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

chopper_99

Thanks very much for your help never-in-doubt and 10past6. I'll contact the SU as a starting point and take it from there. Much appreciated.

chalfont24

I took out an IVA about 2 years ago, but due to moving house and job loss, I couldn't make payments and cancelled the direct debit. Since then, I haven't been able to restart it and it's been about 8 months. However, I checked my Experian Credit report and it doesn't appear on there at all?! There are some default accounts, but no IVA! If I didn't get back to them at all and just waited for the default accounts to expire...is this going to come back and bite me in the butt?!

pcyuljr

Hi,

I'm currently having problems acquiring a credit card.

I appeared a good candidate, mortgage, mobile phone contract, electoral register, no adverse credit EVER and no other credit cards.

I applied for a Tesco one twice and was rejected instantly.

I then applied for a Santander card and was also rejected instantly.

I then acquired my Equifax credit report and everything was hunky dorey, with old accounts settled and everything showing paid up on time.

I re-applied for Santander, again rejected. Finally applied for Post Office one and was again rejected.

I have never used a credit card and thought I may be a victim of not having credit, putting lenders off me. However this would be the only negative on my report and I thought it odd that three seperate lenders would all reject me because of this. I have a good rating and surely by me applying for a credit card the companies would think 'Hmmm, maybe he wants some credit now AND he has a clean record...ideal user!'

I made the applications over the last 4 months, which I realise is a big no no and could result in me getting in to the trap of being rejected in future due to the previous searches. However, this is where the issue is. When I rechecked my report it has the following info;

Credit Searches in Last 6 Months: n/a Previous: 1

The following table shows searches undertaken in connection with credit applications:Name Date Search Reason Company Search Type
No Credit Searches Present

Now this is bizarre as outlined above, I have made credit applications on at least 5 occassions in the last 4 months alone, yet not a single application is showing up. Generally this is a good thing I suspect, but with me being rejected all the time and no credit search showing up it is making me query whether something fundamental is going wrong and whether such a random thing as companies being unable to access my credit rating hence the rejections and lack of confirmed searches?

I have no idea if this is even possible and am just throwing it out there, but am at my wits end now. I'm off to Florida at the start of June and am continually being told I will need a credit card there (hire car/hotels etc) but am just coming up against brick walls!

Any help much appreciated.

iseg

pcyuljr wrote: »

Hi,

I made the applications over the last 4 months, which I realise is a big no no and could result in me getting in to the trap of being rejected in future due to the previous searches. However, this is where the issue is. When I rechecked my report it has the following info;

Credit Searches in Last 6 Months: n/a Previous: 1

The following table shows searches undertaken in connection with credit applications:Name Date Search Reason Company Search Type
No Credit Searches Present

Now this is bizarre as outlined above, I have made credit applications on at least 5 occassions in the last 4 months alone, yet not a single application is showing up. Generally this is a good thing I suspect, but with me being rejected all the time and no credit search showing up it is making me query whether something fundamental is going wrong and whether such a random thing as companies being unable to access my credit rating hence the rejections and lack of confirmed searches?

I have no idea if this is even possible and am just throwing it out there, but am at my wits end now. I'm off to Florida at the start of June and am continually being told I will need a credit card there (hire car/hotels etc) but am just coming up against brick walls!

Any help much appreciated.

I can't be certain, but this is probably due to the fact that different companies use diiferent agencies for credit checks, if you have only looked at your Equifax rating then it may be that some of the checks went through Experian.

mnomis

never-in-doubt wrote: »

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.

Hi N-I-D

Quick question : Do you know of much or indeed any success stories in getting late payment markers removed "as a gesture of goodwill"?

Thanks

BugsyBrowne

pcyuljr wrote: »

Hi,

I'm currently having problems acquiring a credit card.

I appeared a good candidate, mortgage, mobile phone contract, electoral register, no adverse credit EVER and no other credit cards.

I applied for a Tesco one twice and was rejected instantly.

I then applied for a Santander card and was also rejected instantly.

I then acquired my Equifax credit report and everything was hunky dorey, with old accounts settled and everything showing paid up on time.

I re-applied for Santander, again rejected. Finally applied for Post Office one and was again rejected.

I have never used a credit card and thought I may be a victim of not having credit, putting lenders off me. However this would be the only negative on my report and I thought it odd that three seperate lenders would all reject me because of this. I have a good rating and surely by me applying for a credit card the companies would think 'Hmmm, maybe he wants some credit now AND he has a clean record...ideal user!'

