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

EycplUK

harryhound wrote: »

The load must be past the 6 years of statute of limitations (England & Wales) by now or have you been acknowledging it or is it secured against land?

I have not acknowledged the debt to Black Horse as thier letters stopped ages ago , have had letters from Lowell Finance regarding the debt , usual thing from them , Pay up or else etc..... , checked info about them on here and have never replied to them .
Loan was unsecured .
On my report the default is shown as Black Horse but there are a cpl of searches by Lowell showing reason :unrecorded
So can i get the default removed and how ?
Cheers

koolricky

Hi guys:

The other day I tried to buy an iPhone but in the last bit I was told I couldn't because my credit rating is low.
I have been late paying my February and March credit cards (although the March one was due to an error on the online banking account and I am trying to resolve that with my bank, LloydsTSB). PRevious to that my credit history has been pristine!
I have since then paid my credit card and this month I have paid it the same day that the statement came. I went to the creditexpert (experian) website to know my credit report and is deemed as satisfactory (credit rating you have to pay for it so I did not do it). However, I have noticed in my record that it shows that I have had 6 searches in my record although those were just me trying to buy stuff with my credit card...

My questions are:
1) Do you think I can buy an iPhone (with monthly plan) if my credit is satisfactory? I really don't want to go back to the shop to be told I have been declined credit!
2) Do you think I should bother with those recent searches? I have not search for anything, I just tried to buy something! Should I write to experian to get that sorted?

Many thanks

izools

capitaine wrote: »

Hi a little help required,

I'm very new to credit, not long had my current account, only this month got accepted for a vanquis card, i've got a few utilities in my name & a sim only contract. I've become obsessed with improving my credit rating.

I've recently made lots of searches on my name in order to set up new necessary utilities due to moving, along with bt, virgin internet & applying for the card. I've also made applications to aqua who said no & capital one who just haven't replied.

The reason for my haste is my wish to be buy a house hopefully next year sometime & with relatively no credit rating it's a long shot, but I don't want to further hamper my chances by being impatient. Please advise me on how I can continue to help my chances & what time frame would you suggest I take on more credit to prove I can handle it. I have no ccjs, no late payments & a £250 card limit.

Thanks

Now that you have a bank account, credit card, and mobile phone showing on your file, the best way to improve your credit rating is to do nothing.

Stop right where you are, and demonstrate that you are able to:

1. Not apply for something unless you are serious about it - show creditors that they can take your application seriously and not think you're doing it willy-nilly
2. Only open an account that you really could do with having, not for the sake of it
3. Handle your accounts well, over a long period of time, and leave them open for a long time, demonstrating both responsibility and loyalty to your creditors

Without this, your score will drop. After 9-12 months from now, it would be worth applying for another card better than Vanquis; don't get application crazy otherwise you will just damage your score and get stuck in a spiral of declines forevermore.

If you don't apply for anything else for the next 12 months, leave your current account, mobile phone, and credit card open, paid on time, and used on a regular basis, you may very well have just built up what's required for a mortgage lender to trust you and take your application seriously.

I was approved for a mortgage at age 20, but only by sticking to my own rules. Good luck; you'll be fine with the right approach :beer:


EDIT: And at 21 I was walking into my local county court filing for Bankruptcy. Spend the next 12 months planning contingency upon contingeny regarding home ownership. Weigh up all the pro's and con's. Speak about it with as many people as possible. It is a huge obligation to take on board and if you aren't ready; you'll end up in a similar situation. So good luck with your credit score, house, and making the right decisions

kath3177

Hi There

I wonder if anyone can help me. I currently own my own home, which I have a mortgage on. My partner and I are now looking to buy a house together and get a joint mortgage. Our problem is that my partner went bankrupt in 2001 and was discharged from the court in 2003. The amount was under 10k and was administered in a summary manner.

We are concerned when applying for a mortgage that we will be rejected because of this.

Hope someone can give us some more information on this.

Thanks

tallulah

Hi guys, hope someone can help me please....

I applied for a Virgin CC to use as a balance transfer for 2 other CCs and was declined in Jan this year. I believe this was due to the fact that i have a mortgage, 2 credit cards, 1 loan (due to finish in Aug '10), an over draft and a catolgue with no money owning on it but still credit avaiable for me. The letter I got simply said i had too much credit and they won't give me a virgin CC.

Anyway I got my credit reports and spotted an error where virgin did a credit check on me twice within 1 week of each other - this have been corrected on my file. So i thought happy days... everything is satsfactory report looks ok. So in order to get rid of my credit cards and overdraft, I decided to 'top-up' my current loan which only have to Aug '10 left on it.

low an behold - they declined to give me the loan last week..... and I really can't figure out why.... my report looks good and i don't want to apply for anything else again as that will be yet another search....

but i can't figure out what the problem is......

one quetion is I had a next an littlewoods account that are on my credit report but have not been used since Feb'07 & Dec'08 and are satisfacory and settled on each, but are these still classed as credit avaiable to me??

an ideas how i can improve my credit rating...

electoral roll - done
pay debts regularly - done
do not default - done

am i best just to keep paying off as much as possible from the cc's and overdraft and apply again on another 6 months?

km79

My credit score is describe as poor. What can I do to improve my credit score? I moved 6 months ago. I know Iam registered at Electoral roll but isn't in my report. What I should do? When probably I can apply for loan and get it?

CannyJock

km79 wrote: »

My credit score is describe as poor. What can I do to improve my credit score? I moved 6 months ago. I know Iam registered at Electoral roll but isn't in my report. What I should do? When probably I can apply for loan and get it?

Start with reading the article on how to improve your credit score on the main site, there's a link to it above.

You need to fix being on the electoral roll on your report.

As far as applying for a loan is concerned, it's not as simple as being at an address for a period of time.

jenny2010_2

harryhound wrote: »

The load must be past the 6 years of statute of limitations (England & Wales) by now or have you been acknowledging it or is it secured against land?

Does that mean if you owe money but have not contacted your creditors for over 6 years it is written off? i thought that wasn't true

temitayo

My credit score is given as poor but if I remove my "missed payment in the last 6 months" this goes to good.

Now I didn't actually miss the payment, it went out of my account, was rejected and returned to my account a day later and was then paid a day or 2 later after I phoned up to enquire why it had been returned.

This was all due to my car insurance company taking a year's insurance out using automatic renewal as an excuse even though I wasn't fully aware that it was going to happen (slightly my fault) and sending me over-overdrawn but when I complained they returned the money to me within 2 days.

I asked my bank whether this would affect my credit rating when the I spoke to the loan people and they said it shouldn't but I tried applying for a balance transfer on my credit card from Natwest today and got rejected.

Is this likely to be because of the late/failed payment, and can I fix this in any way, or just some other issue; I am only 24, have only lived at my address for a few months and have gone over-overdrawn a few times in the last year (only by small amounts of less than £30 aside from the insurance debacle above) but I have never missed another payment on any form of my credit balances.)

Any advice would be much appreciated!

harryhound

jenny2010 wrote: »

Does that mean if you owe money but have not contacted your creditors for over 6 years it is written off? i thought that wasn't true

http://www.payplan.com/debt-library/joint-and-several-liability-the-limitation-act-1980.php