2006-08-03 10:43:21 · 13 answers · asked by kt 2 in Business & Finance ➔ Credit
No credit history??
Just give in and get a credit card. Buy just fuel on it and make sure you pay it off in full each month. (For example).
Get one with Air Miles as an incentive too.
2006-08-03 10:49:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is not just because you have not got a credit card. Part of a loan application is a credit check to see how you have managed any previous credit. If you havent had any - because you are young or never required it - its not the be all and end all. there are many factors taken into account when credit scoring - are you on the voters register. are you employed. are you a homeowner - do you have a good address history or do you move house every 3 months? being an existing account holder with a financial institute you are applying with helps too. there are also limits on how much unsecured lending you can do. typically if you earn less than £10,000 per annum you will only be allowed to borrow that much in TOTAL unsecured lending if you earn more than that then multiply your disposable mmonthly income by 1.5 and that is the MAXIMUM you will be able to borrow from a reputable lender.
2006-08-07 14:59:25 · answer #2 · answered by BigB 1 · 0⤊ 0⤋
That sounds odd. I've got a loan and I've never had a credit card. Maybe you're credit history is poor? You can get bad credit for a number of reasons. It's hard for me to tell because you haven't given enough information. Have you tried other loan companies? Usually your bank will be helpful because they want to keep you as a customer. Good luck.
2006-08-03 17:50:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Mate, i feel for you! I tried for over a year to get a loan from many different lenders but no joy! So I got a Credit report from www.creditexpert.co.uk or just ask your bank for the form to fill in, the company is called experian. It was then I discovered that there was an error on my file, said I owed over £1000 and id never borrowed any money! Error sorted and I got my shiny new credit card! GOOD LUCK
2006-08-07 11:29:51 · answer #4 · answered by In The Rat Race 1 · 0⤊ 0⤋
Lack of a credit card is not stopping you from getting a loan. Lack of a credit history is. If you rent, ask your landlord to report you payment history. They don't routinely do so, but if they will it shows a history of paying bills. Try the same with utility companies and anyone else you have been paying on time. If you have a bank account, talk to the bank that holds the account. Your history with them may improve your chances.
2006-08-03 18:20:03 · answer #5 · answered by STEVEN F 7 · 0⤊ 0⤋
try getting a current account with an overdraft from a highstreet bank, that will start off your credit report also you can then set up direct debits for loan repayments which loan companies prefer.
it's basically because you have no credit history, so they don't know if you are a high or a low risk to lend to. i.e. if your payments will be on time ect...i think this is bonkers cause they make money out of you not making payments on time!
2006-08-03 17:59:53 · answer #6 · answered by Kirsty 3 · 0⤊ 0⤋
This happened to my mum once, even though she has never been in any debt of any form ever in her life (different generation & all that), or even late for any utility bill payment.
We never did find out exactly why, but we suspected that it was because they will have checked credit records with Experian and Equifax (the two main credit agencies in this country - you can get a statutory report yourself from their websites for £2), and they won't have any records if you've never done any borrowing before in your life - so they have no way of knowing how good you are at paying on time, etc.
Also, if you've applied for credit cards or AMEX but been turned down before, this will be on your credit record.
2006-08-03 18:24:34 · answer #7 · answered by gsp100677 3 · 0⤊ 0⤋
You can get a loan if you have a job and direct deposit from your job without a credit card at this place.
http://creditoffernow.com/cashadvance
2006-08-04 10:43:07 · answer #8 · answered by Harvy S 2 · 0⤊ 0⤋
because the credit checking agency don't have any background to check if you're a good payer or not. however, you can get round this by getting a store card, buying something small and paying it stright away. this gives the agency a history of your paying quality.
2006-08-03 18:29:03 · answer #9 · answered by carl_marriott 1 · 0⤊ 0⤋
Because you are skint duhhhhhh.
How can you pay it back when you are in cell 31 broadmoor high security wing!
2006-08-03 17:50:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