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

dgtazzman

Are you sure you want to take over his debt on a card in your name? Soooooo many horror stories on here from people that have taken similar steps. If you do it, you'll be liable for the debt in full:eek:

Might be better if he considered getting a loan to cover the credit card debt.

d4zza

Hi folks, good to read through this forum and see so many people trying to get debt free and so many people willing to help.
Got a few quick ratings regarding maximising my chances of obtaining credit.
First, I've just recently become debt free of about £14k (if I remember right). Racked them up, ignored them for a few years, grew up, then stuck to a plan over the last 3 years, and now they're gone!
This time last year though, to my surprise, I was accepted for a 17k car loan, and a few months ago, a credit card. So far so good, however, a recent check on my credit score concerns me that it's not in the high band. My credit report shows, correctly, that I've only done these two credit searches, plus a mobile phone account, which always seems to be accepted. Now I can't compare what my score was when I applied for car loan last year, but I'm wanting to change car after xmas so I would like advice on maximising my chance of acceptance.
First, my partner has a credit score in the high band, so would it be to my advantage to have a joint application?
Second, does my employment status make any difference? My income is made up, almost 50/50 by employment and self-employment, so which would be best to put as my status?
Last, how can I get the message across that the current car loan is to be cleared and replaced by a new car loan, it's not in addition to it? And does this matter?
My car loan is about 25% paid off, my credit card is about %50 max, I have a single mobile phone account, and my annual income is significantly above the national average.
thanks in advance...

simax

viru wrote: »

Hi, I need some advice on how to proceed.

FACTS:-
1. Was made bankrupt in may 2004 - included in this were about 7 unsecured debts (credit cards, store cards, over drafts etc..)
2. Bankruptcy went clean and was discharged 8 later.
3. May 2010 six years passed so I checked credit file (with Experian), and it was still showing some of the debts as defaults.
4. Contacted Experian and told them these should come off my file as six years have passed since bankruptcy. They did this and all but one have been cleared.

THE 'FUN' STARTS:-
1. The default on my file is showing as Halifax Card Services (original debt). This was included in my bankruptcy however Halifax decided to register the default date with credit agencies as December 2004.
2. Have contacted Halifax, sent them copy of my bankruptcy to prove this debt was included in my bankruptcy and asked them to correct.
3. Experian contacted me saying they were contacted by Halifax stating this default was correct.
4. I then contacted Halifax again, they stated that the debt was passed on to Max Recovery and so could not advise Experian to update default on my file.
5. I got Halifax to contact Max recovery while I was on the phone to them and they said Max recovery say they cannot get Experian to change default on my file as it was still showing on my file as Halifax Card Services!

I NEED ADVICE:-

This back and forth has been going on since July this year and so I need help/advice on what steps to take next. I understand that this default will drop off my credit files next month but that's not the point. My wife and I wanted to apply for a mortgage a few months ago and our lives have been put on hold because of red tape and incompetence and I am not going to be treated like this. Also I think it would be good to get something done about this as I'm sure there are many others out there that in the same boat.

Thanks for any and all advice and help with this.

Why not just wait a month? The Halifax default will come off then?? It'll probably take that long to fight it out.

Just make a coffee, relax and see it out. Not long now

viru

UPDATE,

Hey Simax,

I was going to wait as the default was going to come off next month. But for me it was the principle of the matter. Don't forget I have been trying since June to sort this out - thats six months. It should'nt take that long for your information to be corrected now should it?

Anyway, got an email from Experian on Friday and they confirmed that Halifax finally got in touch with them and the default is now cleared. EXCELLENT. Finally its all over.:)

vickyonform

I had a pre-approved loan offer from my bank of over £10,000 but applied for a loan elsewhere and was rejected.
When I checked my pre-approved loan offer with my bank again it had gone down to £3700, I persume this was because of the search the loan company did??
Roughly how long will it take for my rathing/score or whatever affected my offer to go back up again? Are we talking months or years???
I had a good credit rating, always pay off my credit card more than the minimum amount, bills always paid on time, decent wage goes in every month etc..
I'm just annoyed I didnt go with my bank in the first place!!

Any help would be great!

Thanks..

jon_boy75

KingElvis wrote: »

Yes, they will be on you like a tramp on a kipper.

The CRAs service the debt collction industry.

are you sure about this KingElvis?

are you saying the CRAs would inform creditors of your request for a credit report?

I find that a little hard to believe

rocco1504

Sorry wrong Place

noah271007

Yes it would have some impact im afraid.

The key here is to SPACE out the credit searches over a period of time.... say 1 search every 4/6 weeks should be ok. (max 6 in 6 months period). HTH.

incesticde

Hi Folks,
Simple and quick question for ya... Is a credit check done when you open an ISA (Halifax)?

Thanks!

steve_o1983

I think I've got the right place to put this.

A while back I posted about bank accounts and being turned down for them. Subsequent to that I obtained a copy of my (£2) Experian file and can only surmise the only issue banks must have is the financial link, placed by my own bank to my parents address which I used as a secure point to collect post some three years ago whilst I was in temporary accommodation. I ran the risk of having post interfered with or stolen had it been sent to my current address.

There were two duff entries, for mail order catalogues attached to my parents former address. I consider the financial link, attached by my bank to be a duff entry. I have not lived at the address, save for an occasional weekend visit. I requested they remove it, via Experian. Who had contacted the bank who then replied I didn't have to live there to have a financial link placed on the address. As far as I am aware, that link is still there.

Both my parents have DROs, now discharged. They have both been onto Experian regarding that and have had some success in removing the 'defaults' shown there. On account of them having DROs, and the financial link to my account I can only surmise this being the reason for a credit card application , and a bank account application being turned down. No other link to my parents is shown on the file, save for the one the bank has put on. The gentleman I spoke to at Experian, who I've found helpful when I've rung them pointed out I have a good credit score.

I've worked for 4 years and now just have a student loan as debt following 18month settlement of a three year loan with my bank and have rented two flats over three years. I have a phone contract and internet paid on DDs, on time every month with no defaults. I'm not bankrupt, nor have a DRO and have money in my ISA now.

My concern is this financial link will prevent me getting another flat when a letting agent conducts a credit check. I have a job application in which I expect to increase my annual salary by 2k (taking over 20k) and would have to relocate to take the post up.

How do I go about removing what I consider to be an incorrect financial link? I have a copy of a letter sent to my parents stating there is no financial link to me at their address but haven't subsequently checked my file. Should this be my first port of call to Experian, or am I able to follow up the original enquiry? Not sure the bank can help me here!