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

cococoladebt

I cancelled my trial by telephone previously but I also sent them an email asking the company to cancel my free subscription. There shouldn't be a problem.

zppp

BIGMOUND YOU HAVE BEEN REPORTED TO THE SITE TEAM FOR SPAM
:spam:

adindas

:beer:
- These organisations make money by selling our data ?
- Is not that we should have got pay instead if someone or an organisation need it ?
- They make make mistake about our circumstance, but we need to pay for their mistake ???

I have read somewhe in the US people get it for free. Here we need to pay £2.00. Not significant but the meaning of it e.g supporting this organisation for taking people data ....:mad:

ADINDAS

gower454

Hi

wondering if anyone has an insight into this.

I have a good credit history over 18 months as I'm 19.
I haven't missed a payment or had a default etc
I have 3 credit cards 2 have a zero balance and the other one has about 75% of its £250 limit spent the other two cards have higher limits. Also have a student overdraft of £1000.

Recently got accepted for mobile phone contract a week ago but haven't paid first bill yet as its not due but that will be paid automatically by direct debit.

My question is Would I get accepted for virgin media broadband as I was going to get it for my student house or should I get someone else in the house to sign up for it in case I get rejected?

Is it likely I would get rejected?

izools

Nah Virgin Media will pass you with flying colours trust me.

I was in a far worse position that you when I was 19 signing up for NTL Telewest with TV Drive and the whole kit and kaboodle, they passed me without a blink of the eye.

Nothing to worry about on that front

LeandaMay

I've checked my credit rating and my score is 'Good' (960). However when I went to the bank to discuss a consolidation loan I was rejected, I don't understand?!

izools

LeandaMay wrote: »

I've checked my credit rating and my score is 'Good' (960). However when I went to the bank to discuss a consolidation loan I was rejected, I don't understand?!

Credit "Scores" that you pay for are inaccurate. They are merely a cash cow for the credit reference agencies.

The reality of the situation is that when a lender calculates your score, they'll take into account:

Stability - time you've been at your address, with your employer, and with your bank

Affordability - how much credit you have available to you in comparison with your income, how much of your available credit you're already using

Reliability - How well you've kept up repayments in the past and how long you've held accounts, how long it's been since you took out your most recent account etc

And in the case of applying with your own bank they will also take into account how you have run your current account, how often you use your overdraft and by how much, how much you leave yourself at the end of month.

Etcetera...

Bottom line is the credit reference agencies can't really tell you whether or not you'll get a credit facility as creditors take into account more information than the reference agencies have available on you, and all creditors score you differently. You might be considered one creditors wet dream high scorer but another, based on all the same information, might consider you to be a nightmare, depending on their criteria.

kolin_2

I received my credit report from experian yesterday and was wondering if anyone would know whether its a reasonable report with which to apply for a new credit card.

Basically the total number of status 1-2s is 13 and the total number of status 3+s is 0 (over 36 months)
I applied for one credit card last october and didn't get it (if i recall correctly), there have been some unrecorded searches regarding car insurance, but thats it.

the reason for the high number of 1-2s was that 2 years ago i was working for myself and got into a sticky patch. I've now been working full time for 18 months and my 12 month history is clean.

SHould i wait and see what my equifax report says?

magiciansgirl

kolin wrote: »

I received my credit report from experian yesterday and was wondering if anyone would know whether its a reasonable report with which to apply for a new credit card.

Basically the total number of status 1-2s is 13 and the total number of status 3+s is 0 (over 36 months)
I applied for one credit card last october and didn't get it (if i recall correctly), there have been some unrecorded searches regarding car insurance, but thats it.

the reason for the high number of 1-2s was that 2 years ago i was working for myself and got into a sticky patch. I've now been working full time for 18 months and my 12 month history is clean.

SHould i wait and see what my equifax report says?

You probably need to work forward 36 months from the date of each of the 1-2's before applying for anything except a sub-prime card like Vanquis or Capital One. Nat West told me they only look at the last 36 months credit history and that is probably true of other lenders.

However I would strongly recommend that if you can, you check that each markier is actually correct. I've just gone through my Equifax with a fine toothcomb and discovered two completely incorrect 'I month in arrears' markers from 2007. I've been able to prove I made the payments on time so they will be corrected. It's a fiddle going over old bank statements etc but worth it. Good luck!

Kind regards, MG

Ralphy101

After a long haul trying to repair my credit rating! today i got accepted for a Barclaycard Platnium!!

I am soo chuffed!!

It has taken me the best part of a year

Just thought i'd share a few tips with people

1) I had a default with Orange - ( this is the equivalent of the death reaper on your credit profile) - I basiclly contacted orange and arranged to pay off the balance in exchange for removal of the default! - to which they agreed - Try and negotiate to get defaults removed!

2) I had an outstanding O/D with HSBC - so they took away my debit card - So i opted to take out a basic step account with Natwest with a debit card and build up a relationship with another bank - 6 months on I now have a current account with them! and paying off my HSBC o/d at the same time. - Open up a parachute bank account / and build up fresh bank relationship!

3) I tool out a mobile phone contract with 02... had to pay a depoist of 3 months payments up front ( sign of not so good credit) however i am paying that off per month without missing a payment. - It has helped me! (perhaps get a cheap contract say £10 a month and not miss a payment!)

3) Check out your credit profile - I have moved house alot in recent years - and to be honest was never sure on what dates i moved - having checked my credit profile - this has helped me ensure i enter the correct info/dates whilst applying

3) Final and most important one - I was strict with myself and learnt from past mistakes - I have paid off all my debts ( NW O/D , argos store card and whilst doing so paid more than the minimum payments - I only done this for 6 months - but it seems to have worked wonders!

Dont give up!!!!!! :j