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

DEBTMONKEY1A

Hello,

Signed up for just one month with these guys. My present credit rating seems ok as I'm shown as being at present address for over 4 years (on electoral roll for last year, creditbuilder with mycashplus, standard bank a/c with y/bank-not a basic a/c-just been approved for an aqua card-purely for big emergencies & to build credit). My previous address which has NO links from this address DID have bad credit on it (no a/c's from previous address moved here-all but one which was never overdrawn closed (& new address not given to this one bank), post re-direction not in my name/signed out of & no new bills with any utility companies that were used at old address) but as I show up as 4yrs+ at current address no adverse is linked to this address as the applications I've made only want addresses in the last 3/4 years.

Had issues ordering £2 paper files from equifax/Experian (call credit came back fine)....they wanted p/port or driving licence/birth certificate which I don't have. Also to get the file I need to say my previous address as all addresses in last SIX yrs needed(obviously i don't as it would link-I've just said I've been working away/abroad). Files must be clean as I got approved for this Aqua card & also a rolling 30 day tesco sim only deal.

So....signed up for checkmyfile.com as they search i understand from a LENDERS perspective & don't need passports etc (how crazy....obviously I have a credit file with both Exp & Eq. as it they would have been searched for mobile, bank alc, aqua etc??!). getting password tomorrow.

Also...1 more question .Applied for barclaycard (the one for credit building) & flybe card-both declined-equifax was the ref. agency searched. Not worried really it's BAD credit or a link but guess its their scoring techniques. Any thoughts guys/gals????

Also i read that THREE full searches is the max in any 3 months-otherwise it damages your file? Any help would be fab re:any of the above points. I now have a good job & just want to start rebuilding my file.

Have posted this somewhere else once in the forum-did not know correct place to put it!!

walshy.walsh

geordie_ben wrote: »

6 years from when they are put on your file. So if it happended on the 28th of Feb 2000 then it would come off on the 1st of March 2006

6 years from last account activity. so if you defaulted 5 1/2years ago, then made a payment today, the 6 years would start over, or am i getting confused with statute barred debt?

WhitmoreReans

I'm well on the road to recovery after years in the financial wilderness (hat tip to all the lovely people on these forums who have helped me) and I'm at the stage where I want to rebuild my credit worthiness. To that end I'm thinking of applying for a Vanquis card - the thing is though, I still have two defaults on my credit files, both are due to fall of in twelve months. What I also have are some green markers - one from an old mobile phone contract, and one from the natwest step account that I recently opened. Would I be an instant decline and would I be better of going down the cashplus credit builder road, or do Vanquis accept people like me?

Tixy

WhitmoreReans wrote: »

I'm well on the road to recovery after years in the financial wilderness (hat tip to all the lovely people on these forums who have helped me) and I'm at the stage where I want to rebuild my credit worthiness. To that end I'm thinking of applying for a Vanquis card - the thing is though, I still have two defaults on my credit files, both are due to fall of in twelve months. What I also have are some green markers - one from an old mobile phone contract, and one from the natwest step account that I recently opened. Would I be an instant decline and would I be better of going down the cashplus credit builder road, or do Vanquis accept people like me?

Vanquis will accept people with defaults. Worth a try.

Tixy

walshy.walsh wrote: »

6 years from last account activity. so if you defaulted 5 1/2years ago, then made a payment today, the 6 years would start over, or am i getting confused with statute barred debt?

Yep you are getting confused with SB.:)

For defaults
If you have an account with a default 6years after the date of the default the debt and the default will stop showing on your file (regardless of whether fully paid, partly paid or unpaid).

Of course just because the debt no longer appears on file doesn't mean its written off - the debtor would still owe the debt.

DEBTMONKEY1A

Any ideas anyone?

Tixy

DEBTMONKEY1A wrote: »

Also...1 more question .Applied for barclaycard (the one for credit building) & flybe card-both declined-equifax was the ref. agency searched. Not worried really it's BAD credit or a link but guess its their scoring techniques. Any thoughts guys/gals????

I don't think its possible for anyone to say. If you don't get your credit files then you cannot know why you are being declined.
My guess would be that equifax have already managed to link your addresses somehow.

DEBTMONKEY1A wrote: »

Also i read that THREE full searches is the max in any 3 months-otherwise it damages your file? Any help would be fab re:any of the above points. I now have a good job & just want to start rebuilding my file.

I'd say 3 searches in 6months is a guideline rather than a maximum. If you have more then that then you start to look desperate for credit.

Aside from these 2 questions what other points did you want answering? sorry its not very clear from your post what you are asking.

DEBTMONKEY1A

Tixy....Equifax were searched (well I think they were-looked at the list of who searches what on here & for aqua it shows they search equifax & exp) & Aqua approved....so don't think linked as info on old address was of the worst type (!)...guess that I just didn't fit the criteria for flybe or b/card (only been in job 3 months, electoral roll last year & 1/2).

My other question (god I waffle!) is if checkmyfile.com are any good/ Seems a good way to bypass sending passport (which I don't have). Not comfortable saying I've been overseas when ordering £2 file (addresses within last 6 years)...it seems checkmyfile search from a lenders perspective & JUST ask for time at current address...so it SEEMS a good way to get the info i need!

Tixy

Not really sure about checkmyfile - never used them. This post https://forums.moneysavingexpert.com/discussion/comment/40056976#Comment_40056976 would seem to suggest they don't really use the experian data - well very little anyway. So it won't necessarily reflect your experian file.

There is also this thread which might be worth a read https://forums.moneysavingexpert.com/discussion/comment/38947996#Comment_38947996

DEBTMONKEY1A

Thanks guys....will let you know tomorrow when I view the mycreditfile info!