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

sfax

@ Fleeb

1. 1 late payment over 5 years ago will have no bearing at all
2. Again, no point in correcting this either
3. Keep the CC, it's better to have a balance because it shows you use the card and you are a good payer
4. Again, keep both probably although you might want to consider closing one or reducing limits if keeping 2 leaves you with a lot of available credit (like an extra £10,000+)
5. Will probably make no odds but I would close it down personally

Really though, none of this is very relevant to a mortgage application unless you have late payments, no credit history at all or defaults or CCJs. What matters most is the LTV and your income

itsanne

Just a brief warning when signing up for the free trials. I got my husband to sign up for one of the free credit file checks recommended on this site and was horrified to find that he'd agreed to the free trial of "Identity Watch Lite" when he phoned to cancel.:eek: Having checked it out, unless you are very organised, it would be better not to accept the further free trial you'll be offered. (I'm sure it's not only Equifax with the hard sell!) The trial lasts for a year, after which you'll be paying monthly without realising - they've already got your card details.

getting_there1

Hi All,

I have been looking at my credit report and noticed that I have 1 AP marker recorded in March 2011 on a loan account which settled in November last year. No payments were missed over a 7 year period just one or two late payments over that time and one AP. How detrimental is this on my report for future lending. Is one just as bas as a seried of them. I though I had a couple of late payment markers only but just spotted this.

Also on my bank account with Natwest they also recorded an AP marker as I went over my overdraft due to my employer paying me late.

Any advice/opinions please?

purplestar133

I have recently got a new credit card and am planning on opening a new current account soon. I know it's best to space out applications but I'm just wondering how long I need to wait between applications?

izools

BugsyBrowne wrote: »

I wouldn't worry mate its noddle where it wouldn't matter if searches were on there for 60 years as no lender searches noddle.

Noddle aren't a credit reference agency, they're just a front end for Call Credit, in the same way CreditExpert is a front end for Experian.

Nationwide and Halifax have searched both myself and my partner's Call Credit fies in conjunction with applications we've made in the last year or two.

Yes-Secure use Call Credit exclusively.

So they aren't totally unused, but they are the least used.

sfax

purplestar133 wrote: »

I have recently got a new credit card and am planning on opening a new current account soon. I know it's best to space out applications but I'm just wondering how long I need to wait between applications?

Up to 3 searches in 6 months is usually ok. It sometimes beneficial to make simultaneous applications so new credit agreements aren't yet visible to other lenders.

purplestar133

sfax wrote: »

Up to 3 searches in 6 months is usually ok. It sometimes beneficial to make simultaneous applications so new credit agreements aren't yet visible to other lenders.

Do insurers do a search even if you pay your premium in full when it's due? Or is it only if you spread your payments monthly?

sfax

purplestar133 wrote: »

Do insurers do a search even if you pay your premium in full when it's due? Or is it only if you spread your payments monthly?

Even pay monthly insurance searches are only soft and don't count as a hard search. You don't need to worry about these

smilee2106

Ok, I've decided to seriously clean up my credit. I have been with Clydesdale Bank since 2006, initially with my ex-husband and then my own accounts since 2011. I am a US citizen who's been here for 23 years this June but never took up citizenship as I have indefinite leave to remain. The only difference is I can't vote and therefore cannot be on the electoral roll. This hasn't stopped me getting credit in the past, most recently a couple years ago with Vanquis to try to kick start my credit rebuild.

Should I try to move to a bank that's considered UK based as I never see anything about Clydesdale on MSE as a whole. I take it because it's regsitered in Austrailia. What about HSBC? I mention them as I'm looking to return to the US in a few years also and I know they are world wide. Maybe run a couple of bank accounts? I don't want to go to Bank of Scotland/Halifax as they took money from our savings to pay on an overdraft we had at the time (I didn't know they could do that back then) and left my ex and I with no money. Any recommendations? I'm in Scotland by the way.

I just registered with Noddle, mentioned on your sub-prime threads, to work on my credit report. I have a sequestration which was closed in March 2010, a result of my ex-husband and I having to give up a business in 2006. This is listed but accounts considered for this are not although I had seen them when using the freebie offers for Experian/Equifax although that was last year at least. Noddle has me as 1/5. Am I going to have to go to all the credit reporting agencies?

I saw mention of Creation. Should I even bother approaching them for any of their services as this stage?

I know I'm listing a lot here and will probably come back with more as time goes on but want to say I appreciate everyone's help straight away.

Lillypad1791

Whilst looking on MoneySavingExpert to see how I could improve my credit, I followed a link to Equifax Website who offer a "Free" Credit Report, which I signed up for. This "Free" report did not have enough information in, so I purchased the credit scoring report for £5.95, which was exactly what I required.

However, I've just noticed that I have been charged £8.99 because I did not call up and cancel the membership, which I had automatically signed up to by requesting the "Free" Credit Report. I really do wish that this company, who are advertising on a website where people are looking for ways to save money and some of whom I presume are in financial difficulty, would make it more clear either, on their website or in the e-mails they send when you have requested the "Free" report that this is the case.

Looking back at the website, I scrolled down the page and can now see that's it says £9.95 if you do not cancel within 30 days, but I had to look for it, in my opinion it is not clear - whereas the word FREE is crystal clear!!