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

piratefish

Hi,
I was rejected for a mobile phone contract today, I checked my experian account and it shows yellow for 5 searches performed today which \i guess is why, all other categories are green. The mobile phone website kept freezing up and I had to begin again several times and it seems a credit check was performed each time. I really need to get a new phone as mine is broken and the provider I chose has by far the best coverage in my area, all others are patchy at best. How long are the searches likely to affect my credit record for please? Would I be able to try another phone company or should I wait? Thank you for any advice

zen135

piratefish wrote: »

Hi,
I was rejected for a mobile phone contract today, I checked my experian account and it shows yellow for 5 searches performed today which \i guess is why, all other categories are green. The mobile phone website kept freezing up and I had to begin again several times and it seems a credit check was performed each time. I really need to get a new phone as mine is broken and the provider I chose has by far the best coverage in my area, all others are patchy at best. How long are the searches likely to affect my credit record for please? Would I be able to try another phone company or should I wait? Thank you for any advice

You should raise a dispute with Experian against the phone company to get the duplicate searches removed from your credit report. Don't make any further applications until the duplicate searches have been removed from your report as they will get declined too.

If they don't remove the duplicate searches, you might need to wait for 6 months before applying again.

JayD

Hi,

I would be grateful if anyone could help with an answer to a credit rating concern please.

My friend has a son who has not got a good credit history. He is currently struggling to pay off his debts and was hoping to move back home with her for a while so as to pay less rent and thereby be able to clear them more effectively.

Naturally she would love to help him out but her concern is that if he moves back in, thereby using HER address on his bank account/credit cards/etc etc, his name and his debts will be linked to her address - as will any future debts he might incur. Thus HER address would become associated with a bad credit rating and in turn this would affect her own good credit rating.

Would that be the case? Are the residential addresses of bad credit raters used in a blanket fashion - and thus cast the shadow of their poor rating over the other family members sharing that address?

sjg666

Hi everyone - sorry if this has already been answered but I did try looking!

My partner has recently tried to get credit for a new computer and has been denied even though his credit report rates him as good.

He is halfway to paying off his student overdraft and has been in continuous employment for the last 3 years. We have also been living at our current address for over 2 years and are registered on the electoral roll.

Would it boost his credit rating to turn my credit card account into a joint one?

I want to try and help him sort this out as once both our overdrafts are paid off (hopefully by the end of the year) we can start saving for a deposit for our own place to live and I'm sure a better credit rating will help in securing a mortgage in the future.

BugsyBrowne

sarahjgent wrote: »

Hi everyone - sorry if this has already been answered but I did try looking!

My partner has recently tried to get credit for a new computer and has been denied even though his credit report rates him as good.

He is halfway to paying off his student overdraft and has been in continuous employment for the last 3 years. We have also been living at our current address for over 2 years and are registered on the electoral roll.

Would it boost his credit rating to turn my credit card account into a joint one?

I want to try and help him sort this out as once both our overdrafts are paid off (hopefully by the end of the year) we can start saving for a deposit for our own place to live and I'm sure a better credit rating will help in securing a mortgage in the future.

If your other half has been turned down for finance for a computer obviously his credit is not good.

To have good credit you need a long history of managing debt like credit cards loans etc.

Take no notice of what scores experian & Equifax give you as this is not what lenders see as they have their own scoring module to accumulate credit scores.

cerieve

Hi,

I have been working on improving my credit rating but seem to be getting nowhere. I have paid off pretty much everything and all I have left is 1 loan for £15K, a secured loan and my mortgage (total monthly repayments including the mortgage less than 40% of salary). My credit rating is still recorded as poor and has in fact gone down not up! I have recently moved house however have changed my address with all lenders and on electoral roll. (although electoral role not showing on report)

In 2007-2008 I have quite a few missed payments including 2 accounts were three missed payments were recorded, other than than that I do have the odd late payment (1) recorded but the most recent one of these is now 18 months old!

When doing credit score everything comes up as excellent apart from the missed payments which are showing as poor. Is there anything else I can do? How long before these missed payments stop having an influence does anyone know?

Thanks

daryl86

around 5 years ago i bought a car on a hire purchase finance, i was made redendant therefor could not repay the installments, this happened for 3 months but it was paid in full just a little late. in the end i deceided to give the car back as i was only 19 and didnt really need to spend 240 a month on a car. i had a few letters that said they would reposess and thats what they did. all was cleared up and ever since, bar a few incidences of going over my arranged overdraft i have sticked to being smarter. this seems to still be hounding me 5 years on. i have no credit cards,no loans, no dept im on electrol role, rent have 2 dependants and a fiance. i am on an annual income of £29759 and am the solo incomer of the household.we have a joint account and seperate ones for each of us

how long will be hinder me,why is it when experian and sites like that say there is no ccj's or any other major defaults.
im going to the bank later on tolday to enquire on a morguage, i needent bother because i know what the answer is going to be. i just dont understand??

Maestro.

daryl86 wrote: »

around 5 years ago i bought a car on a hire purchase finance, i was made redendant therefor could not repay the installments, this happened for 3 months but it was paid in full just a little late. in the end i deceided to give the car back as i was only 19 and didnt really need to spend 240 a month on a car. i had a few letters that said they would reposess and thats what they did. all was cleared up and ever since, bar a few incidences of going over my arranged overdraft i have sticked to being smarter. this seems to still be hounding me 5 years on. i have no credit cards,no loans, no dept im on electrol role, rent have 2 dependants and a fiance. i am on an annual income of £29759 and am the solo incomer of the household.we have a joint account and seperate ones for each of us

how long will be hinder me,why is it when experian and sites like that say there is no ccj's or any other major defaults.
im going to the bank later on tolday to enquire on a morguage, i needent bother because i know what the answer is going to be. i just dont understand??

There must be some reason why it's not working out Daryl.

have you requested your statutory reports from Experian and Equifax? There may be a blatant mark on there that you didn't think of that explains why you are being refused for credit.

If in the last 5 years you missed some payments on the car and then had to give it back, as well as going over your overdraft limit, these will have been recorded on the report.. and I don't think they drop off for 6 years. Could go some way to explaining your problems.

daryl86

Maestro. wrote: »

There must be some reason why it's not working out Daryl.

have you requested your statutory reports from Experian and Equifax? There may be a blatant mark on there that you didn't think of that explains why you are being refused for credit.

If in the last 5 years you missed some payments on the car and then had to give it back, as well as going over your overdraft limit, these will have been recorded on the report.. and I don't think they drop off for 6 years. Could go some way to explaining your problems.

---

hiya

no i havent requested any reports i have just looked online, 6 years would make sense though

camuk81

have you only looked online with one, not everyone reports to all 3. This may be why its not showing i.e. I have credit that only appeared with Equifax and not experian and vice versa