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

Betfairy

Hello

A question for anyone who is more int he know on this subject than me

I have recently made a number of applications for credit cards, some of which have been accepted, and others declined. I have now stopped doing this as I realised my credit rating on noddle went from 4/5 down to 2/5 even tho i have not missed payments etc...

Does anyone know how long it may take to go back up if it is purely down to me applying for credit? I know it is not an easy question, but are we talking months? or years?

cheers

Tixy

Betfairy wrote: »

Hello

A question for anyone who is more int he know on this subject than me

I have recently made a number of applications for credit cards, some of which have been accepted, and others declined. I have now stopped doing this as I realised my credit rating on noddle went from 4/5 down to 2/5 even tho i have not missed payments etc...

Does anyone know how long it may take to go back up if it is purely down to me applying for credit? I know it is not an easy question, but are we talking months? or years?

cheers

The score isn't the thing to focus on - but in terms of your ability to get accepted for credit generally people suggest that after 6months credit searches have little impact. So ideally make no more searches for at least 6months.

If you have had no searches for 6months and then are declined chances are it relates to something else on your file.

tlk

hi, can you tell me whether or not an account can be defaulted whilst it is in dispute, had an ongoing dispute with the bank since jan regarding irresponsible lending, they agreed this in feb and came back with an offer which we did not agree with so passed it to fos, since then the offer has changed and reduced considerable. The problem I am now having is that the bank defaulted these accounts in august and sold them on( original amounts) even though the complaint was still with the fos and the offer was that 2 accounts would have nothing owing on them with the offer. I challenged this with the fos and they judged in favour of the bank. wondered whether its worth a challenge with the ico.


thanks
tlk

Goodwinners

Hi i left university as a year 2 student as me and my girlfriend were expecting a little boy..... i had too leave university to allow me to work more to provide more for my little family. He was born 1st january 2013 and whilst leaving university and getting more hours in work i managed to build up a £1200 overdraft which at the moment is interest free until August which i need to pay off i earn on average of £950 a month but with £500 worth of rent to pay im not left with much and im constantly stressed aand unhappy because of this situation and embarressed to speak to family and the bank

thomas90smith

How badly will it affect me if I don't have a credit card at all? I've got one but its never been used and I'm wanting to buy my first house witn my GF soon

BenEssex

Hi,

Whilst in financial hardship I went above my overdraft which I was unable to pay. Subsequently my bank (Natwest) sent my debt to a firm of solicitors with whom I agreed a repayment plan.

According to my credit file this debt is 'defaulted' which is damaging my credit score. I had a similar situation with MBNA who's account is correctly shown as 'repayment'.

Is there anything I can do to amend this to repayment as that is the situation and I would imagine a repayment plan is viewed far more positively than a defaulted account.

Many thanks in advance.

Theystolemymoney

Beware myreport.co.uk.
It a scam website that wants your Creditcard details before it give you your credit report. They never gave me my report. So I cancelled it immediately. They took money out of my bank account 3 times in a month would have been more if statement didn't show it. Reported the matter to the police never got the money back . Avoid myreport.co.uk

Hopelessly_Hopeful

Theystolemymoney wrote: »

Beware myreport.co.uk.
It a scam website that wants your Creditcard details before it give you your credit report. They never gave me my report. So I cancelled it immediately. They took money out of my bank account 3 times in a month would have been more if statement didn't show it. Reported the matter to the police never got the money back . Avoid myreport.co.uk

Sorry to hear this. If it were me I'd contact FOS and OFT.


Good luck


HHX

Arsenal365

Can you be registered to vote at two addresses at one time?

Stabilo_Boss

BenEssex wrote: »

Hi,

Whilst in financial hardship I went above my overdraft which I was unable to pay. Subsequently my bank (Natwest) sent my debt to a firm of solicitors with whom I agreed a repayment plan.

According to my credit file this debt is 'defaulted' which is damaging my credit score. I had a similar situation with MBNA who's account is correctly shown as 'repayment'.

Is there anything I can do to amend this to repayment as that is the situation and I would imagine a repayment plan is viewed far more positively than a defaulted account.

Many thanks in advance.

Usually you will be defaulted after about 6 months (6 missed payments for example) and then the creditor will probably sell your debt as defaulted or they may go to a CCJ. I had a default with MBNA and they sold my debt and I had a default marker for 6 years (the default has gone from my file but I am still paying the debt collector!). With Barclays they defaulted and then went down the CCJ route. This CCJ has also gone from my file but I am paying Barclays still.
With Barclaycard I avoided a deafult and agreed a repayment plan with them (reduced monthly payments and frozen interest). This showed on my credit report as an Arrangement to Pay (AR).

It could be that Natwest have sold your account and therefore you defaulted them but MBNA simply put you on an Arrangement to Pay. To be honest they are almost as bad as one another. Search the forum for Arrangement to Pay if you want more information