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

Casanova

dandelions wrote: »

If I use the "deficit banking" technique in the Student Account section, will it harm my credit rating? Can it harm my standing within a certain bank (in this case Halifax) even if it doesn't harm my credit rating overall?

(summary of the technique: I have a £2k 0% arranged overdraft on my current account. I'd move the overdraft money into a savings account and keep a permanent negative balance on my current account, though without ever dipping as far as an unarranged overdraft.)

I did this with Natwest during my first degree. Whilst it didn't harm my credit files at all, I did find that Natwest were reluctant to provide me with other products further down the line (credit card, graduate loan etc) and didn't raise my limit as they did with "active accounts".

Casanova

I decided to check all 3 of the statutory £2 reports today. The Equifax and CallCredit ones were quite useful - showed some interesting information. Unfortunately, despite entering the exact same, correct details into the Experian one, I got the following message:

Sorry there has been a problem
Unfortunately, we could not process your application for a credit report because we were unable to fully confirm your identity based upon the information available to us.
In order for your application to proceed, you need to write to the address below enclosing a copy of either a current passport or driving licence in your name together with two other original documents connecting you to your present address (eg. bank statement, mortgage statement, council tax bill, solicitor's letter, or recent utility bill in your name) these must be dated within the last three months. Please quote your reference number [] when you write to us.

Your card has been debited.

Experian PLC
PO Box 9639
Nottingham
NG80 1AE

So they've taken my money but I now have to jump through hoops to get my report. Not impressed

MarsdenCuckoo

Would appreciate some guidance please....

'Adam', 18+, living at home with parent, has been rejected/refused a credit line due to his parent having an unsettled debt with the same organisation. Is that legal or is there anything 'Adam' can do?

hullight

MarsdenCuckoo wrote: »

Would appreciate some guidance please....

'Adam', 18+, living at home with parent, has been rejected/refused a credit line due to his parent having an unsettled debt with the same organisation. Is that legal or is there anything 'Adam' can do?

'Adam' has not been refused because of his parents. 'Adam' either doesn't earn enough himself or doesn't have enough credit history.

MarsdenCuckoo

hullight wrote: »

'Adam' has not been refused because of his parents. 'Adam' either doesn't earn enough himself or doesn't have enough credit history.

Thanks, hullight, but I'm led to believe that he's been refused due to 'previous debt incurred at his address' rather than by him personally.

hullight

MarsdenCuckoo wrote: »

Thanks, hullight, but I'm led to believe that he's been refused due to 'previous debt incurred at his address' rather than by him personally.

The address is not taken in to consideration at all. The link could only be made if there are any joint accounts.

chopper_99

Hello again,

Some of you may remember that I asked a few pages back about a CCJ that had been put on my credit file without my knowledge back in 2005. It's from uni fees in 2002 that I had no idea about and I only found out about it in 2007, and have since been meaning to sort it out but haven't.

Anyway, last week I went online and found that you can now pay your £2 and view your Equifax, Experian and Callcredit reports online. I paid for all 3 and there is no longer a CCJ on any of them.

So my main question is, are these onlione versions of the statutary credit reports the same as the ones you get in the post? As far as I can see they should be and have all of my other info on them.

So it now looks like, for the first time in years, I have an excellent credit history. I have a mobile contract with 3, and two credit cards with Egg and Vanquis. The first I got in 2002 and the second in 2006, I've never missed a payment on any of these things and that is shown in the report. But in the last couple of years I got turned down for anything I applied for, but this was probably because of the CCJ. I've had no credit searches on the report for a good few months, in fact there are none shown on the Equifax and Callcredit reports and one on the Experian. I'm on the electoral role.

I'm still tentative about applying for a loan. I desperately need a new car, but I'm so used to getting turned down. On the face of it does it look like I should be accepted?

izools

chopper_99 wrote: »

Hello again,

Some of you may remember that I asked a few pages back about a CCJ that had been put on my credit file without my knowledge back in 2005. It's from uni fees in 2002 that I had no idea about and I only found out about it in 2007, and have since been meaning to sort it out but haven't.

