or having a phone contract will greatly improve it. Oh and make sure that you cancel within the month or they will charge you!

Thanks guys but I already have a student account and last year I tried to apply for the interest free overdraft but I got declined. Upon being told it was declined, I asked why and they said they didn't know, that I should go to Experian or Equifax and get my credit report from them. I did and my score was 906. When I brought it to them, they said there is still nothing they could do and they still couldn't determine why my check was declined. So getting my credit report was a waste of time.


Posted from TSR Mobile

As a credit risk analyst, The best thing you can do is firstly get yourself on the electoral roll, secondly stop leaving so many footprints from applying for credit that will damage your score for at least 3 months, the problem is you don't really have a way of paying a loan back and you would miss any affordability criteria. Your best bet would be a student bank account as you might be able to get one with a low limit but you should never really get yourself into a situation where you are in debt that you can't easily repay in a short time horizon in the first place.

I'm on the electoral roll already. I guess I did make a mistake by continuing to apply but as for your last point, I never intended to get into debt. This is my first time. I did say I didn't need people stating the obvious. I'm not going to explain all of my circumstances on this thread but I moved house and a couple of days later I was unemployed. I had to leave my job because if stayed, I would have been implicated in illegal stuff, so I'm glad I got out when I did. But everything else you've said has been helpful so thank you.


Posted from TSR Mobile

I did and it was 906. I got it because I tried to get a student overdraft last year (I currently have a student/graduate account with Natwest) but it got declined and they told me to go to Experian to get my report. Ironically, when I brought it to them, they said there was nothing they could do. It was a case of 'computer says no'.


Posted from TSR Mobile

That number is useless, it's the credit history that matters as lenders don't see that number and make up their own minds on whether to accept/reject your application

Which is why I'm wondering why my bank referred me to Experian in the first place.