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

milliebear00001

NickX wrote: »

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.

Hi there

I'm new to this part of the forums and have a question re. Barclaycard.

I am thinking of applying for a mortgage and so checked my credit file. I have two 'amber alerts' on my record. Both relate to two late payments - one last year, one the year before. Both were due to forgetfulness rather than financial probs.

I had assumed these counted as 'defaults' - 'missed' payments - and have been warned that this is not good for mortgage puposes, but the above quoted post seems to suggest that 'missed pyaments' and 'late payments' are two different things. Is that really the case? If so, how would a prospective lender know which mine were?

Thanks.

lauraeredfearn

Hi,

I have checked my credit report on Experian and it shows that I have no debts and no credit. I am puzzled though, because I have been in debt and although they are now all paid off (3 in total) nothing is showing up. The only thing I can find which does is the amount of linked addresses which show up. I have 37 and presume this is bad and is why I get turned down for credit??

Any advice on this matter would be greatly appreciated, I am getting married next year and we would love to get a mortgage and have our own house, I just need a way out of this!!

Thanks
L

dizzyblonde82

I dont think the liked addresses mean that much as I have over 40 but they are all the same, it seems like each creditor has logged that I have amended my address with them.

Would be interested in other people's opinions though.

chopper_99

Hello all.

I'm having some credit issues and I'm hoping for some advice from the lovely people on here. I recently applied for a mortgage with my fiancee which was promptly rejected. Before then I'd worked hard to repair my credit history and despite some stupid mistakes while at uni I'd got to the point where everything had been paid on time for a good few years.

However, when I ordered another credit report from Experian it contained a CCJ that had been put on there in 2006. After some digging I found that it was from unpaid tuition fees from when I was at University, now totalling around £900 apparently. The problem is this is the first I'd heard of it. I left uni half way through the term in 2002 to get a full time job and had no idea I owed this money. I received no letters from the university to either my address or my parents address, and I currently can't afford to pay off that kind of money in one go.

Is there anything I can do?

never-in-doubt

chopper_99 wrote: »

I received no letters from the university to either my address or my parents address, and I currently can't afford to pay off that kind of money in one go.

Is there anything I can do?

Contact the lender and arrange the repayment of the monies then when they send a receipt confirming it is paid you contact the issuing court and request removal of CCJ. However, assuming you went for a mortgage, you should have £900 - from your deposit?

As things stand you'll never get a mainstream mortgage so clearing the CCJ and then reapplying for the mortgage should be paramount - no? Pay it off with your deposit funds and then save to fund the deposit again.

That is all you can do.

BLT_2

zeropointone wrote: »

Hi all,
I took on a free trial with Experian just over a year ago as I was having some issues with a credit card provider and wanted to add a notice of correction. I cancelled before the free trial ended.
I am now about to apply for a lease on a flat and new creedit card and want to check my files again, but I've found I cannot do this with experian as when I attempt to sign up for a free trial - even with a different email/username - it refers me to my old account and requests I make an immediate payment, signing me up to their yearly service.
Is there anyway to avoid this?
Also, my highstreet bank professional development loan of about £25,000 is not listed on my Equifax report. I pay the minimum repayment monthly - always on time. Would it be of any advantage to tell Equifax that they do not have this account llisted?
Thank you all!!

Once you sign up with Experian they retain your details even after you cancel, its very much a case of one free trial and you are out :-) As soon as you log in again they restart your monthly direct debit.

There is absolutely no benefit in advising Equifax of the fact that you have a loan of 25k, firstly this would put you down as a big time debtor, and secondly you would have a statement each month that you had made the minimum payment, both of these factors can only be to the detriment of your credit record

chopper_99

never-in-doubt wrote: »

Contact the lender and arrange the repayment of the monies then when they send a receipt confirming it is paid you contact the issuing court and request removal of CCJ. However, assuming you went for a mortgage, you should have £900 - from your deposit?

As things stand you'll never get a mainstream mortgage so clearing the CCJ and then reapplying for the mortgage should be paramount - no? Pay it off with your deposit funds and then save to fund the deposit again.

That is all you can do.

Thanks for your reply.

Recently's actually a bit of a stretch, it was over a year and a half ago now and since then the deposit money has been used to move to a new area (privately rented) and some other stuff.

So I can't get the CCJ removed before I've paid the £900? Even though I knew nothing about it?

never-in-doubt

chopper_99 wrote: »

So I can't get the CCJ removed before I've paid the £900? Even though I knew nothing about it?

Ahh now you're talking my kinda language! Ok, send a PM to my mate 10past6 and tell him Niddy sent you - be patient cos he is a busy dude, but he is the expert on getting incorrect CCJ's set-aside....

If it can be done, he's your man. Like I say, don't hassle him - he will reply when he gets a chance, the more info you tell him - the better advice you'll get. Maybe worth pointing him to this thread.

Good Luck

Edit - ive PM'd him (10past6) directly to this thread, on your behalf.

10past6

chopper_99 wrote: »

Is there anything I can do?

Before making a set aside application, I suggest you contact the student's union where you were based, get them to act on your behalf how the debt's been calculated and how a CCJ ended up being registered, it'll be cheaper to use the students union, most SU are very supportive and clued up.

Once you've completed that route, you should have enough documentation to support your set aside application, if you then chose to make a set aside application, come back here for further advice.

iseg

Hi, this is my first post, so if I've missed anything out or posted this in the wrong place then please tell me! I am 19 and currently in my gap year working in a placement at a large company. I would like to get my first credit card both to improve my credit rating when I apply for a student bank account and because due to my travel plans this summer I anticipate spending over £100 on tickets et.c and would like the protection. I was wondering if anyone knows which of the bad credit cards are best for overseas use? This would be quite handy if I run out of money abroad.

Also, how long would I have to be using the card before my credit rating would improve significantly? This is relevant to the size of the overdraft on any student bank account I would get. This is not crucial as due to the amount I have saved this year plus a maintenance grant I don't think I'll need to borrow much next year.