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26 May 20, 12:33 PM |
#11
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Imagineer
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I don’t know if it’s true or not but she is making regular payments for something with the threat of knowing it can show badly on me. So it’s teaching her to manage her student loan if nothing else.
She did say after 12 months we could try ringing customer service to see if I could pass the contract over. Time will tell
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26 May 20, 12:37 PM |
#12
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Thread Starter
VIP Dibber
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Thank you all for your replies. Eldest DD applied for capital one cc and was turned down, not because of credit score but because they couldn't verify her address. She then tried to get a credit report so we could check it but they (Credit Karma) wouldn't give her a report because of the same issue so we're kind of stuck and not sure how to proceed next. She needs to sort it fairly quickly as she's growing up now and will want a mortgage in the next few years.
Good advice about trying her own bank because she has a long history with them so hopefully that will count for something. I'll ask youngest to see if she would look at a shorter phone contract. We're happy to take it on for her but just feel that's not helping her for the long run.
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26 May 20, 12:41 PM |
#13
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Imagineer
Join Date: Aug 09
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Credit scores are just weird at times. I get one every month from Credit Karma. Got the account from one of the banks when there had been a data loss by them.
I have a good score but its odd/interesting in the section where it tells me how to make it better. Its full of contradictions. Firstly I only have a single amex charge card. Don't have a credit card. It informs me I don't therefore have enough credit available and that to have best points I need a credit card with at least £11000 credit on it. On the other hand I get penalised for having to open a Very account last December. I didn't want to open one but in order to get £50 off an apple product I needed to have an account with them. I paid for the thing immediately and closed the account. However that also caused a decrease the points. So to get a better score you need to take credit but if you take credit your score can go down. I also get penalised for not having a mortgage and it advises I should get one. The house was paid off 5 years ago I don't want a mortgate. At the end of the day the score doesn't affect me at all as I don't want credit. I would hate to be starting off now. You need to prove you are good with credit to increase your score to get better credit rates. MSE have a soft search facilities to see which cards you may get approved for without having to actually apply as applying drops your credit score in itself. |
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26 May 20, 12:44 PM |
#14
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Thread Starter
VIP Dibber
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I saw your earlier post and can see the joy that being debt free gives. However, I don't think it's practical to expect to go through life without any kind of credit, mortgage especially, so I would still like my DD's to have good credit scores. I'm not advocating for them to be in debt at all, and they are sensible girls with savings. She could easily buy the phone outright but as i said, that won't help her credit score.
That's a strange one. If you were buying outright I don't see why they had to do a credit check at all. Glad you got sorted elsewhere. I'm not sure how that would help as the payments won't show on your daughters own credit record as the contract is in your name. Sorry, if I'm wrong on this but I can't see how the credit companies would even know your DD was paying from her account.
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26 May 20, 12:47 PM |
#15
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Imagineer
Join Date: Jul 12
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My son is 18 and I recently transferred his phone contract from my name into his. I always thought a phone contract was the best way to start getting a credit history.
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26 May 20, 12:49 PM |
#16
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Guest
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This won't be helping her at all as the credit agreement is being recorded against you not her.
It helps 3 because they still get paid and you haven't moved to another provider. They gave you some rubbish advice here, unless your only requirement was to get a phone contract your daughter was paying for. |
26 May 20, 01:18 PM |
#17
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Imagineer
Join Date: May 13
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It is a very difficult one. One of the first thing your daughter needs to do is get something she has to pay with a direct debit, and pay for over 6 months without missing a payment and always be on time. Also she needs any credit card no matter the interest. Only use it for small items and pay it off each month so no interest payment. These are the best ways of improving her credit rating.
When our daughter turned 18 one of the first things we made her get was a credit card, she pays it off every month. She then found it easy to get a mobile contract. By the time she turned 19 her credit score was 975. By the time she was she had no problem buying a car on pcp. Other things that help, being on the election roll at the address where she applied for the card, having a passport and a driving license even a provisional. |
26 May 20, 02:15 PM |
#18
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Imagineer
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Interesting they won’t let her have a phone contact, I got my first phone contract was 18, I was working part time in McDonald’s and was a student, it was the first credit I’d had as my other phones were pay as you go and I was accepted no problems. I think that was with carphone, could she try somewhere else?
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26 May 20, 02:25 PM |
#19
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VIP Dibber
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Simple advice go to The CAB and get advice
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26 May 20, 04:46 PM |
#20
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Imagineer
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My son and daughter both got mobile phone contacts with O2 and EE as students to start building up a credit history. We still paid them but transferred the money to their accounts. My daughter then got her home Wifi with Three again still a student. Do they have car insurance? If they pay that monthly that is s credit agreement too. By doing a couple of these things my son got his first mortgage without any issues at 22yo.
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