The first thing you have to consider when applying for a catalogue credit account is what repayment method works best for you as if you do not stay on top of these repayments, you could end up with a large pile of debt on your hands. What’s best for you probably depends on the frequency of your income, for example if you get payed less frequently then monthly repayments is probably the best method for you whereas if you get paid reasonably frequently then your best option may be weekly. After deciding this, the next step is to decide which catalogue suits you best and which one you want to apply for, all you do is fill out an application form with some basic information.
If your credit rating (based on the information you provided on the application) is high enough then your application is more likely to be accepted. In order to maintain a high credit rating, you should ensure that all your repayments are paid on time and in full as otherwise, if you fail to complete this your credit rating will fall and future lenders will be inclined to decline offering you money. Once your credit rating has been accepted you are free to shop till you drop!
However, you might not be accepted which means that you are unable to start spending catalogue credit straight away, here are some ways which might help you improve your credit rating:
• Check through your application details and ensure there aren’t any mistakes, if there are mistakes be sure to inform the credit reference agency.
• Check that you have not registered your account to link with someone else as if they have got a bad credit rating, this could prevent the agency from allowing you to have an allowance.
• Ensure that you no longer have any outstanding debt, if you do, clear this debt and resend your application
It is important to understand that when you first start
Your catalogue credit will be limited however the longer you consistently repay you loans, the more credit you will obtain and the more items you are able to purchase from the catalogues. Although having a high credit rating really helps your application, it does not necessarily mean you will instantly be allowed catalogue credit as other factors are also taken into consideration for example, you must have proof of your financial stability. This is to prove that you will be able to repay the money as promised, either weekly or monthly.
It may be that your allowance has increased and you are now allowed to spend more catalogue credit, but you are unable to keep up with the new payments. If this happens, be sure to contact the catalogue credit agency and inform them of your problem and they will be sure to return your allowance to what it was before the increase.
Catalogue credit beginners are often greeted with special promotional gifts or discounts and continue to receive these benefits throughout their catalogue credit lives as this is the companies’ way of thanking you for being a member. Some even offer free gifts on special occasions like birthdays, making you feel extra special.