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

BugsyBrowne

eddiedoherty wrote: »

Just used the Credit Checker. Amazed to see that it says I have an EXCELLENT Credit Score and should have no problems getting any credit I apply for. It should probably have asked me if I HAD A JOB or relied on benefit payments first! Just a thought.

Even without checking your actual credit file as well.

muddymouse

Hi, I'm hoping that someone here might have knowledge/experience of my particular problem, which I'm guessing is quite unusual.

I separated from my husband in 2007 (we are now divorced) but we agreed that he would stay in the family home. We had a joint mortgage on the house and agreed that he would give me my share of the equity when our youngest daughter turns 18 (in 4 years time). He is unable to remortgage and pay me sooner because he is self employed and on quite a low wage.

Therefore, my name is still on a joint mortgage at that address even though I am now renting at a new address. So... my question is, how much of an impact will being on a joint mortgage at a different address have on my ability to get credit in the future? Callcredit flag this account as a potential fraud issue, and even thought this is not the case I do wonder if it might make lenders wary.

Also, when filling in forms which ask if I'm a tenant or a homeowner, I'm never sure which to choose as technically I'm both.

Any useful advice would be much appreciated.

meep06

I am having nightmare. ..I was previously advised that all amounts listed in bankruptcy were indeed... covered by that order. I was made br in jan 2010 due to my husband leaving ... It came to my attention 4 months ago that in the March 2010 a CCj was place against me by my divorce solicitors at a county court in Sussex.. I lived in Oxfordshire which I knew nothing about... I have tried and tried to get this "set aside" as I was advised this should not have gone to CCJ... but no one will help the official receiver (insolvency service will not write and tell the court "what to do", the court have written and said they will not set aside without hearing form insolvency service, and the solicitors ... all they will write is that and say it was included in my bankruptcy order, and the court say that is not enough... I know some may think I have an order on my name so well what is the difference... but it does make a difference I have been told on two occasions this year I would have been approved for things.. one a bank account when I get the errored CCJ removed... ANYONE?!! Slightly desperate here!! Been trying for 4 months now!

I thought that official receivers were meant to handle creditors...?! Notify them,,, but yet this still happened and is leaving me chasing my tail!

MissJarvz21

I wonder if anyone could help or offer advice.

My friend has basically got himself into the worst position when it comes to applying for his first credit card, basically ticking all the bad boxes.
He started his first graduate job (so has student debt, and recently moved house), and when he was strapped for cash a few months back he applied to as many loan companies (wonga etc) as he could in order to get money. Although he was rejected from few, he was accepted by one. Now he would like to apply for a credit card and all the ones he's applied for have rejected him! After reading Martin's advice it's clear to see why, as he has all these rejections killing his score!

I was just wondering if there is anything he can do now and for the future in order to improve his credit score, and hopefully undo the damage he has done!

Thanks guys!

rb10

MissJarvz21 wrote: »

I wonder if anyone could help or offer advice.

My friend has basically got himself into the worst position when it comes to applying for his first credit card, basically ticking all the bad boxes.
He started his first graduate job (so has student debt, and recently moved house), and when he was strapped for cash a few months back he applied to as many loan companies (wonga etc) as he could in order to get money. Although he was rejected from few, he was accepted by one. Now he would like to apply for a credit card and all the ones he's applied for have rejected him! After reading Martin's advice it's clear to see why, as he has all these rejections killing his score!

I was just wondering if there is anything he can do now and for the future in order to improve his credit score, and hopefully undo the damage he has done!

Thanks guys!

Just wait.

And while waiting, ensure that:

- He is on the electoral roll
- He runs his current account well, never bouncing payments or going overlimit
- He pays his mobile phone bill on time every month (set up a direct debit to make sure this happens)
- Any existing debt is paid off as soon as possible. Note that loans from the Student Loans Company aren't included here - they are not reported to Credit Reference Agencies and will not help or hinder his ability to get credit.

Over time, the damage caused will fade into history. Make sure that damage is replaced by the good stuff outlined above.

datlex

I found out today that you don't just have 1 experian score!! For example I logged into experian check my score. It showed 908 which is good. On that basis I rang British Gas to get a credit meter and was shocked to fail their credit check. First lady refused to advise why. Second lady said score was 861. Less than the 908 I had got earlier in day. When I phoned Experian to find out why two different scores, the lady there said that they give different scores to different lenders depending on their criteria. Meaning it is not enough to have a good score on your credit report, your good score must have arisen for reasons that meet the lenders criteria................... which they won't tell you.

BugsyBrowne

datlex wrote: »

I found out today that you don't just have 1 experian score!! For example I logged into experian check my score. It showed 908 which is good. On that basis I rang British Gas to get a credit meter and was shocked to fail their credit check. First lady refused to advise why. Second lady said score was 861. Less than the 908 I had got earlier in day. When I phoned Experian to find out why two different scores, the lady there said that they give different scores to different lenders depending on their criteria. Meaning it is not enough to have a good score on your credit report, your good score must have arisen for reasons that meet the lenders criteria................... which they won't tell you.

Experian's score is meaningless.

rb10

datlex wrote: »

I found out today that you don't just have 1 experian score!! For example I logged into experian check my score. It showed 908 which is good. On that basis I rang British Gas to get a credit meter and was shocked to fail their credit check. First lady refused to advise why. Second lady said score was 861. Less than the 908 I had got earlier in day. When I phoned Experian to find out why two different scores, the lady there said that they give different scores to different lenders depending on their criteria. Meaning it is not enough to have a good score on your credit report, your good score must have arisen for reasons that meet the lenders criteria................... which they won't tell you.

Experian provide one score directly to consumers online.

The score that is provided to lenders is completely different and cannot be compared - it's differently calibrated and is not even a linear scale.

I would imagine that the 861 that you have been told by British Gas is from their own internal scoring system - so a different number again - as 861 is a reasonably good score on Experian's internal system.

The score that you see from Experian is not necessarily in line with how a company would view you.

Irn_Dru

Hi Everyone,

I was under the impression my credit rating was good, lol, until I applied for financing for a new macbook pro...

On getting my experian report I saw that my rating is only fair on account of a deliquent/defaulted account I had with T-Mobile. Apparently, I missed some payments in 2010, which I completely forgot about. I've since gone to T-Mobile and paid them everything they were owed and closed the account.

How long will this default stay on my file and be visible to searchers?

And should I forgot about applying for credit for a while until this 'settlement' with T-Mobile is registered on my file?

Thanks

BugsyBrowne

Irn_Dru wrote: »

Hi Everyone,

I was under the impression my credit rating was good, lol, until I applied for financing for a new macbook pro...

On getting my experian report I saw that my rating is only fair on account of a deliquent/defaulted account I had with T-Mobile. Apparently, I missed some payments in 2010, which I completely forgot about. I've since gone to T-Mobile and paid them everything they were owed and closed the account.

How long will this default stay on my file and be visible to searchers?

And should I forgot about applying for credit for a while until this 'settlement' with T-Mobile is registered on my file?

Thanks

It stays on for 6 years.