In some cases, your credit score might not be high enough for you to initially register for catalogue credit; this could be due to multiple reasons. For example, if in your application you missed out the fact that you are able to vote, you will automatically be declined. Additionally, you must make sure that you entered the correct details on your application about your age and financial history. It might be because of your financial history that you were rejected, so if this is the case, you must go over your billing history and certify that your bills are up to date and you paid them back in time. Also, check that there aren’t any mistakes in your application, and if you find any report this to the catalogue team immediately as it could be that one tiny mistake that is preventing them from given you credit.
Despite this, it does not mean that if you have a low credit score, you will definitely not be given the opportunity to have catalogue credit because some catalogues are much more merciful towards people with low credit scores. In fact, it just so happens that there are benefits to having bad catalogue credit, for example, it makes it easier for you to be able to track how much you owe; although you must be extremely careful not to miss any payments.
Bad Credit Catalogue
If it happens that you were accepted to a bad credit catalogue, it is probable that your interest rate will be higher than the average persons, and you will also have a rather low credit rate. It is important to pay the money back in time or the interest rate will increase further. You will however be able to improve credit rate by ensuring that you repay your bills on time and in full, otherwise the interest rate will increase further.
If you are looking to rebuild your credit history, catalogue credit is perfect for you! This is because catalogues are known to be much more likely to accept your application than other lenders such as credit card providers or mobile phone networks.
Say you have been accepted to catalogue credit but you are unhappy with the allowance you have been given, there are some easy ways to increase it. You could start by asking the catalogue you are registered with to increase your allowance; they will review your account to work out if you are qualified for. Credit increase, however this does not work for all catalogues as some are much stricter than others. Secondly, keeping a good rating is vital, this can be achieved by buying more items, or making the items that you do purchase more expensive. This shows the catalogue that you are able to pay the repayments back on time and in full. Although mostly, the largest chance you have of your credit score increasing is just by using your account regularly and making sure you repay the catalogues within the time limit.