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Opening a catalogue credit account with poor credit rating
Not all customers find it easy to pay upfront for large purchases such as sofa, laptop or washing machine, and that is why more and more people are turning to pay weekly credit catalogues to spread the cost of the shopping.
However, opening a credit account will usually involve having your credit rating checked – what happens if you have a poor credit score or bad credit rating?
If you have a low credit score there are less options available compared to someone with an excellent credit score. Popular mainstream catalogues such as Littlewoods, Very, Isme ( all belong to the Shop Direct Group) and Next are difficult to get approved if you have bad credit.
Each catalogue retailer have their own credit scoring criteria and whilst you may be declined finance with one company, you could easily be accepted by another. The cataloguewhich may be able to help people with bad credit is Dial A TV, which is a rental service.
All applications are considered regardless of your previous credit history, however, you are not guaranteed acceptance.
DialaTV.co.uk – Pay Weekly Rental
Dial a TV offer a range of top branded household items for rental at weekly or monthly payments and everyone is welcome to apply. If you have a poor credit score, have been refused finance in the past, or you are on a low income, you may still be eligible.
Dial a TV are part of Hughes Electrical Group, the biggest independent electrical retailer in the UK and have 23 years’ experience in the industry.
They provide a range of appliances and electronics for the home including:
- Washing Machines
- Ovens
- Freezers
- Cookers
- Televisions
- Computers
Cheap home entertainment rental
Get an LCD and Plasma TVs from as little as £1.40 per week.
Television rental gives you the opportunity to move at the same pace as technology does. You can choose to use latest tech gadgets and equipment and upgrade it every year as new technology is introduced.
This method of rental is particularly popular for home entertainment equipment as features like high definition, internet applications and 3D are introduced and updated and introduced on a yearly basis.
Cheap applicance rental
Choose from cookers, freezers, dishwashers or ovens from as little as £1.20 per week.
Fixing a broken washing machine or fridge can be expensive. By choosing for a rental washing machine, you are able to avoid these unwanted costs by allowing Dial a TV to service the equipment.
If you are the owner of a washing machine which requires repairs, you may have to wait weeks for parts or for a service technician to make an appointment. With Dial a TV, you will be offered a fast solution or you could opt for a replacement, with no added charge.
Cheap console rental
Play on the Playstation 4 orXbox 360 from as little as £3.90 per week.
These flexible weekly payment options makes it very easy for anyone to afford any gaming console without feeling the pinch of paying the full price tag amount at once.
Delivery is Free
Dial a TV offers free delivery on all their options. A date will be arranged with you and on that day, you will receive a telephone call first thing in the morning to arrange a suitable delivery time. If you work all day and require to be called after 5.30pm, that is no problem just let them know.
Installation is Free
Dial a TV has a team of trained installation experts. This is important as you need to have knowledge to install equipment properly. If you require advice on using your equipment, the trained technicians will gladly assist you.
When it comes to cookers and white goods, Dial a TV will undertake the installation, on condition that there is no electrical or plumbing work involved.
Repairs are Free
If the technicians are unable to repair the product at your home, you will be provided with a loan product with the same specifications.
NOTE: For computer equipment, Dyson vacuum cleaners and games console repairs are covered by, by the manufacturers warranty only.
Click here to visit www.dialatv.co.uk
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Tips on applying for catalogue credit with bad credit history
It is important that you double check all of the personal information you enter on your application so you will know that it is 100% accurate. Entering any details that are incorrect may automatically disqualify you, so it is therefore crucial that you make certain everything is filled out correctly.
There are many different factors that can affect your credit score, though most of them are related to outstanding and past debts as well as your repayment history with loans and credit cards. You may want to take the time to look at a copy of your credit report so you can get a better idea as to where you stand when it comes to all of your debts.
A credit score of 600 is considered to be the average, so you will be able to discern from your credit report what yours is like and can manage your expectations accordingly when applying for credit. Take the time to look over your credit report carefully for any inaccurate information so you can confirm that there is nothing on it that shouldn’t be.
You will find that pay monthly catalogues can be a great option for those who have bad credit, simply because they will allow you to make small payments on the items you purchase each month so you will not have to worry about getting overwhelmed and not being able to pay.
If your credit rating is preventing you from being accepted with the other mainsteam companies like Littlewoods and Very your best chance is to try with the companies listed.
No credit check catalogues?
Unfortunately there is no such thing as no credit check shopping catalogues, although you may be given a small credit limit to start off, you will find that your limit will most likely be increased over time, provided you make your repayments on time and are not late. All finance providers are obliged by law to check your financial status before providing credit or finance.
Buy now pay later?
All of the catalogues above allow you to buy now and pay later on a pay weekly basis.
Other catalogues for bad credit?
If you have bad credit history, unfortunately there is not a huge choice of pay weekly or pay monthly catalogues to choose from. Your best bet is to apply with the catalogues listed above and avoid applying with catalogues from the Shop Direct, Ottoman and N Brown Group.
Littlewoods, Very & Freemans
Both Littlewoods and Very belong in the Shop Direct Group and are hard to get acceptance if you have bad credit history. If your application is denied from one catalogue, there is a high chance you will be refused by others within the same parent group.
Freemans belong in the Otto Group, along with pay monthly catalogues such as Curvissa, Grattan and Look Again. These catalogues should be avoided if you have bad credit history.
Check your credit report for free
Why should I do a regular credit check?
Everything from credit cards, car loans, store cards, bank loans and of course, catalogues – in fact everything that requires you to borrow money will be based on your credit report. Therefore it is vitally important to see what information is being held about you by the credit agencies as this is what the lenders will see when you apply.
A poor credit rating can effect not just your ability to get catalogue credit but even the ability to open a bank account or even get certain jobs. If the lender thinks that as a consequence of having a poor credit raying two things can happen
-
You may be refused the product or service you applied for
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You may be offered the credit, but at a higher rate because of the perceived risk you appear to represent to the lender
A credit rating is a score based on your financial history, designed to help lenders to lend responsibly and profitably. Checking your own file will highlight any problems, or very commonly, historical mistakes that could affect your credit score.
Why check my credit rating?
People often ask, “Why should I check my credit rating?” Here are a few reasons:
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Your credit report is updated regularly and this can affect your credit rating. Monitoring means you can deal with problems before they become a barrier to your ability to get credit
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ID Fraud is becoming increasingly common. Credit monitoring will alert you to any fraudulent activity occurring in your name
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Is my report clean? If you have had some indiscretions in your past, monitoring enables you to see when your credit rating has recovered
What does a credit reference agency do?
A credit reference agency keeps and securely stores data such as the credit you have taken out, your credit history and any court judgements against you. Financial institutions, shops and other organisations extending credit then use this information to help them lend responsibly.
The information held on you by a credit reference agency is only half of the picture the lender will use. The other half depends on what information you have supplied on your application form, the type and magnitude of borrowing you are applying for and how other people with similar demographics have performed in the past.
Get your FREE credit report and see whats on there
Experion have a web based product called CreditExpert. Members of CreditExpert have online access to credit specialists who will be able to advise you if you have any concerns about information on your report.
You will receive alerts that tell you whenever your credit history is searched and when information on your credit report significantly changes. With this service, you will quickly spot if someone is trying to apply for credit in your name
CreditExpert is the UK’s leading online consumer credit monitoring and identity fraud prevention service. They currently have a 30 day free trial which allows you to sign up and view your credit report for free. Once you have checked your personal credit rating, you can then cancel (within 30 days) and not pay a penny.
Get your free credit report here