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

Stabilo_Boss

Arsenal365 wrote: »

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

No, you cannot legally do this. You must be on the electoral roll at your usual address. You dont need to be on if it is, for example a holiday home.

You should make sure that you are on the electoral roll with the same address as you put on any credit applications though or you will likely be rejected

Sabbathdei

I am on the electoral roll at both my places which are in different towns.
I can vote in separate *local* elections, but when it comes to the General Election then I'd only be able to do it once; I'll see what happens when the time comes.

Wexford37

I would like clarification on the addition of the term arrangement on my credit record with Hitachi finance. As I understand it the term arrangement means that 'The lender has agreed to vary your payments for a time'. I have not changed my payment amounts or term of payment with Hitachi. Hitachi have said the term arrangement means that I have have had a late payment but my credit record shows that I have all no missed payments for the term of the agreement to date. Can anyone please clarify what can be logged under this term please?

skintbex

Bit confused - finally got round to checking my credit report yesterday and as expected it's pretty dire, however, I noted I have two credit cards listed as in default, whren both debts have been sold to DCAs long long ago, and I am paying them an agreed amount each month. I was hoping to move house this year (and get a new mortgage - ha fat chance of that right now!) is there anything I can do to get my payments reflected properly on my credit report?

happybunny86

Few questions about best practice on credit scores...

1. Advice says to make sure all my addresses are up to date. Some of my accounts show an old address but are now settled. Should these be updated? How do I go about doing this?

2. How can I tell if an account is closed on my credit rating. If it's settled is it closed?

Thanks in advance,

Leanne

RL11

I have just been declined a credit card but don't understand why. It was for a Halifax credit card and the moneysaving expert credit check tool gave me a 90% chance of success - the highest chance I would guess? - can't see it ever saying 100%. I have written a letter asking them to disclose exactly what information caused me to be declined - is that the way to do it? I was also declined last August by M&S (HSBC) but got accepted by another, so didn't worry about it. I've just checked my credit record and there isn't even a search logged against my record for the August application?! If credit card companies are declining my applications, without even looking at my credit record, what can I do? Are they maybe checking against the wrong person? As mentioned, I have written to the Halifax now, but am concerned that they won't give me the reason they didn't accept me. Does anyone have experience of having problems finding exactly why they got declined?

RL11

I'm thinking that I've been declined because I applied 5 months back. I don't understand why declined applications don't tell you EXACTLY why they declined. Checking my credit file does not tell me why I got declined. If they just said "you have been declined because you applied 5 months ago", I would know the reason and not have to guess.

CherlokHomes

richlidd wrote: »

I'm thinking that I've been declined because I applied 5 months back. I don't understand why declined applications don't tell you EXACTLY why they declined. Checking my credit file does not tell me why I got declined. If they just said "you have been declined because you applied 5 months ago", I would know the reason and not have to guess.

Credit scoring is done by each lender which is private only to their computer system, finding out why you've been declined is not going to happen.

It's actually very easy to see why you're declined by looking through your credit files.

If you've got too much debt in relation to your salary
Too many credit searches
Very little credit history
Missed & late payments
Electoral roll
Financial associations
Thousands of pounds for your disposal though credit limits
Up to your credit limits
Minimum payment markers
Etc etc

RL11

Innovate wrote: »

Credit scoring is done by each lender which is private only to their computer system, finding out why you've been declined is not going to happen.

It's actually very easy to see why you're declined by looking through your credit files.

If you've got too much debt in relation to your salary - No - just over 1 x salary including mortgage
Too many credit searches - two in past year
Very little credit history - 25 years
Missed & late payments - No
Electoral roll - Yes
Financial associations - None
Thousands of pounds for your disposal though credit limits - approx 1.5 x salary including mortgage
Up to your credit limits - yes using 0% purchase cards
Minimum payment markers - only ever pay minimum while in 0% period
Etc etc

So maybe I need to pay down some of my 0% cards so they are e.g. only within 60% of their limit?

jon_on_toast

Hi. New to Forums, but not site.

I am looking to take a 2mth payment holiday on my mortgage due to a gap between leaving one job and starting a new one.

The lender says that they no longer offer 'premium holiday', but can grant me a period of 'controlled arrears' for two months - but warn that this will show on my credit history as an arrears.

Is this definitely the case - and if so how 'bad' is this particular marker?

Cheers, Jon