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

Nurseyjo_2

Moggles wrote: »

No, credit ratings assess people, not dwellings. The move would have temporarily disrupted her credit rating, unfortunately.

What credit facilities are currently held in her name?

Thanks for your prompt reply. She has a current bank account, a store card, and her mobile phone account. Previous settled account for a previous bank account and mobile phone. Other than that, nothing.

Moggles_2

Nurseyjo wrote: »

Thanks for your prompt reply. She has a current bank account, a store card, and her mobile phone account. Previous settled account for a previous bank account and mobile phone. Other than that, nothing.

It's probably the lack of an established credit history plus a recent move that's the problem then.

Basically, lenders like stability, so best practice when building a credit history is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while and having a land-line phone, all help when applying for credit. Basically, the longer you stay put the better, as far as your credit history is concerned

PROLIANT

These searches are not credit searches and they will not be visible to lenders, only you.;)

Craig2010

Hi Folks... just joined the forums after a couple of months browsing them. I have 3 Credit Cards, just inherited quite a large amount of cash so was able to pay them all off at once, how long will this take to appear on my credit file? A couple of months, or longer? Also will just paying them off improve my credit rating or will i have to use them and pay off the balance in full the next month to see my rating improve? Thanks in advance.

never-in-doubt

should be at the next monthly CAIS/INSIGHT update so if you paid in march, by april they will be showing £0

wayne99

evening nid, and all !

I have a question.... with regards to my better half's credit..

ok,

her Experian is currently clean, 5 credit accounts all open 1 year now, all green 0's
there is one CCJ on there which will be 3 years old in may (270 odd quid)

her Equifax currently has 3 defaults, 1 for virgin media (they have agreed to remove as it was placed in error)
2 for good old phoenix recoveries (currently awaiting the outcome of a cca request on these accounts) lol and the same CCj as Experian.

we have lived in our new home now for 2 years this month, she is employed and has her own bank account.

she currently has 6 searches on Experian in the last 12 months, and 4 or 5 on equifax for the last 12 months, we are financially linked which will hopefully be sorted in the next two months (re my other thread about disassociations)

she currently has an aqua card with 34% apr, and a Vanquis with 39% apr, iam wondering where we go from here with this, when should we apply for something with a better apr then these two cards ? and who should we try ?

Obviously i know with the CCJ and a currently dirty Equifax file it will be somewhat difficult...

all suggestions are welcome..

Wayne

never-in-doubt

Wayne,

Hold fire mate - too much going on right now to be messing about applying, you're both quite high risk so sit back and wait until we've sorted CAM etc then consider your next move.....

we'll have your credit file cleared before long when CAM get my letter! - #36

wayne99

the letter is the biz mate, i posted it off on Saturday recorded, so they should get Monday / Tuesday, i have also re-opened the complaint on equifax for that default.

don't worry mate i had no intention of applying for anything for me, my wife has had enough of the high rate cards and was after some advise of when and who she should consider applying for, we are not looking to apply for anything until after Jan 2011 because of all the activity on the reports as of late, and all the searches lol

I'am looking forward to the reply from cam, which i would imagine they will post to my old address as per my last letter the idiots, it amazes me when you put it in bold caps that they must send all correspondence to the new address on the top of the letter and they send it to my old address, just goes to show what a bunch of half wits they are.

Wayne.

Ralphy101

Just a quick Q.

How badly do late payments affect credit?

Daddy-Spendless

i seem to finaly be getting somewhere with improving my credit rating, as ive been approved for vanquis and capital one cards (vanquis turned up yesterday) cap 1 agreement signed and returned on friday.

im a little at a loss as to how best manage my natwest overdraft it originaly stood at 2k but ive payed £50 off for the last 2 months, ive done this by reapplying on line for an overdraft but putting in a smaller figure than my current limit.
can anyone tell me if paying it back this way will adversly affect my credit rating or will it look good?

i was offered a loan to pay the OD off but declined it, (I made a seperate post about this in the loans section)