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

*Kat*

Just looking for a little advice...I currently owe £450 to Orange (but looking to arrange something with them because I can't really afford to pay it up front) that's the only negative thing on my file AFAIK. My score is 468 so it's "Very poor" but... is that just because of that one negative credit? If I pay it off how long after until my file gets better? I currently have a cashplus account to try and get my rating better and also my phone contract is up to date and no late payments or anything (I also have RBS Royalties which is on my credit file too and that's fine).

Ideas? I want to be able to buy a flat in about 4-5 years so looking at this now...not sure if it's a little early but I would rather do it now than be stuck later on

izools

As you may or may not know, Nationwide offer a service on their website wherby you can obtain a personalised APR quote on a loan, based on your personal circumstances and a soft search on your experian file - i.e. a "real world" quote, not an estimate.

Prior to moving a few weeks ago I bopped my details in and it quoted 24.4% APR (which is what it defaults to if it's a "NOOOOOO")

Since moving, I had a play and said I'd been at my new address for three years. I'm showing up on the ER and all my accounts show at my new address now not the old one.

It quoted me 8.9% APR. So it's obviously found my details and finds them favourable.

Now, I'd never submit an actual application with incorrect data on it, but the fact that it gave me a very good quote, suggests to me that I've now moved so many times that my current address isn't linked to the address at which my Bankruptcy order and Defaults are at.

I do find this interesting. I won't act on it; but it seems that perhaps address links on Experian aren't as robust as some make them out to be?

kh565

Hi back again trying to sort out my stress that i sould have done years ago,,
I have just check my credit rating on exifax credit score, which states very poor... all my loans, card mobile phone and settle mortgage are clean and have no history of any issues... my Next account has massively affected my rating,, i have had several late payments last year due to confusion on a direct debit .... can i disput this or improve this... i still have the account which i use and pay off well over the minmum payment - will be fully paid off next month??? any ideas?

thank you --- much trying to improve my finances x x x:mad:

pipsqueak1

I have 6 defaults from 2008-9 and currently 1 CCJ (I was able to get 2 set aside). I have also just got agreement from the creditor to set aside the last CCJ so within two months I should hopefully be CCJ-free. I had a CCJ set aside about 3 weeks ago and so far it has fallen off Equifax but not Callcredit or Experian. It doesn't seem to have improved my Equifax credit score any though. I am on 518 with Callcredit and 226 with Equifax.

I have had a JD Williams a/c for about a year now and despite 2 late payment markers due to poor organisation, now have a £1500 limit with them. I have recently had a Capital One credit card opened with £200 limit, a Three mobile phone contract (£25 a month) and a Vanquis credit card opened but don't know limit yet (£150 I suspect).

My questions for the more knowledgeable are:

- will the last CCJ being set aside boost my score?
- is it worth trying to get rid of any of the defaults? All but two were paid within a couple of months of the default date.
- two of the defaults appear to be for the same debt which I am disputing. Barclays sold a current account debt that I believe I have already paid off to Cabot. I now have 2 defaults for the same debt. I have written to both of them and Barclays claim to have no record of the debt but refuse to remove the default. Cabot say they have placed my account on hold while they wait to hear from Barclays. Is there anything I can do about this? The double default is a big one - £4k so 2 of them looks bad!
- to what extent will my credit rating improve with maintaining my new credit accounts well before the defaults drop off or I am screwed whatever I do till 2015?
- Lloyds TSB have recently responded to my complaint about their refusal to upgrade my Cash account to a Classic despite the downgrade being my decision at the time and not imposed by them and the fact I was not told I would be re-credit scored to re-upgrade by saying it's their internal policy and they won't upgrade. Do I have any recourse? NatWest have offered me a standard current account but with no overdraft - should I take that and quit Lloyds?

Thanks in advance and sorry it's a long one!

anne0411

Does anyone know how an debt collector could have my mobile number? I bought my house Dec 2007, & have constantly received debt collector papers for someone else - he wasn't the previous tenant to me or the owner. When I phoned them (they texted me twice with his ref details), this last debt collector had his details, my address and my mobile number - naturally Data Protection Act etc etc - they couldn't tell me how my mobile number has become linked to him!

I'm worried this is affecting my credit score & credit card apps as I've recently been knocked back by Halifax (I have an account with them), Tesco & actually got approved by Barclaycard received the card & then received a letter stating that they account had been reviewed & closed!

My credit score with creditexpert is all green.

Lessbutbetter

Gerrybhoy1974 - as alot of people will tell you on this forum, your equifax/experian scores are not important, as they dont lend money. The lender will use the information given by these companies, along with their own information, to guage how good of a customer you could be for them. You must remember its not about risk for them, but about making a profit.

I tried out a free trial with equifax a few months ago and had just relocated. I sent of my electoral roll form to my new council, contacted equifax about it and they updated my file within two days. My score went up 9 points a few weeks later, of course there may have been other factors that may have risen it but that was the only real significant change.

Hope this helps.

themofster

Very quick question - how do i get a credit report without a debit/credit card in my name? I have a basic bank account but no card, and you need a card to verify who you are when ordering credit reports! Any help appreciated :-)

Tixy

themofster wrote: »

Very quick question - how do i get a credit report without a debit/credit card in my name? I have a basic bank account but no card, and you need a card to verify who you are when ordering credit reports! Any help appreciated :-)

You can apply for one by post with a postal order - this is the experian link http://www.experian.co.uk/downloads/consumer/cfa.pdf the other 2 have similar forms.

simax

izools wrote: »

As you may or may not know, Nationwide offer a service on their website wherby you can obtain a personalised APR quote on a loan, based on your personal circumstances and a soft search on your experian file - i.e. a "real world" quote, not an estimate.

Prior to moving a few weeks ago I bopped my details in and it quoted 24.4% APR (which is what it defaults to if it's a "NOOOOOO")

Since moving, I had a play and said I'd been at my new address for three years. I'm showing up on the ER and all my accounts show at my new address now not the old one.

It quoted me 8.9% APR. So it's obviously found my details and finds them favourable.

Now, I'd never submit an actual application with incorrect data on it, but the fact that it gave me a very good quote, suggests to me that I've now moved so many times that my current address isn't linked to the address at which my Bankruptcy order and Defaults are at.

I do find this interesting. I won't act on it; but it seems that perhaps address links on Experian aren't as robust as some make them out to be?

I just put in my proper details (considering I just got 5 Sygma cards) and it quoted me 11.4% on an £8,000 loan. I clicked apply and it accepted. Also accepted me for a Nationwide Visa card.

Am saving up a chunk for a special purchase and I'm halfway there already, so will use this and repay the loan as early as possible (possibly in 12 months) and this will bolster my previously battered score even more. Result.

Zack1

Wish Barclays were as good... I'm always given a stupidly high chance of getting their cards (80 to 90% for both Platinum & Platinum Simplicity cads and "90%+" for Initial are what it currently says). Yet when I apply I'm either declined, or they don't even bother to write back to me (As far as I know, 7-10 days have passed since June 13th....:mad:)