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

dave2kaf

I have Zero credit cards, Zero loans and only a mobile phone contract approx. 7 months old fully paid to date. I have about 8 DD payments and they have never been missed in over 10 years. I have never been in the RED in my bank, I am on the electoral role and have been last three years. But my credit score is bad? Its so bad that my bank offered to give me a better bank card from a Cashcard account to a general purpose current account. Now they looked at my banking and how good it is and could not believe I got declined. If my own bank declines me for upping my bank account to a standard account (currently got a child's Cashcard account, bank tellers description). How do I build this score thing up. I don't like credit my dad taught me its not good to buy on TICK .. Need help. I think I am going to be told to get credit but HOW with such a low score. I have very good disposable income every month. Whole system seems to be messed up. I have a friend who's credit score is better than mine and they look like a swindler. They have missed and defaulted all through their file and owe over £15,000 in debt which isn't being paid. So how come I have a worse score than them?

Hazzinho

Check you credit files and make sure everything looks OK, ignore the score it means nothing. Perhaps you don't earn enough?

Rinali

Is there any way I can view my credit score without my credit card being registered to the address I'm currently renting at? I don't particularly want to change it then change it back just for this.

lovetohate92

I'm a student and have lived at 3 addresses during term time the last three years. Outside of term time I live at home where my bank details are registered. My credit report now shows my uni address for last year as I has an account with o2 for internet. That is fine as I made all the payments on time. My account details with o2 have recently been changed from the uni address to my home address as I set up a monthly phone account. My credit report basically says that I've moved from the uni address to my home address in the last year because of this. Does this mean it will say I've only lived at my home address a year, even though I've lived there over 10 or will my bank account and electoral role cancel this out? Thank you.

wacsa

I was wondering if anyone knows how quickly the credit agencies update peoples records, for instance if someone was applying for a loan and got rejected by one lender, if they apply the same day with another lender, would that 2nd lender see that they have applied for credit with the 1st lender?

Thanks

The_Boss

Rinali wrote: »

Is there any way I can view my credit score without my credit card being registered to the address I'm currently renting at?

No, because you don't have a credit score. Applications are scored, not people.

Tixy

wacsa wrote: »

I was wondering if anyone knows how quickly the credit agencies update peoples records, for instance if someone was applying for a loan and got rejected by one lender, if they apply the same day with another lender, would that 2nd lender see that they have applied for credit with the 1st lender?

Thanks

Credit applications are usually visible immediately.

Stevev99

The only blemish I have on my credit file now is an old RBS loan I settled back in 2011.
The payment history shows AP (for arrangement to pay) throughout which is correct, however it's also littered with late payments even though I know that whilst this was in the arrangement to pay, I was never late with any of the adjusted payments.

Can a bank report a loan as late payment even if in an AP?

I didn't settle it until 2011 which means it'll be on there until 2017 which is not good at all.

Malefici

I'm wondering if anyone can help.

I'm going to be applying for a house in approximately one month and a credit check is required. Currently all I have is finance for my car and my phone contract, which I pay without fail every month. However, I am a joint bank account with my mum and back in September I was refused a loan with my bank as she had incurred some charges.

This was a one-off situation and my mum has since had no charges on the bank account, although she is in the overdraft that she pays for. Will this effect my credit check? And will the fact that I applied for a loan and was rejected back in September also affect it?

I will be removing myself from the joint account, anyway, but am concerned that I won't be removed in time for the credit check.

Thanks in advance for any advice!

Tixy

Malefici wrote: »

I'm wondering if anyone can help.

I'm going to be applying for a house in approximately one month and a credit check is required. Currently all I have is finance for my car and my phone contract, which I pay without fail every month. However, I am a joint bank account with my mum and back in September I was refused a loan with my bank as she had incurred some charges.

This was a one-off situation and my mum has since had no charges on the bank account, although she is in the overdraft that she pays for. Will this effect my credit check? And will the fact that I applied for a loan and was rejected back in September also affect it?

I will be removing myself from the joint account, anyway, but am concerned that I won't be removed in time for the credit check.

Thanks in advance for any advice!

Does your mother show as a financial associate on your credit files? assuming she does then any potential lender will also look at her credit files.

Even if you close the joint account you would still be shown as financial associates until you file a notice of disassociation with the 3 credit reference agencies.

If the joint account is overdrawn the bank may not be willing for the account to be transferred just in to your mother's name.