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

sfax

Kimberlicle wrote: »

The address for all my bank accounts/credit cards is my parents address. I left it at this after I moved out as I am renting and seem to move every year. I did not want the hassle of changing my address on everything ever time I moved.

I was just told that this might have affected my credit rating negatively - is this true?

I don't know what to do for the best.

Any advice greatly appreciated!

Depends what address you apply using and what is on the electoral roll for you.

If current address, electoral roll and credit agreement addresses differ, that's a negative, often a big one. If you move a lot, that's also a negative. Lenders like stability.

callyb

I'm always confused by credit reporting. Companies don't want to see you've constantly defaulted but they also don't like it when you pay things off on time?! Double standards! I know its all about making money from late payment charges etc.

For some unknown reason, I've just been refused a Virgin Mobile SIM card! Can you believe it, a £12 a month SIM card, it's technically not even credit as you actually pay a month in advance?! :mad:

I've checked my Equifax report; I've actually only got one HP agreement that is currently outstanding and that's paid by DD. I own three credit cards that are £0 balance (actually, two are in a small credit £5-7). The only other account I have is a Very (shop direct account) which is also at a £0 balance, with no defaulted payments since it was opened about 5years ago.

All other accounts are settled and closed, but remaining for the stated 6 years. I'm registered on the electoral role, have lived at my address for many years and there have been no other credit searches in the last 12 months, so I truly just don't get it! Confused much!!

samuela66

Hi

I have just tried to apply to experian for a copy of my file, they want 14.99 up front as I allready have an account with them, is there any way i can by pass this fee

thanks
sam

sfax

samuela66 wrote: »

Hi

I have just tried to apply to experian for a copy of my file, they want 14.99 up front as I allready have an account with them, is there any way i can by pass this fee

thanks
sam

Just get your £2 statutory report from them. You don't need any more than this unless you want alerts for changes

http://www.experian.co.uk/consumer/statutory-report.html

Jlm12345

hello, can anyone help me please. i have been out of work for 8 months and my credit score is very bad at the moment. i am due to start work again in 6 weeks and am earning enough to really tackle my debts.

i currently have a debt management plan to which i pay £60 a month. is it better to up what i pay this company each month or choose an individual debt each month and repay in full or a large chunk of it?

i have a car on finance that i am wanting to swap for a newer one and i want a better credit score before i attempt this.

any help is much appreciated .

thanks

bigadaj

Jlm12345 wrote: »

hello, can anyone help me please. i have been out of work for 8 months and my credit score is very bad at the moment. i am due to start work again in 6 weeks and am earning enough to really tackle my debts.

i currently have a debt management plan to which i pay £60 a month. is it better to up what i pay this company each month or choose an individual debt each month and repay in full or a large chunk of it?

i have a car on finance that i am wanting to swap for a newer one and i want a better credit score before i attempt this.

any help is much appreciated .

thanks

Once you are earning contact the administrator of your dmp, hopefully one of the free ones like cccs, as all your debts should be managed through them. You can then go through your soa with them, work out a new figure you can afford, and the dmp administrator will then allocate the increased payment to your creditor.

Zorz_2

I have a couple of questions about my credit report:

The most important is, how long it takes for Credit Reference Agencies to update their records about the electoral roll? I was included in the register at this month's update (so, 3 weeks ago). However, Experian still shows that I'm not registered. Noddle is the same, but their report was last updated a day before I was registered so I'll have to wait until next month.
I have read that in some cases it takes months for the CRA's to show that you are indeed registered! :eek: So, how long it takes on average and whose responsibility is for the delay?

Also, Experian says that "The age of your accounts indicates lenders are likely to view you as higher risk". Obviously this is one aspect that I can't do anything at the moment, but is there a specific account age (like 18 months) that acts as a threshold or it's a more linear scale? I opened my most recent credit account almost 18 months ago.

Finally, Experian also mentions as a negative that "You have no successfully settled non-mail order accounts.". The rest of the factors make sense, but this one IMO is just stupid! So a customer that has a revolving line of credit (like a credit card or overdraft) who still uses it to this date, always within the agreed limits and terms, is considered badly because he/she hasn't closed and settled that credit product?

sfax

Zorz wrote: »

I have a couple of questions about my credit report:

The most important is, how long it takes for Credit Reference Agencies to update their records about the electoral roll? I was included in the register at this month's update (so, 3 weeks ago). However, Experian still shows that I'm not registered. Noddle is the same, but their report was last updated a day before I was registered so I'll have to wait until next month.
I have read that in some cases it takes months for the CRA's to show that you are indeed registered! :eek: So, how long it takes on average and whose responsibility is for the delay?

Also, Experian says that "The age of your accounts indicates lenders are likely to view you as higher risk". Obviously this is one aspect that I can't do anything at the moment, but is there a specific account age (like 18 months) that acts as a threshold or it's a more linear scale? I opened my most recent credit account almost 18 months ago.

Finally, Experian also mentions as a negative that "You have no successfully settled non-mail order accounts.". The rest of the factors make sense, but this one IMO is just stupid! So a customer that has a revolving line of credit (like a credit card or overdraft) who still uses it to this date, always within the agreed limits and terms, is considered badly because he/she hasn't closed and settled that credit product?

IMO Experian would only update the electoral roll info every month at the most so keep checking every few weeks

Re. settled accounts, a long standing open account would be seen just as favourably providing it was well managed IMO

JoGab

I have been refused credit for La Redout, Isme and Bon Prix when applying online. I have a perfect 5/5 credit rating. Why is this happening?

grumbler

How long is a piece of string?

Ignore any scores that CRAs sell you or give for free.
Read MSE article.
Get your full credit files and check them thoroughly for errors and discrepancies.
If it's still unclear, post the facts here, not some nonsensical "5/5".