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

MoneySaverLog

When did you enter the DRO? You should aim to get the 2 default dates to match the start date of your DRO regardless of whether it were sold to a DCA.

Suggest you start with The Data Controller for the creditors concerned asking them to amend as per ICO guidelines for defaults re the Data Protection Act 1998.
http://www.ico.gov.uk/ESDWebPages/search.asp

Para 47 of this document gives the guidance on this: http://www.ico.gov.uk/for_organisations/sector_guides/~/media/documents/library/Data_Protection/Detailed_specialist_guides/default_tgn_version_v3%20%20doc.ashx

smarthealth_2

Hi there

I have a mortgage with someone that has since had money problems and has now defaulted on some of their credit cards and loans.

I had tried to get a new credit card recently to get a 0% deal as I do on occasion and it's never been an issue. I was rejected.

From reading Martins :money: tips it seems that people can get linked together if they have a mortgage or joint bank account with someone un-credit worthy.

I have both of these things with this person. What are my options to get out of this mess that I knew nothing about please?

Any help massively appreciated

smarthealth

valeriej43

I have done credit checks with Experian, and Equifax, some things are i believe statute barred, from 2006-207
I have a few defaults from around that time too, how long should defaults stay on a credit file, if not settled
Can anyone tell me please?

Tmesis_2

valeriej43 wrote: »

I have done credit checks with Experian, and Equifax, some things are i believe statute barred, from 2006-207
I have a few defaults from around that time too, how long should defaults stay on a credit file, if not settled
Can anyone tell me please?

Six years from date of default - it doesn't matter if they're settled or not.

They go quicker if you move house - most lenders only ask for 3 years of address history, so after 3 years, they're 'gone'. (Some only ask for 2.)

Looter

I use my Santander cashback credit card for all my shopping and petrol, I always pay the full balance every month as I understand it helps with my credit rating. I keep meaning to put the amount I spend into a spare savings account so I can simply transfer it when the bill is due, but it's easier said than done! Using a credit card means another bill at the end of the month, which I don't like!

I'm thinking of ditching the credit card, but what I want to know is does it matter how much the balance is when you pay it off in full for credit rating purposes? Is it deemed just as good having a bill for £50 and paying that off in full as having a bill for £300 and paying it off in full?

Thanks for any replies!

vickie6672

Hi,

My partner and I are wanting to buy a house. We have been offered money from a parent to help with a deposit. Question is should we use the money for a deposit or pay off some of our outgoing debts and then save the money for the deposit with what we would have been paying on the debt each month?

Basically I have a car loan with a settlement figure of £7400. My partner has a bank loan with a settlement figure of about £7000. We could pay these both off and then save the £570 each month we would have been paying for a deposit.

I don't know if paying the debts off early would affect our credit rating in a negative way? Or is it best to have less debts on your credit file when applying for a mortgage and just have to wait around 2 years before buying due to saving the deposit back up?

Suggestions and advice is very welcome please!!!

Vickie

rb10

Having existing debts will make it more difficult to get a mortgage, for affordability reasons. If you are paying £570 per month on your other debts, then there's a greater chance of you going into arrears on your mortgage, as your disposable income is lower. So from that side of it, it's certainly better to have it paid off.

I_luv_cats

Equifax (free trial) : Had to ring their overseas callcentre (0800 no. via SayNo) which was difficult with the language barrier questioning & replying. The person pushed the 30 day trial though was only going for the £2 statutory one. (hope easy to cancel on their phone number)
Very detailed online report/score was all correct T.G. (£3 annoyingly earmarked on my payment card!)
Wish I hadn't printed it off as over 12 pages!!!


Experian a.k.a Credit Expert: (free trial) Await a postal pin number. (86p weirdly is earmarked from my payment card)


Call Credit a.k.a Noodle: Couldn't register as I didn't want to put my bank card on their website.

BugsyBrowne

I_luv_cats wrote: »

Equifax (free trial) : Had to ring their overseas callcentre (0800 no. via SayNo) which was difficult with the language barrier questioning & replying. The person pushed the 30 day trial though was only going for the £2 statutory one. (hope easy to cancel on their phone number)
Very detailed online report/score was all correct T.G. (£3 annoyingly earmarked on my payment card!)
Wish I hadn't printed it off as over 12 pages!!!


Experian a.k.a Credit Expert: (free trial) Await a postal pin number. (86p weirdly is earmarked from my payment card)


Call Credit a.k.a Noodle: Couldn't register as I didn't want to put my bank card on their website.

The score is not correct as its a worthless number.

Cheers.

MoneySaverLog

The information in your credit report is of use. The random number generator, AKA your credit score is not.