I've recently aplyed for credit via a catolouge.?

Question

I applyed yesterday and was accepted. However its not showing on my credit report as a search, does this normally take a few days/weeks???

Answer 1

yes 3-7 days depending on the reporting agency

Answer 2

Your credit report will take a few weeks to be updated.

I know you don't want to hear this but applying for credit from a catalogue company is about the worst thing you can do financially. Have you checked what the interest rate is? That skirt that looks like a bargain at £20 won't be such a bargain at £40 including interest.

And it encourages you to spend because the repayments look so small. But add it up and you will see you are being silly. Better to save the money and buy the thing outright and not be ripped off.

Answer 3

It costs them to do a search and if the Credit limit is low (often a couple of hundred) and the Interest rate sky high (usually the case) they may not bother .. what they loose when one person default they get back in interest from all the others ..

Be careful = if you sell through your catalogue to friends & neighbours, YOU remain liable for paying for all the goods.

So you need to be totally strict with them - either get paid in advance or when the goods arrive & you go round to deliver, if they havn't got the cash, DON'T leave them the goods - just agree to come back when they can pay (and don't leave it too long - most catalogues allow you to return unwanted goods but there is often a strict time limit ...)


I've heard of cases where catalogue sales have left people in a lot of trouble because e.g. their Neighbour kept 'forgetting' to pay and then lost their job so coudn't pay ... or they tried to return unpaid goods but was turned down by the catalogue as 'out of time'

Answer 4

To be honest with you i opened a catalogue account a few months ago and they NEVER did a search.This has happened a few times.

Also they may or may not send you a credit agreement.If they dont more fool them if you get into financial difficutlies they cannot take you to court over the debt as it is not legally blinding.It is a loop hole but since you seem honest i dont think that will matter to you.

Answer 5

If the company to whose credit card you have applied, charges you a very high interest rate, avoid it. When you apply for secured credit cards, you'll find some companies will charge you an annual fee. It is ok in certain cases. An annual fee not exceeding $60 is acceptable. But don’t pay over $60 in annual fees for a secured credit card.