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

TropicalParadise

I moved to the UK last September to do a postgraduate degree from Canada. The landlord had given my name to British Gas to say that I was now living the house but never told me that he had done that.

So fast forward, my housemates turn out to be the worst housemates in the world for many reasons including being thieves and NEVER paying the bill on time. I always paid my share to the person we designated as in charge of the bills and I always paid on time. I wasn't that bothered about whether they actually paid British gas or not because I didn't think my name was on the bill. Nothing ever came addressed to me and my name was never mentioned as being on it.

Then I did a credit report and found out that I have poor credit because I'm new to the country and for the entire time I've been here, that bill has been getting paid late. I have since called British Gas and removed my name from the bill.

What can I do about the poor history I have because of my terrible housemates?

clairabell2024

I hope someone can help or give light on my situation...

Late last year, I paid off the total balance of my credit in full per my monthly statement and (as i thought) closed the account. I moved house, giving no thought to my 'closed CC account' and chaging the details.

5 months later, i was given some post from my old resisdence, opened it to find i was in arrears with the same credit card i paid off back in 2011. I rang Barclays to ask what the charges were made up of and it was accrued interest of £12.00 Plus interest and late charges for the past 5 fives amounting to £55 outstanding in total.

The lady i dealt with was very apologetic and said she could see this was unfair as i had paid off the card in full and cleared my account of the £55 so i didnt have to pay anything, as she said the late charges should not have been charged on interest and that it should affect my credit rating.

I have come to apply for a mortgage and my application was rejected, i have paid for a credit report and it is the barclay card above situation which has caused it!

I know i was arrears and thats a breach but now i am being penalised for what was a mere £12?? i dont see how this is ethical?

I have rang Barlcaycard and they say they can not do anything because my payments were late, but for an initial measily £12 to be the cause of me not being able to apply for a mortgage after saving my despoit for the past 5 years seems absolutly absurd?? I have been in touch with Experian and they are querying it with barclaycard but after the conversation i had with one of their staff earlier i doubt theyll budge and it no doubtedly will stay on my report??

Is there not anything i can do to get this off or not affect my credit score so much? I mean i paid off the amount they stated was outstanding on monthly statement?? i wish i had never paid it off now, and just carried on paying the minimum monthly repayments!!

Rant over for now- anyone with any views or advice on my situation, it would be very much appreciated! :-)

xx

DizzaDramaQueen

My boyfriend and I have just moved in together, we would prefer that I am named on the bills so if there are any problems I deal with it, but it's more important that his credit rating remains high and isn't affected by mine. So which bills should we put in his name and which are ok for me to manage? Many thanks.

wiganwayne

Hi,

i am not sure this is the correct place to post this but here goes.

6 LONG years have passed now since starting my IVA and i am now finally debt free.

i have checked all three credit reports and all details of the iva and defaults that came with it have now gone. so i now want to begin to repair my credit file and build up my credit rating. (i have no intention to go out and get lots of credit again) however i would like to build up my rating just in case.

does anyone on here have any good tips to help me do this?

my details are as follows :-


i have been living at the same address for almost 16 years, i am on the electoral register, i have a mortgage that is up to date , i have 2 mobile phone contracts that have been running for over 6 years,

i do have arrangements to pay dating back to 2008 still showing with my old mortgage provider (changed over in 2008) and 1 months arrangement to pay on one of the mobile phone contacts dating back to 2009


as always thanks in advance

W

mihno3

Thank you in advance:beer:
Situation 1
I recently closed isme credit account with 2000 available credit. It looks like settled in Equifax
Question 1
Why Active accounts are preferred to settled accounts?
If I reopen isme credit account will it improve my rating or not?
Situation 2
I have Capital one credit card with 1k limit which I use daily and always pay in full every months.
I also have 0% balance transfer Barclays credit card for 22 months and 2600 of debts . I am paying monthly only minimum payment by DD.
I closed my old credit card as soon as I transferred my balance to Barclays.
I have enough money on my saving account for house deposit. LTV = 80%
Question 2
So better to pay off my debts in full before applying for mortgage or keep money on saving account to have bigger deposit for house?
Situation 3
I have 3 mobile phone contracts wwhich I don't use.
I can settle them by paying off contract.

Question 3
Should I do that?

