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

bennymanc

I have searches on m credit report going back to 2000. Is it possible to have these removed?

dancox

I was wondering if anyone could help me. I have signed up for Experian credit rating check and they have told me that my credit rating is very poor.

It says that possible reasons for this is defaults in payment, etc etc.

However, i have absolutely NOTHING wrong with my account. I pay on time every month with my contract phone... the only thing that is against me is that 8 people have searched for my records... this includes 2 credit card applications, 2 buy now pay next year records and some weird ones such as "admiral comparison" which they have absolutely no reason to look at my details.

So why is my score so miserabley low, when i have absolutely nothing wrong with me?

Thank you,

zerocool237

Moggles wrote: »

Checking your own credit file is not classed as a credit check and has no effect whatsoever on your credit rating

Is that right then, so if i contacted all three companys tommorrow lets say by my mail for a report to check the info they had on me then i would be okay, knowone would ever know about the check except myself and i could do the check as many times as i wanted to?

simply10

Can someone shed any light on why the following would have happened? Credit score was good and following a £10k cash withdrawal from a new credit card, credit score has changed to poor. No other changes have occurred to credit record. Would like to understand on what these scores are based. Thanks

Cash_Flow

simply10 wrote: »

Can someone shed any light on why the following would have happened? Credit score was good and following a £10k cash withdrawal from a new credit card, credit score has changed to poor. No other changes have occurred to credit record. Would like to understand on what these scores are based. Thanks

There could be many reasons why your credit score has taken a nose dive, You are now using a greater proportion of your total available credit, you have had a significant balance change on one of your credit cards, and potencial lenders will now know that you are probably paying around 24% apr on the £10,000 cash withdrawal.

NickX

Significant Cash Withdrawals are generally seen by lenders as a signal that a customer is facing financial problems.

This is probably why your Credit Rating has been affected.

JimmyTheWig

simply10 wrote: »

Can someone shed any light on why the following would have happened? Credit score was good and following a £10k cash withdrawal from a new credit card, credit score has changed to poor. No other changes have occurred to credit record. Would like to understand on what these scores are based. Thanks

No-one here knows what these scores are based on. They're not necessarily based on the same criteria as lenders use, as not all lenders score people in the same way.

But however the scores are calculated I would expect outstanding debt to be quite a big factor.
Think about it from the bank's point of view. If you were a bank, would you want to lend money to someone who has recently borrowed £10k? I don't think I would.


Out of interest, do you mean a cash withdrawal, or a balance transfer into your bank account at an introductory rate? If it's the latter then that's fine. If not, this cash withdrawal may cost you dearly in the coming years...

andrew1982

Hi,

I recently applied for car finance but was rejected which I now realise was due to my credit rating only comming in as "Fair".

While checking my credit history to see if there were any problems I could rectify I see that there were in fact 5 different credit checks made and two by the same company.

Can any one tell me if this is lawful and or if there is anything that can be don about it?

Also how badly will this have affected my Credit Rating?

Any comments would be greatly appreciated.

Moggles_2

andrew1982 wrote: »

I recently applied for car finance but was rejected, which I now realise was due to my credit rating only coming in as "Fair". While checking my credit history to see if there were any problems I could rectify, I see that there were in fact 5 different credit checks made and two by the same company. Can anyone tell me if this is lawful and/or if there is anything that can be done about it? Also how badly will this have affected my credit rating?

Are some classified as unrecorded enquiries (due to car insurance online quotes)? If so, these are not seen by other lenders and will not affect your credit rating

andrew1982

The checks were for car finance rather than insurance i've detailed below an example of what appears on my equifax credit report.

Table 1: Credit Searches
The following table shows searches undertaken in connection with credit applications:

Mr Andrew Whitfield ¦ 06/01/2009 ¦ Credit Search ¦ Ge Capital Woodchester ¦ Opt In


As I mentioned before I have 5 examples appear in my credit report noted under credit searches.