Increasing Your Chances of Getting Accepted for a Credit Account

UK online catalogues provide a convenient way of shopping due to their “buy now, pay later” policy that allows you to spread the costs of your purchases on a longer period with weekly or monthly payments, interest-free up to 28 days. UK catalogue companies accept online application for a credit account with them. In order to apply for a credit account with one of the UK online catalogue companies, you must be a UK resident and credit will only be provided to those customers which pass the credit and affordability checks.

For an in-depth look at spread the cost catalogues, particularly pay monthly, we recommend you take a look at Cataloguepaymonthly.co.uk. There you will find reviews of the UK’s top monthly payment catalogues as well as where you can pay monthly on certain products such as clothing, electricals, appliances and furniture.

In general, most of the applications are approved, regardless of your credit history, even in case that you have poor credit history or bad credit rate. However, in order to make sure that you are not declined a credit account with one of the UK online catalogue companies; there are some measures you can take to increase your chances of approval.

It is useful to understand how your credit score works. This rating will vary between banks because they have slightly different methods of calculating it, based on their own criteria for analysis of your previous credit history. The credit report will include all your credit accounts, such as credit cards, store cards, loans, mortgages, catalogue credit accounts, car finance, your record of payments and many more. Your credit report can make a big difference between getting the online catalogue credit account you are applying for and a disappointing rejection.

The credit rating is determined by more factors:

  • The information you disclose when you apply for credit
  • The content of your credit file
  • Your previous credit history in general and any eventual credit history with the lender you are applying for credit.

If you’re a UK resident over 18 and have taken out a store card, credit card, utility bill account, catalogue account, mortgage or loan, then you have a credit report kept securely by the credit reference agency. The credit reference agency compiles all the information available about your credit applications and your payment history, and sends them to the UK prospective lenders. The largest UK credit reference agency is Experian. Other credit reference agencies that operate in the UK are Call credit and Equifax.

The online catalogue credit account will be available to you only in case that your credit score meets or exceeds the minimum level set by the catalogue company you are applying for. If your credit score does not meet this target, it is possible that your application would be denied. It is not wise to apply for a credit account if the risk to have your application disapproved, because that will further decrease your credit score. The more rejected applications you get, the lower your credit score becomes. That is, you risk in receiving a poor or bad credit label from the credit reference agency.

In order to increase your chances of approval for a UK online catalogue credit account, there are some steps you can take:

Step 1
Ask for a free copy of your credit report from the major credit bureaus. Check carefully your credit reports for any eventual errors. If you find errors, you have to file a dispute in order to get the mistakes removed from your credit record.

Step 2
Ensure that you are catching up on any late debt payments. Even if the previous late payments will still appear on your credit report, it is better that your account is marked paid as agreed when you apply for an online catalogue credit account.

Step 3
Ask your credit-savvy spouse to add you as an authorized card user. If your spouse has had good payment history, by adding you as an authorized user you will also have a boost of your credit score.

Step 4
You may ask someone with good credit score to cosign your online catalogue credit account application. You do not have to be blood-related or married to have a joint credit account. Your cosigner becomes equally responsible for the debt on the credit account.

Step 5
You can find online a list with information about all the major UK catalogue companies, including their approval rates, payment options and interest charges. Select the best offer that matches your particular needs and, in order to increase your chances to be accepted for a credit account, make sure that your choice is one of the catalogue companies with high approval rates.

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Furniture on Finance for those with a Poor Credit History

It can often be difficult to find a finance option for a large item such as piece of furniture if you have a bad credit history. Often an individual will make an application for a new credit account and will be told that they have been rejected, with the lender leaving a mark on the file and making it even more difficult for them to apply for further credit in the future. Several catalogue companies in the UK offer finance for people with a poor credit history.
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Problems associated with buying on finance

Some people do not have the funds to buy expensive gadgets and appliances by making an upfront payment. To lure these potential customers into buying the gadget the product manufacturer or dealer may offer finance, so that the customer is able to purchase the gadget without any upfront payment.

The customer can pay the amount due later in installments, over a period which ranges from three months to five years . Many companies tempt their customers further by offering interest free installments. However, most customers are not aware of the hidden risks -problems associated with buying on finance.

Though many shoppers consider the price for buying on finance with smaller installments attractive, they often have to pay a price which is significantly higher than an upfront payment. Most credit card companies charge an additional processing fee, and this has to be borne by the customer.

Additional the bank issuing the credit card may charge interest on the installments to be paid, making the gadget or appliance more expensive. If the shopper makes an upfront payment for the gadget, especially in cash, they may be able to negotiate a better price or get a better deal with freebies.

If the purchase of the expensive gadget or appliance is made on finance, the amount may be directly debited from the bank account or charged to the credit card. This often entails providing confidential personal information and completing the necessary paperwork, which can be time consuming. Also there is a possibility that this confidential information will be misused against the shopper to cause financial and other losses, if proper precautions are not taken.

Additionally it is difficult to cancel the credit card at a later date, if any gadget or appliances has been purchased on finance using the credit card.

For more information on the pro’s and con’s of credit shopping, we recommend visiting Catalogues247 as they have discussed both sides of the argument in depth and also provide lots of guides and articles on related topics.

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