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Credit Rating: How it works and How to improve it discussion area

edited 10 June 2010 at 1:08PM in Credit File & Ratings
2.6K replies 448.5K views
Former_MSE_DanFormer_MSE_Dan Former Web Editor
1.6K posts
edited 10 June 2010 at 1:08PM in Credit File & Ratings

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Replies

  • DonvitoDonvito Forumite
    5 posts
    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?
  • lsudawlsudaw Forumite
    19 posts
    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?
  • edited 24 December 2009 at 11:53PM
    Sally87Sally87 Forumite
    54 posts
    edited 24 December 2009 at 11:53PM
    Question 10 is a bit loaded - it asks whether 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_2Moggles_2 Forumite
    6.1K posts
    Donvito wrote: »
    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 ;)
    People who don't know their rights, don't actually have those rights.
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    lsudaw wrote: »
    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.
    People who don't know their rights, don't actually have those rights.
  • 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!:mad: . 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.
  • YorkshireBoyYorkshireBoy Forumite
    31.4K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    dhil1on wrote: »
    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_2Moggles_2 Forumite
    6.1K posts
    dhil1on wrote: »
    ...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 :eek:
    People who don't know their rights, don't actually have those rights.
  • 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
    'Never leap-frog a unicorn'
  • NickXNickX Forumite
    3K posts
    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.
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