I made the applications over the last 4 months, which I realise is a big no no and could result in me getting in to the trap of being rejected in future due to the previous searches. However, this is where the issue is. When I rechecked my report it has the following info;

Credit Searches in Last 6 Months: n/a Previous: 1

The following table shows searches undertaken in connection with credit applications:Name Date Search Reason Company Search Type
No Credit Searches Present

Now this is bizarre as outlined above, I have made credit applications on at least 5 occassions in the last 4 months alone, yet not a single application is showing up. Generally this is a good thing I suspect, but with me being rejected all the time and no credit search showing up it is making me query whether something fundamental is going wrong and whether such a random thing as companies being unable to access my credit rating hence the rejections and lack of confirmed searches?

I have no idea if this is even possible and am just throwing it out there, but am at my wits end now. I'm off to Florida at the start of June and am continually being told I will need a credit card there (hire car/hotels etc) but am just coming up against brick walls!

Any help much appreciated.

You might have a mortgage mate,but credit cards are different you are applying for cards out of your league so to say at the moment,try a couple of sub-prime cards first,get some credit card history with them then go for prime lenders..they want to see that you have managed credit cards b4..

never-in-doubt

mnomis wrote: »

Hi N-I-D

Quick question : Do you know of much or indeed any success stories in getting late payment markers removed "as a gesture of goodwill"?

Thanks

Hiya

Late Payment Markers don't really do much damage if in proportion, i.e. a couple a year - but if it shows like 1,2,3,4 (late) then it'll affect you for a while.

Most lenders refuse to remove them cos they are reflecting a true account of the payment history. If it is just the single late entry then it will have no affect whatsoever....

If you describe personal circumstances, it'd help answer you easier

incesticde

never-in-doubt wrote: »

Hiya

Late Payment Markers don't really do much damage if in proportion, i.e. a couple a year - but if it shows like 1,2,3,4 (late) then it'll affect you for a while.

Hi NID,

Found your answer very interesting ... how long do the late payments markers remain relevant for? (I realise they take six years to drop off your account) Six years?

I have a 1,2,3,4,5 from over three years ago, since then my credit record has been spotless.. Will this still be a factor if I go for a mortgage in the summer?

thanks for your help

Incesticide

never-in-doubt

incesticde wrote: »

Hi NID,

Found your answer very interesting ... how long do the late payments markers remain relevant for? (I realise they take six years to drop off your account) Six years?

I have a 1,2,3,4,5 from over three years ago, since then my credit record has been spotless.. Will this still be a factor if I go for a mortgage in the summer?

thanks for your help

Incesticide

Hiya

Being how old they are, it will not be such a bad thing, bear in mind they sound proportionate, i.e. 5 late payments on one account is better than 5 [1] markers on 5 separate accounts.... you could easily tell the mortgage company that you had DD issues and it was sorted as soon as you realised. Its a common error a lot of people make.

See here: Credit Reference Agencies

Credit Information:
This is data pertaining to live or closed accounts that you may currently have or previously had. The data consists of green [0]'s when you pay on time, factors which improve your credit score. The more green [0]'s you have the better chance of being accepted for a new account. If you have late payments then the marker will increase and show as follows [1]; [2]; [3]; leading to [D] (default) or (settled). A means it is a new account or unrecorded, i.e. the lender doesn't update the record or the account is dormant (sometimes shows as Zzzz).

How long does the data remain?
All data is retained for a period of 6 years except in the case of a live account in which case the data will remain for 6 years from the date you closed the account. Meaning if you have had the account 10 years then close it, the data will show for a total of 16 years on your credit record.

pcyuljr

star-fire wrote: »

You might have a mortgage mate,but credit cards are different you are applying for cards out of your league so to say at the moment,try a couple of sub-prime cards first,get some credit card history with them then go for prime lenders..they want to see that you have managed credit cards b4..

Thanks Bud, that was the conclusion I was coming to also and you have probably pushed me to doing so.

Helpfully when Santander rejected me they also sent an explanation leaflet and a letter explaining I can dispute the decision. The leaflet explained they have to balance 'financial viability' (if I can afford it) and the 'risk' of me as a customer. I have sent them a long letter explaining how and why I can afford one and how my history shows I am not a risk. I have even sent them a copy of my Equifax credit report. What they didn't mention as a factor is 'Can we make a shed load of dosh from you', which I would suggest is the overriding one.

Has anyone actually managed to make a credit card company change their mind and issue a card? I may well just be weeing against the wind, but at least I have given it one more go. I would have thought earning 30K a year with no debt made me a good candidate.

In relation to the sub-prime cards. Is anybody aware of any that offer good
use in the USA? Or are one of the 'better' sub-prime ones?