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[MSE Dan]

This thread is specifically to discuss the

Credit Rating: How it works and how it improve it Guide

Including the new, unique Credit Checker

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[Donvito]

If I have credit cards or store cards which I don't use, can future lenders find out about them if I don't declare them?

[lsudaw]

I have recently been rejected for a credit card. I realised that my mum had unregistered me on the electoral roll. I have just put myself back on. I still have all my financial stuff going to my parents address as I have only just graduated and expect to be renting and moving about for a while (so will remain registered there). 'I' have lived at my parents address for nearly 10 years (including whilst i was at uni) but in that time I have haven't always been on the electoral roll as I was too young and then I was removed for a short time. Does this mean when I fill in the box for how long have you lived at this address - I can't put 10 years as the electoral roll would suggest otherwise?

[Sally87]

Question 10 is a bit loaded - it asks whther you pay off your credit cards and store cards in full each month - I don't have any, but obviously answering 'no' isn't going to help the rating...

[Moggles]

Originally Posted by Donvito

If I have credit cards or store cards which I don't use, can future lenders find out about them if I don't declare them?

Yes, the dormant a/cs are shown on your credit files.

Unless a card has a particular benefit, then I would close it down. Firstly, having loads of credit, even if not used, can put off potential lenders and secondly, by cancelling a card you can re-apply to that provider as a 'new' customer and take advantage of any introductory deals on offer.

Another good reason for phoning customer services to close an unused card is that occasionally you're offered an incentive to stay

[Moggles]

Originally Posted by lsudaw

I have lived at my parents' address for nearly 10 years (including whilst I was at uni) but in that time I haven't always been on the electoral roll as I was too young and then I was removed for a short time. Does this mean when I fill in the box for how long have you lived at this address, I can't put 10 years as the electoral roll would suggest otherwise?

There's no conflict here. If you've lived at the same address for 10 years, then you should say so.

[dhil1on]

hi there, im going to apply for a professional development loan to fund my dentistry studies as i've just finished my biomedical sciences degree.

But i have 3 missed payments to date all from bloody barclaycard in the past 12 months for balances around £20! . I have plenty of money in my current account to pay the balance at the time but I just forget and my bills haven't been coming on time to my home address!
I'm really worried as I am meeting up with HSBC and Natwest, for my postgrad studies and wondering will this effect me a lot?
I have a good healthy balance in my c/ac and have never been in any other problems ever!

Please could someone give an overview about this.

[YorkshireBoy]

Originally Posted by dhil1on

Please could someone give an overview about this.

Set up direct debits in future if you're forgetful (I hope you remember to turn on the ether [or whatever it is they use these days] tap when you're performing your dental work!).

As to the late payments, I'm sure they'd be viewed extremely negatively if you were applying for other credit cards. I'm not sure really how they'd be viewed by a CDL provider. Be prepared for a hard time.

[Moggles]

Originally Posted by dhil1on

...I have 3 missed payments to date all from bloody Barclaycard in the past 12 months for balances around £20. I have plenty of money in my current account to pay the balance at the time but I just forget and my bills haven't been coming on time to my home address.

If you register your details on Barclaycard's website, you can monitor your account frequently online, rather than rely solely on postal statements. Paying online with your debit card via the website is the fastest way to pay as well

Might be an idea to set up a direct debit though for at least the minimum amount. That way, it's BCard's responsibility, not yours, to make sure the monthly repayments get there at the right time. You simply cannot afford any more late payments

[normdeplume]

Hi everyone,

I found the missed paymens question a bit ambiguous. I've missed payment dates on both my cards, but I have paid the minimum amounts due before the following statement arrived. Would that prevent me from receiving a card to balance transfer to?

Thank you,

ndp

[NickX]

Originally Posted by normdeplume

I've missed payment dates on both my cards, but I have paid the minimum amounts due before the following statement arrived. Would that prevent me from receiving a card to balance transfer to?

What you describe here sounds more like Late Payments rather than Missed Payments.

Late Payments are not deemed as serious and the occasional Late Payment has little effect on your Credit File.

However, if you have paid consistently late then any new Lenders will take a dim view of this.

The answer to your question really depends on how often you were paying late. And even then, only the lender concerned knows whether this would result in a rejection. The only thing you can do is apply and see how you get on. Good Luck.

[moon1970]

Hope this is the right place to post. For the past three years I have no debt but a very very poor credit file due to a satisfied CCJ and past defaults. I understand it takes 6 years to be removed from my credit file. Is it worth getting a Cashplus to improve my credit rating? I have read mixed reviews.
Thanks for any help.

[Tristanod]

Will checking my credit record on Experian or Equifax be counted as a credit check in itself, and if so will that affect my record at all?

[Moggles]

Originally Posted by Tristanod

Will checking my credit record on Experian or Equifax be counted as a credit check in itself and if so will that affect my record at all?

Checking your own credit file is not classed as a credit check and has no effect whatsoever on your credit rating

[st@rdust]

Hi ive just checked my credit file and i want to know how to improve it ive only had one missed payment on thwere but i have a lot of accounts all up to date i had a lot of searches done and i know this doesnt help but what else can i do to improve my score as i cant get a CC or loan out ???

[Moggles]

Originally Posted by Sarah_lou_21

I've just checked my credit file and I want to know how to improve it. I've only had one missed payment on there but I have a lot of accounts all up to date. I had a lot of searches done and I know this doesn't help but what else can I do to improve my score as I can't get a CC or loan?

If you have lots of accounts, some lenders may think you have too much available credit in relation to your annual income. It might be an idea to close those cards which are not used.

That said, there are any number of reasons why a given lender may refuse to extend credit. For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/ban...-score#improve

[jbanks]

hi

i have £15k spread over 5 cards which i use for stoozing, the money sits in the bank and is there to pay the minimum repayment each month and the outstanding balance when the 0% is up.

will this adversely affect my rating? mortgage due in March - will have paid back all by then!

slightly concerned though - no other debts, earn in higher tax bracket, mortgage will be 60% of value of property - should i be concerned?

thanks

jb

[Moggles]

Originally Posted by jbanks

I have £15k spread over 5 cards which I use for stoozing. The money sits in the bank and is there to pay the minimum repayment each month and the outstanding balance when the 0% is up. Will this adversely affect my rating? mortgage due in March - will have paid back all by then! Slightly concerned though - no other debts, earn in higher tax bracket, mortgage will be 60% of value of property. Should I be concerned?

Not if you intend to settle in ample time beforehand.

Note: unlike credit searches and some credit applications (which appear on your credit file more or less in realtime), updates of this sort can take up to a month.

[brookerbabyisababy]

if i set up a direct debit for the full amount and say i receive a refund or if i pay online the balance before the direct debit date does the payment still go through?

Also how do I set up one online?

[Moggles]

Originally Posted by brookerbabyisababy

If I set up a direct debit for the full amount and pay the balance online before the direct debit date, does the payment still go through?

The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Which credit card(s) did you have in mind?