Anyway, last week I went online and found that you can now pay your £2 and view your Equifax, Experian and Callcredit reports online. I paid for all 3 and there is no longer a CCJ on any of them.

So my main question is, are these onlione versions of the statutary credit reports the same as the ones you get in the post? As far as I can see they should be and have all of my other info on them.

So it now looks like, for the first time in years, I have an excellent credit history. I have a mobile contract with 3, and two credit cards with Egg and Vanquis. The first I got in 2002 and the second in 2006, I've never missed a payment on any of these things and that is shown in the report. But in the last couple of years I got turned down for anything I applied for, but this was probably because of the CCJ. I've had no credit searches on the report for a good few months, in fact there are none shown on the Equifax and Callcredit reports and one on the Experian. I'm on the electoral role.

I'm still tentative about applying for a loan. I desperately need a new car, but I'm so used to getting turned down. On the face of it does it look like I should be accepted?

How many times have you moved since the CCJ was recorded against you? It may be that the address at which the CCJ was recorded is not showing on your files for some reason or another.

I would call the credit reference agencies respectively to see if this is the case.

Alternatively, one workaround is to use this:

https://letmechoose.barclaycard.co.uk/

What it does is a soft search on your Equifax credit file, one that other lenders can't see, and lets you know what cards you are likely to be approved for given the data you supply and your credit file.

It isn't an application, and whilst your after a loan rather than a card, if it says "You can get a Platinum" then chances are you'll get a loan, too.

If it says "You aren't eligible for any of our cards", well, then probably won't get a loan either.

Good luck!

fawinds

Casanova wrote: »

I decided to check all 3 of the statutory £2 reports today. The Equifax and CallCredit ones were quite useful - showed some interesting information. Unfortunately, despite entering the exact same, correct details into the Experian one, I got the following message:

Sorry there has been a problem
Unfortunately, we could not process your application for a credit report because we were unable to fully confirm your identity based upon the information available to us.
In order for your application to proceed, you need to write to the address below enclosing a copy of either a current passport or driving licence in your name together with two other original documents connecting you to your present address (eg. bank statement, mortgage statement, council tax bill, solicitor's letter, or recent utility bill in your name) these must be dated within the last three months. Please quote your reference number [] when you write to us.

Your card has been debited.

Experian PLC
PO Box 9639
Nottingham
NG80 1AE

So they've taken my money but I now have to jump through hoops to get my report. Not impressed

I am on the electoral roll and they've done this to me every time I apply for a credit report. I usually send a copy of my driving licence and then the answer back asking for passport.

Last time I replied with a complaint and said I only use my passport to travel abroad, not to get credit reports.

chopper_99

izools wrote: »

How many times have you moved since the CCJ was recorded against you? It may be that the address at which the CCJ was recorded is not showing on your files for some reason or another.

I would call the credit reference agencies respectively to see if this is the case.

Alternatively, one workaround is to use this:

<snip>

What it does is a soft search on your Equifax credit file, one that other lenders can't see, and lets you know what cards you are likely to be approved for given the data you supply and your credit file.

It isn't an application, and whilst your after a loan rather than a card, if it says "You can get a Platinum" then chances are you'll get a loan, too.

If it says "You aren't eligible for any of our cards", well, then probably won't get a loan either.

Good luck!

Thanks for that.

Since the CCJ was recorded I've moved a couple of times. However, I entered all of my previous address details when applying for the report, and all of my linked addresses are on there.

Unfortunately I just did that very handy Barclycard pre checker and it told me I wasn't currently eligable to apply for a Barclaycard. So now I'm pretty puzzled to be honest. However, one of my old debt issues was with Barclaycard and I currently have a £3000 overdraft with them, so I'm guessing that might affect it.

I'm toying with the idea of applying for a Flybe credit card to see if I get accepted, and then using that to transfer the balance of my Vanquis. But if I get knocked back for that one I'm not really sure where to go from there.