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

izools

pete_ wrote: »

Is anyone else having trouble signing up for this?

I go through the motions, fill in form, card details etc and then when I submit it tells me there has been an error and to contact them by phone!

The buggars I want my £8. :mad:

Could be an address mismatch or any other of reasons causing their not being able to ID you. Give them a call and they should be able to sort it out.

Do you have active credit accounts at your current address and are you on the electoral role there?

If the answer is no to either of those questions I wouldn't expect them to allow you to view your report without proving your ID.

pete_

Izools, no we are not on the electoral register yet - though I have applied ....

bowden769

Hi

i am new here i am trying to get a mortgage with my girlfriend

she has a 999 credit score
and mine it 377

will we be able to get one with my score being so low ??

never-in-doubt

forget these irrelevant scores that mean nothing!

Yes you may still be accepted, just speak to a mortgage broker/bank and see what they say. Thing is though, why is the score that low? Ignore the score part, check the actual data that you have against your name and decide from that if there is a reason the score is lower.

However, in the main ignore this meaningless score - next time you want one, send me a fiver and i'll do the same and guess a number for you lol :beer: :beer:

T0mcat

I've recently applied for finance on a new car and my initial application was rejected. I then applied in joint names and this was subsequently rejected. On both occassions, I did not receive an explanation / reason for the decline. However, on checking my credit rating / score, it is 'excellent' with a score of 999. I have no outstanding debts, pay off credit cards in full monthly, have never missed a payment/been overdrawn. We have both been in coninuous employment for 23 years and have lived at our address for 8 years.

The company have now approved the loan, having requested 3 months bank statements, but I now want a reason why the loan was initially rejected and I want the 'declined' searches removed...can this be done and how do I go about it?

izools

1. The credit score is useless. Every creditor has their own scoring techniques and these techniques always take into account data that Experian don't hold about you.

2. You can't legally get the searches removed as you consented to them. That's as far as it goes as the DPA is concerned. You could still raise a notice of dispute against them with Experian and see what they do, don't hold your breath.

3. Why do you think you might have been declined? Have you ever borrowed and repaid that much in the past? Have you got credit cards at the moment? Have they been open long enough for the finance company to see you've dealt with credit in the past for as long as the new credit agreement is likely to last? Have you recently moved jobs and / or address, hence showing a sign of slight instability on your application form? Are you both registered on the electoral role?

Every lenders criteria and scoring policy is different, one may say no another may say yes, not because there's anything that you are doing wrong, but simply because you are a square peg and they are a round hole.

Perhaps your history of never carrying a balance on a credit card and thus having no record of borrowing a large amount of money and repaying it over a year or so on your credit file, is considered a risk factor in the eyes of some creditors? Why should they have confidence in your ability to borrow more than you can repay in a month if you've never done it before?

harryhound

could it have simply been a case of the lender realising they could get a more profitable rate of interest out of your loan and so did not want to rent you the money that cheap?

If you wanted to rent a property would you expect your potential landlord to explain exactly why he chose a different tenant? You would just have to find another landlord more desperate to rent out their property.

iant1a

The AA Credit Card application asks, under 'borrowings' heading for store card details, I have none, which is fine but it also asks for 'other'. We have a bank loan, overdraft and credit agreement for our car but do these count and, if so, how do I get it the one box they provide?

izools

I think it is referring to other cards - e.g store accounts.

They will see your loans when they do the credit check anyway and calculate accordingly.

iant1a

Appreciate the info. ;-)