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Old 26 May 20, 12:33 PM  
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dubletrub
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Originally Posted by Stubbs86 View Post
This seems a bit confusing and you might have been given duff advice by the phone company. If the phone contract continues to be in your name then it will be reported on your credit file. The fact the payment comes from your daughters account will be no benefit to her when it comes to her credit files as this won't be reported.

However if she does happen to miss payments, that will go on your credit file since the agreement is in your name.
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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Old 26 May 20, 12:37 PM  
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Originally Posted by Dan's Mum View Post
It is a difficult one because it is a never ending circle.

Have you downloaded one of the free apps, clear score, totally money, Experian etc to check credit histories and any hard searches? Shouldn’t be anything but worth checking. Also a lot of these apps have suggestions on how to improve credit score as well as credit facilities that either will or likely to approve you.

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Originally Posted by Stubbs86 View Post
The first thing just to note is that the 'credit scores' you see on the apps from credit reference agencies are NOT the scores that banks and lenders use when deciding to give you credit. They are a general guide to show you if you are moving in the right direction - but the only person to see that score is you.

Banks have their own scoring criteria and they all use different ones and they keep their cards very close to their chests in terms of what the actual criteria is.

Therefore when checking your credit report - stick to looking at the data itself, not the score given. So for example check the information is all correct and up to date and there is nothing missing.

In terms of improving your chances of getting credit a good idea is to approach your own bank who already know you and apply for a credit card. As they have history on how you bank with them they are more likely to accept you than a bank that hasn't dealt with you before.

With this card use it for everyday spending (i.e. things you would have purchased anyway, perhaps fuel or food shopping) - always pay it off in full each month so you aren't paying any interest.

The good use of that card will be reported to the credit reference agencies and will start to build a picture of good credit history in terms of managing credit well.

Regarding the mobile phone contract - you may find applying for a 30 day rolling contract will get more success than a 12/18/24 month contract since the risk is less for the mobile company - so their acceptance criteria is often lower for these products.

Hope that helps.
Originally Posted by Leggibone View Post
If she’s with Barclays - (and want an iPhone) the Apple finance options are with Barclays partner finance - she might have decent luck.

Also try the banks the girls are with for credit card (and use them for something easy and pay off in full - maybe just the monthly fuel, or food?) Experian has a little tool on there credit score stuff to show what credit cards your more likely to be accepted for based on your credit score (the likes of Barclays, cap one, the supermarkets, all have initial card offers?)
Originally Posted by wanye View Post
get one of the crappy credit cards... the cap1 card at 30% apr or whatever it is. use it constantly instead of your debit card. pay it off in full every month. repeat for at least 6 months

check experian/equifax/etc, make sure all the info they hold on you is correct. get it corrected if not

dont apply for a card, get rejected, then apply for another and another until you get one. repeated attempts for credit (and denial) will hurt your score
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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Old 26 May 20, 12:41 PM  
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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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Old 26 May 20, 12:44 PM  
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Originally Posted by JediMuM View Post
One of the best pieces of advice I can give is to tell her to save and buy cash, then just get a sim only deal.
And then keep as far away from credit cards and debt as possible ... buy her the total money makeover book as a present and set her up for financial freedom 😉 xx
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.

Originally Posted by britishgirl View Post
phone companies seem to be a law unto them selves I have a near perfect credit record,a couple of years ago I wanted to buy and that is buy a phone,I think it was car phone warehouse and was told they could't sell me one because their computer said no,I said I am buying the phone not a contract phone you wont be owed any money at all and he still couldn't put it through on their system so I went elsewhere
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.

Originally Posted by dubletrub View Post
Three told us to carry on getting DDs new iPhone contract in my name and after a couple of months let her start paying out of her bank account for the remainder of the contract. They didn’t do a credit search as the girl said she definitely wouldn’t be accepted being a student.
She has been paying herself for about 6 months so hopefully it will be helping
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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Old 26 May 20, 12:47 PM  
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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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Old 26 May 20, 12:49 PM  
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Originally Posted by dubletrub View Post
She has been paying herself for about 6 months so hopefully it will be helping
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.
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Old 26 May 20, 01:18 PM  
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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.
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Old 26 May 20, 02:15 PM  
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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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Old 26 May 20, 02:25 PM  
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Old 26 May 20, 04:46 PM  
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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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