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

aristote33

Once a Protected Trust Deed does not feature anymore on a credit report as can be obtained from companies like Experian, can potential lenders still see the trust deed appearing on the credit report when they carry a credit check?

If it does not appear anymore on the credit report at all, when the potential lender ask for any adverse credit history, is the customer meant to disclose the past occurrence of a protected trust deed?

Or is the customer entitled to forward the potential lender towards the information which is visible on the credit report, and as therefore no obligation to disclose the trust deed which is not recorded anymore in the credit report?

Thank you.

sparkymoc

Hi

I was just wandering if having multiple credit cards affects your credit score anf if cancelling credit cards not being used much may improve your credit score?

Thanks in advance.

swinster

Hi all,

i was decalred bankrupt early in 2004, over 6 years ago. Since then, i have never been able to get much credit other than a mobile phone contract.

I have just checked my credit records at the three credit agencies and I must say it all looks quite good (for me!). Although i don't have any credit as such showing up, I do have my mobile phone contract which has always been paid by direct debit. There is no hint of my bankruptcy at long last or any defaulted acounts. Yay.

The last time I applied for a Credit Card was earlier this year, so this is the last real search on my account (although I did get another phone contract just the other day which shows up), but at that time I was refused the Credit card again (Vanquis).

So, with all this in mind, I have two questions,

1) Has there been sufficent time elapsed between my last application and now - i.e. 4-5 months - with regard to searches?

2) Will I still need to state that I have been bunkrupt should I get ask such questions in any credit application that i may make now or in the future, given the fact that this no longer shows in my record and it has been in excess of 6 years? Will this simply put me on the bad pile no matter where I stand today?


Many thanks

Chris

izools

swinster wrote: »

Hi all,

i was decalred bankrupt early in 2004, over 6 years ago. Since then, i have never been able to get much credit other than a mobile phone contract.

I have just checked my credit records at the three credit agencies and I must say it all looks quite good (for me!). Although i don't have any credit as such showing up, I do have my mobile phone contract which has always been paid by direct debit. There is no hint of my bankruptcy at long last or any defaulted acounts. Yay.

The last time I applied for a Credit Card was earlier this year, so this is the last real search on my account (although I did get another phone contract just the other day which shows up), but at that time I was refused the Credit card again (Vanquis).

So, with all this in mind, I have two questions,

1) Has there been sufficent time elapsed between my last application and now - i.e. 4-5 months - with regard to searches?

2) Will I still need to state that I have been bunkrupt should I get ask such questions in any credit application that i may make now or in the future, given the fact that this no longer shows in my record and it has been in excess of 6 years? Will this simply put me on the bad pile no matter where I stand today?


Many thanks

Chris

Given that the bankruptcy order no longer appears on your credit file the only way a creditor will know you've been bankrupt is if you choose to tell them you have.

Do with that information what you want.

I would suggest applying for a Capital One Classic card and a Aqua Mastercard.

Much better APRs than Vanquis and you stand a good chance of being approved with no nasties on your credit file any more.

Is your bank account and mobile phone contract atleast appearing on your credit files? They should be.

EDIT: Don't feel bad about Vanquis. IME they don't approve people who have no adverse credit history on their credit files. Not profitable enough for them.

swinster

izools wrote: »

I would suggest applying for a Capital One Classic card and a Aqua Mastercard.

That's exatcly what i was not looking at

izools wrote: »

Is your bank account and mobile phone contract at least appearing on your credit files? They should be.

Yes, and all showing green and good.

I need to start rebuilding now so that when it comes time to re-mortgage again in the next couple of years, i can finally get me name on the mortgage and jointly own our home, which would be nice!

izools

swinster wrote: »

That's exatcly what i was not looking at

May I ask why? The APRs are both much better than what Vanquis offer, and the Aqua customer service is above reproach.

In my experience Vanquis can be a nasty company to deal with if anything ever goes slightly awry and needs sorting out.

swinster

Sorry, massive apologies - my dyslexia means my brain gets out of gear sometimes.

What I meant to say is "that IS exactly what I'm looking at"

izools

swinster wrote: »

Sorry, massive apologies - my dyslexia means my brain gets out of gear sometimes.

What I meant to say is "that IS exactly what I'm looking at"

Ah! Yes that makes a lot more sense, thanks

Good luck with the applications! :beer:

swinster

WooHoo. Just made the application and got an instant thumbs up!!! You wouldn't belive how good it feel to see a green tick appear next to you Credit Worthiness check.

*Kat*

I just applied on Equifax to get a credit rating, and it says I have to call them and answer some final questions...what kind of questions?!