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

RL11

CherlokHomes 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.

Actually Halifax were quite good at telling me. The letter started off saying they can't tell me why because it was private to them blah blah but then they said it was because I had applied for two cards during 2013 and they were both close to their limit. So now I know. However it's a bit daft as those two cards were balance transfer cards, so obviously I had transferred as much as I could to the zero percent cards! What I want now is a zero percent purchase card but now I don't want to apply and get another search against my record. I can't see any option but to leave it a few months.

Spring78

Hi,
I am hoping to apply for a mortgage this year and am looking at making my Credit score as good as possible. I have rented a flat with my boyfriend for the past 7 years where I am on the electoral Roll and I hold utility bills and phone and internet accounts. However my Current Account, savings and Business accounts, as well as my Limited Company are registered to my Parent's address. This is because we were always thinking we would move on soon so I didn't change my addresses- ridiculous as we have now been here 7 years! I do not have debt on Credits card-I pay off my credit card in full each month and I don't have any loans. Will it damage my credit score that I have these differing addresses? Is it worth me changing all my accounts to my rented flat's address even if we are looking to move this year?
Thanks

Dream04

Hi, i was hoping someone might be able to help. I had a car on finance over 6 years ago through Volkswagen financial services which i voluntarily terminated due to financial difficulty. I still owed £2000 for the car after i had sent it back for which i set up a repayment plan. Not long after i wrote to them to say i couldn't actually afford to make anymore payments to them and advised them to take me to court. I never heard anything off them again (this was in Jan 2008) and had no reply to my letter to them. I have just checked my Equifax credit report and it is still showing as an open account and every month is red and 6 (6 late payments) but they have never put a default on my account they have just kept updating it as late payment for the last 6 years. Will this ever disappear from my credit file as they haven't closed it?

fermi

No, it won't. You need to complain to say it should have been recorded as a default back then.

Dream04

fermi wrote: »

No, it won't. You need to complain to say it should have been recorded as a default back then.

Thanks for the reply. Shall I complain to the cra or shall I write to Volkswagen saying the debt is now statute barred?

Tixy

Dream04 wrote: »

Thanks for the reply. Shall I complain to the cra or shall I write to Volkswagen saying the debt is now statute barred?

Write to the creditor to dispute the entry on your credit file. You may want to quote from the ICO guidance on filing defaults to state that using 6 markers should not be used in place of a default and that according to the guidelines a default should have been placed no later than X (6months after the date you stopped paying/handed back the car).

If they then try asking you to pay at that point you would send a statute barred letter.

ICO guidance - ICO Guidance - Filing defaults with credit reference agencies (section 4 and section 11)

PBC

Lot's of posters here have multiple current accounts in order to take advantage of the introductory offers.

What impact does applying for multiple accounts have on a credit report? Is it best to space applications out over time?

Dream04

Tixy wrote: »

Write to the creditor to dispute the entry on your credit file. You may want to quote from the ICO guidance on filing defaults to state that using 6 markers should not be used in place of a default and that according to the guidelines a default should have been placed no later than X (6months after the date you stopped paying/handed back the car).

If they then try asking you to pay at that point you would send a statute barred letter.

Thanks for your advice I shall write to them today

Tixy

PBC wrote: »

What impact does applying for multiple accounts have on a credit report? Is it best to space applications out over time?

If the accounts have an overdraft facility then they will appear on your credit reports (with at least one of the agencies).

In terms of if they have an impact on your ability to get accepted for new credit products - probably not very much so long as you are not using the overdraft facilities.
Yes it is likely best to space out applications.

al123456

Hi guys,

It seems that if you want to know your score from this company they want you to sign up for another £14 or so a month.

Anyone find this or am I missing the obvious

Thanks
Al