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

Ebe_Scrooge

peter.odare wrote: »

My question is what will be expected impact of this when I re-run the report after 6 weeks or so?


I've checked my score on Noddle also and I got excellent??????

Thanks!

It'll go from "poor" to "awful". Or possibly to "outstanding". Your score, or rating, that they give you means nothing - as witnessed by the fact that 2 different agencies gave you wildly different scores. Lenders cannot see it anyway.


What matters is your credit history - which from what you've said sounds fine. Being on the electoral roll with definitely help quite a lot, other than that lenders like to see a history of responsible borrowing and repaying on time, and not overstretching yourself in terms of debt to income ratio.

moneysolvesnothing

Hi all

On my noddle and clear score report, my credit card report says -£56, should it say minus?! Maybe I'm being silly, but if I have £56 balance should it not just say £56?

We're hoping to apply for a mortgage soon so I'm going through my reports with a fine toothed comb!

Many thanks

RobDewar

Hello. I have a few questions about my credit score. I'm looking to get a mortgage (but not for a few more years) but I effectively had no credit score and decided to get a credit card to improve my ratings. I pay it off in full every month which most guides say is the best thing to do, but then I read another article on here saying that actually paying off in full each month may make me less attractive to lenders as they don't make any money from me. Is this something I should be thinking about for mortgages or is it more of a credit card thing? Obviously with any mortgage they will be making money from me so do I need to worry about being too good with repayments? If I do decide not to pay off in full to improve my prospects, how often do I need to do this and how soon before getting a mortgage?

My other question is around address details; I have moved around quite a lot over the last few years and my registered address has been with my parents for most of this time. However I moved to a new city about 3 years ago and have been on the electoral role here for most of that time but I kept my accounts registered at my parents address until recently; would something like this affect the checks and my scoring as my accounts and electoral role addresses will not be the same for that period? When completing applications which is the better one to go with? I was still accepted for a credit card using my current address even though my accounts were still registered elsewhere so I would guess my electoral role address?

[Deleted User]

Pay your card in full each month and use your current address.

27col

It really is getting tedious reading people banging on about their fictitious "credit score". The only thing you need is a good credit record/history. You get this by having a history of paying your debts without late payments or defaults. Being always in your overdraft or only ever paying the minimum on your CC, indicates to potential lenders that you are struggling financially.
It really is rather sad that people go away from these threads still thinking that their "credit score" actually matters. In spite of being told the contrary by many well informed members.

mareen7

Hi All,

I have two debts worth £8,000 altogether (due to family fraud) dating from nov 2011. So i have been unable to get any credit cards but i have recently been agreed mortgage on principle for around £280,000. I am not too sure why i cant get any credit card but the mortgage is fine?

I tried speaking to barclays about the situation but they were not having any of it as they go by what the system is telling them despite me having £5k saving in my account and bring in almost £3000 a month as income.

I am not on electoral role but would this have any impact? Having said that, would it be good idea to apply for CC very close to getting a mortgage approved?

Thanks,
Mareen

Candyapple

mareen7 wrote: »

Hi All,

I have two debts worth £8,000 altogether (due to family fraud) dating from nov 2011. So i have been unable to get any credit cards but i have recently been agreed mortgage on principle for around £280,000. I am not too sure why i cant get any credit card but the mortgage is fine?

I tried speaking to barclays about the situation but they were not having any of it as they go by what the system is telling them despite me having £5k saving in my account and bring in almost £3000 a month as income.

I am not on electoral role but would this have any impact? Having said that, would it be good idea to apply for CC very close to getting a mortgage approved?

Thanks,
Mareen

It seems you have several issues here:

1. Was the £8k made up from family members using your name to take out credit cards/loans and not repaying them so you were left with the poor credit history? If yes, the only way to remove this is to contact the police and obtain a crime reference number and then contact the companies involved and ask them to remove the records. If however you don't want to report your family, then the accounts will drop off your credit file 6 years from when they were defaulted.

2. A mortgage in principle is no guarantee you will progress to a full mortgage application as it is based on a soft search of your credit files.

3. You should have gone with a broker rather than direct to Barclays to apply for your mortgage.

4. If you earn £3k a month - why do you only have £5k in savings? Especially given the size of the mortgage you are applying for.

5. Yes not being on the electoral roll will definitely have an impact on your ability to obtain credit.

6. Given you said you had debts of £8k and earn £3k a month, I'm guessing your issue in obtaining credit might be because you have a CIFAS registered against you (due to the fraud). Pay £10 and send a subject access request to CIFAS to check.

7. If you do have a CIFAS mark against you, forget about your mortgage.

8. No, don't apply for any credit so close to your mortgage application.

yorkcov

Hi
I have just received my Experion report and the last credit card it lists me as having was closed 4 years ago. I have a Nationwide Current Account and Credit Card which is used extensively and paid off in full every month. I also have a Sainsbury's Credit Card which likewise I pay off in full every month. Neither of these are mentioned on the Experion Report so to anyone checking with them it would appear I have no experience of using credit.
Presumably I would appear to be a poor risk, even though this isn't so. Is there anything I can do about this?
Alan

Kerri1975

I was bankrupt thats behind me now and my partner and I were about to apply for a mortgage, we were limited to just one subprime lender Magellan. Thays the background info...heres the problem

Kerri1975

Last posted dissapeared .....I was 16hrs late paying my Aqua credit card this month and they have said it will be on my score as a late payment. Magellan (mortgage company applying too) have said they wont lend with that on my score. I was also late paying Vanquis card they have said as its never happened before and that i always pay above minimum amount if its on my credit file they will remove it. Aqua have said they will not as they report a true reflection. My arguement is ... it is not a true reflection my continuos ontime payments over the minimum amount is a truer reflection not being one day late, once. I totally get this is my MASSIVE mistake, simply removed statements from notice board to take to mortgage broker, left them in a file and forgot about them. Question is can i do ANYTHING about this, is there anyway I can convince Aqua to remove it? They were incredibly unhelpful on the occasions ive tang them, very black & white to them. If it was as simple as 'choose another lender' I would but the option isnt there.
Feeling hugely deflated and like the biggest idiot!!