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

swinster

*Kat* wrote: »

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?!

When i initially applied to them around a year ago, I had to just prove who I was. After speaking with them I also had to send a email with photocopy of my passport or some such.

Brian1966

swinster wrote: »

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.

Judging by the 'green ticks' I take it that it is Capital One?
Hopefully you will get a limit of between £100 and £500 with an increase on 4th statement subject to one purchase and subsequent repayments.
Not wanting to pi$$ on your bonfire but you CAN still be declined however it is unlikely.
You should hopefully, (if you have signed agreement online) get your PIN in around 5 days with card a couple of days later.
Run well for a few months then either apply for another sub-prime option, Vanquis, Aqua or Barclaycard Initial, or simply build some steady positive history with the one card, supported by your mobile phone and bank account.
Good luck

swinster

Brian1966 wrote: »

Not wanting to pi$$ on your bonfire but you CAN still be declined however it is unlikely.

At the moment, I'm just happy to get a green tick (yes, Capital One), but I do hope you are just hissing in the wind.

Brian1966

swinster wrote: »

At the moment, I'm just happy to get a green tick (yes, Capital One), but I do hope you are just hissing in the wind.

So do I :beer: but IT CAN AND DOES HAPPEN Seriously though you are possibly 90% approved and with a clean file it SHOULD be 100%
Fingers crossed you are on the way up the ladder :T

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.

emmadragon

Hi,

I wonder if anyone can help me get to the bottom of the myserious world of credit scores! I am looking to apply for a loan for a car and so wanted to check my score to see whether now is a good time, I've spent the last 2 years building up my credit rating, I've got one default from 2007 for £228 but since then I have 100% repayments in full each month on 2 high interest credit cards. On the advice of MSE I have checked with Experian, Equifax and CallCredit and though my mortgage is only on the Experian search (apparently Chelsea BS does not share info with the other 2) all are up to date and correct.

Now the confusion... My credit score with Experian is 851 (Fair) and with CallCredit it is 534 (Poor). Why so different? I don't really want to apply for a loan if I am sure I'll be turned down and with the CallCredit Score I am sure to be turned down! Any advice would be of great help as I am trying my hardest to improve things so life can be a little simpler!

Also on another note, does anyone know how to check their score with Equifax, their site confused me!!! :mad:

Silvafox

Brian1966 wrote: »

Judging by the 'green ticks' I take it that it is Capital One?
Hopefully you will get a limit of between £100 and £500 with an increase on 4th statement subject to one purchase and subsequent repayments.
Not wanting to pi$$ on your bonfire but you CAN still be declined however it is unlikely.
You should hopefully, (if you have signed agreement online) get your PIN in around 5 days with card a couple of days later.
Run well for a few months then either apply for another sub-prime option, Vanquis, Aqua or Barclaycard Initial, or simply build some steady positive history with the one card, supported by your mobile phone and bank account.
Good luck

Yeh, and also don't bank on the auto credit increase as it doesn't exist with Capital One anymore (I have been informed by Cap 1 themselves on numerous occasions). It's purely random now.

Congrats anyway!

Stuckon100forever

Silvafox wrote: »

also don't bank on the auto credit increase as it doesn't exist with Capital One anymore (I have been informed by Cap 1 themselves on numerous occasions). It's purely random now.

I'm glad to hear this too because I was kicking myself last week for going overdrawn by a few quid on my 2nd statement. At least I know it wouldn't be guaranteed I feel better. :beer:

Lexy1107

Please help; I recently checked my credit report only to find an error from a large mobile phone company that had become 'defaulted debt'. Long story short, the company finally realised this was an error and put my credit report right. However, I found out it's actually been like this for 4 years and as a consequence has caused me financial losses. I am pretty unhappy about this and am trying to find out my rights for compensation. Should I just write a letter of complaint or is there something stronger and more legally apt that I can write?

Thanks,

L

BaconandEggs

How does an interest free overdraft affect your credit score?

Is it beneficial/detrimental to have one/use it?

I've used one in the past, but have never gone over the agreed limit.