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

brookiebroo

I HAVE A MASSIVE DILEMA
WE MOVED INTO OUR NEW HOUSE (FIRST TIME BUYER) IN MARCH 08 THIS YEAR.

WE ARE HAVING A NIGHTMARE TO GET CREDIT CARDS, LOANS, EVEN CAR INSURANCE PAY MONTHLY WE ARE BEING TURNED DOWN FOR.
I OWN MY OWN BUSINESS AND I CAN TURNED DOWN FOR A BUSINESS ACCOUNT!

THE WEIRD THING IS WE COULDNT GET THE PAY MONTHLY OPTION FOR OUR CAR INSURANCE UNDER OUR NEW ADDRESS SO WE TRIED WITH MY PREVIOUS ADDRESS (MUM AND DADS HOUSE) AND THE PAY MONTHLY OPTION CAME UP STRAIT AWAY!?

IM SO CONFUSED!

I RANG UP FOR ADVISE WITH EXPERIAN BUT THEY SAY CREDIT SCORING DOESNT GO ON HOUSES ANY MORE BUT SOLELY ON THE INDIVIDUAL?!

WE HAVE BEEN RECEIVING THE OLD OWNERS POST UP TO THIS DAY 6 MONTHS LATER INCLUDING DRIVERS LISCENCE, H&M REVENUE AND WE EVEN HAD DEBT COLLECTERS TURN UP AT OUR HOUSE LOOKING FOR THEM!

COULD THIS BE THE REASON WHY OUR CREDIT IS SO BAD ON THE HOUSE? OR ARE THE EXPERIAN RIGHT IN TELLING US THAT ITS OUR CREDIT HISTORY NOT THE HOUSE CAUSING OUR PROBLEMS?

OUR CREDIT HISTORY HAS BEEN BETTER THAN EVER SINCE BUYING OUR HOUSE SO IM SO CONFUSED!

JimmyTheWig

Finding the capitals, colour and formatting hard to read, but maybe your answer is that you are not on the electoral role at the new address?

DIVA07984

Hi - i seem to be applying like everyone else on this site - i know my credit is terrible . But i have just had a look at my credit file- on annual report.co.uk and was surprised to see that i have 3 fraud warnings - how i dont know

Welcome finance- never applied to them at all

blackhorse- already have finance with them - i did apply for a loan it says refused - fraud

lloyds tsb - i tried via phone to open a basic account - the lady asked my name dob and address put me on hold - then asked me to repeat my address - then said unfortunatley NO

How can i get these off my report

All the credit cards i have applied have all been declined - now i can see why

Help any ideas please

davids3511

Hi

Hope somebody can help. I have just checked my credit file as I was refused for a phone at the weekend. Everything seems fine except for an account with first direct that is showing 4 late payments. These are not late payments at all, they are instances where I exceeded my agreed overdraft limit by no more then £20.00 on any occasion and the oversight was always made up within 5 days. Two of them were actually £25.00 penalties for bouncing direct debits. Is is correct, I am not currently late with them at all yet my report shows the account is in a bad way?

Thanks for any help

David.

jplmac

Credit reports show payment history for the previous 3 years. If you close the account it will always show the 3 years immediately prior to closing the account. Therefore as I have late payments on cards which I will soon be able to close would it not be worthwhile waiting for 3 years until the late payments are no longer shown and then closing the accounts. This would mean my credit score should improve in 3 years rather than in 6 years. Is the negative effect of having late payments greater than that of having credit accounts that have only recently been closed but have no late payments showing?

Thanks for your help.

Wendybev

I have recently decided to use Martins advice and try to open one of those high interest credit cards to improve my rating but im curious about something.

I had a reply from them today not declining me but asking me to send them 2 proofs of ID such as a driving licence or tenacny agreement/ bank statement.

I can do this and have already put them in the envelope ready to post, but im wondering is this normal? Ive never applied for a card before and assumed they just did credit checks.

NickX

Wendybev wrote: »

I had a reply from them today not declining me but asking me to send them 2 proofs of ID such as a driving licence or tenacny agreement/ bank statement.

Are you definitely on the Electoral Role ?

If not, that is the reason why they want proofs of ID.

Wendybev

NickX wrote: »

Are you definitely on the Electoral Role ?

If not, that is the reason why they want proofs of ID.

Yes Im definatley on the electorial register at this address but I think I might have ticked the box on the form that keeps me private (I did this for other personal reasons).

I have sent back to them my full current driving licence, a recent bank statement and my local election voters card for this year as I didnt vote due to basically forgetting the date of my local election

So they have done a credit check on me and just want to confirm? Or they wont have done a credit check on me yet? Either way I guess we shall see soon enough ..will post back when I hear from them

Thanks for your reply ~ Wendybev

Moggles_2

Wendybev wrote: »

I'm definitely on the electorial register at this address, but I think I might have ticked the box on the form that keeps me private.

Credit card companies normally use the electoral register to verify an applicant's ID electronically.

Ticking the box makes no difference. It removes you from the list that's sold, but does not affect your credit rating because lenders use the full version held by the credit reference agencies to verify your ID.

If I were you, I'd pay particular attention to the way your details are recorded on the register. An extra line may be inserted/omitted, for instance, where a block of flats or house name is involved. You'd be surprised how often this happens.

When you apply for credit cards, bank accounts etc, ensure your address matches the details as they appear on the electoral register and you won't need to send any more documents through the post

Wendybev

Moggles wrote: »

If I were you, I'd pay particular attention to the way your details are recorded on the register. An extra line may be inserted/omitted, for instance, where a block of flats or house name is involved. You'd be surprised how often this happens.

When you apply for credit cards, bank accounts etc, ensure your address matches the details as they appear on the electoral register and you won't need to send any more documents through the post

I checked my electorial voters card and the address is exactly the same as mine, i dont live in a flat or communual building, its a detached property and like i said there wasnt any difference in the details ..

Oh well items are in post ..have to wait and see i guess