I will really appreciate for any help

FooFanShaun

I'm sorry if what I'm about to ask has been asked before but this thread is far too long to go searching through

About two months ago I signed up to & paid for my credit report and score from Equifax (and Experian)
Considering the damage financially I got into due to my ex-wife's spending and failure to pay things on time during our mariage my score wasn't as bad as I thought it was (411)

I followed Equifax's advice and had them remove two shared defaults which were both over 6 years old. I also had my ex-wife's name removed from my report as an associate as we haven't lived under the same roof for over 7 years. I have not lived at the address with the defaults for 6 years either

The only negative I had remaining was a CCJ for £100 from 5 1/2 years ago. When I signed up to Equifax they didn't seem bothered by it and the court section was green.

I am currently running a credit card, two phone contracts, a mail order account and my bank account with no defaults and have been for several years

My credit score however keeps dropping considerably, over 150 points lost in 6 weeks. The CCJ section has changed to yellow and now red. I am currently appealing the CCJ as the summons was sent to the wrong address. This is also backed last year by my local Magistrate absolving 2 summons from 2006/7 as being null and void. Why haven't the courts removed this entry from my credit history after the JP's decision last year?

I have no other bad things on my credit report. Why has this CCJ suddenly become such a priority for Equifax and why has my score plummeted since having 3 negative factors removed?

In contrast, my Experian score has actually gone up but Equifax seem to be hammering me and in my experience it's Equifax which lenders use most for deciding on credit

BugsyBrowne

FooFanShaun wrote: »

I'm sorry if what I'm about to ask has been asked before but this thread is far too long to go searching through

About two months ago I signed up to & paid for my credit report and score from Equifax (and Experian)
Considering the damage financially I got into due to my ex-wife's spending and failure to pay things on time during our mariage my score wasn't as bad as I thought it was (411)

I followed Equifax's advice and had them remove two shared defaults which were both over 6 years old. I also had my ex-wife's name removed from my report as an associate as we haven't lived under the same roof for over 7 years. I have not lived at the address with the defaults for 6 years either

The only negative I had remaining was a CCJ for £100 from 5 1/2 years ago. When I signed up to Equifax they didn't seem bothered by it and the court section was green.

I am currently running a credit card, two phone contracts, a mail order account and my bank account with no defaults and have been for several years

My credit score however keeps dropping considerably, over 150 points lost in 6 weeks. The CCJ section has changed to yellow and now red. I am currently appealing the CCJ as the summons was sent to the wrong address. This is also backed last year by my local Magistrate absolving 2 summons from 2006/7 as being null and void. Why haven't the courts removed this entry from my credit history after the JP's decision last year?

I have no other bad things on my credit report. Why has this CCJ suddenly become such a priority for Equifax and why has my score plummeted since having 3 negative factors removed?

In contrast, my Experian score has actually gone up but Equifax seem to be hammering me and in my experience it's Equifax which lenders use most for deciding on credit

Please stop taking any notice of credit reference agencies scores as they are not a True reflection of how a lender would score you.

You have a CCJ yet Equifax scores you good surely alarm bells should of rang when this wasn't classed as a negative.

Tixy

FooFanShaun wrote: »

In contrast, my Experian score has actually gone up but Equifax seem to be hammering me and in my experience it's Equifax which lenders use most for deciding on credit

Experian is actually the largest / most used of the 3 credit reference agencies, with equifax a close second.

Any potential lenders do not see the score that equifax will sell to you - they simply see the basic data from your credit file.

Certainly having an existing unpaid CCJ on your file will be viewed by most lenders as a negative item.
If you are successful in getting the judgement set aside it will them be removed from your credit files and from the registery trust list of judgements.

FooFanShaun

BugsyBrowne wrote: »

You have a CCJ yet Equifax scores you good surely alarm bells should of rang when this wasn't classed as a negative.

I'm not quite following you

When I signed up to Equifax I had 2 defaults, an associate (ex wife) and a CCJ

Now I've cleared the (spent) defaults and had my ex removed my score is going down rapidly. All signs point to the CCJ as Equifax have changed the court section from green to yellow to red in just 6 weeks

How does a CCJ, six months from being removed anyway (It was issued 21/02/07) suddenly now become a chain around my neck? I thought CCJ's decreased in severity over time on a credit report?

Is it purely because it's my one negative factor?

femfiona

I have just completed the credit checker and came out either good or very weak depending on my answer to this question:

"In the last 6 years have you defaulted on a credit product, incurred a County Court Judgment, had an Individual Voluntary Arrangement or been made bankrupt?"

I currently have accounts which are being paid through Consumer Credit Counselling Service after a period of non-payment due to my partner losing her job - does this count as a default under this question? I have a feeling it does but would like to have this clarified.

Thanks