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

Jack1294

I had an order accepted, had provided id docs and paid a holding deposit for a personal car lease deal and have been kept waiting for the finance agreement documents to arrive - I've just been told that the vehicle ordered and expected delivery of within 14 days won't now be avaliable for at least 8 weeks! No alternative option has been offered. The leasing company were aware at the outset that I was not willing to wait longer than originally agreed and I have been left with no option but to cancel.

The finance company did the usual credit searches and this has significantly lowered my credit score. I am confident that if I now apply elsewhere my lower credit score will mean I will be refused.

Can I insist the finance company ask the credit agencies to remove the search and restore my credit score???

[Deleted User]

Jack1294 wrote: »

I am confident that if I now apply elsewhere my lower credit score will mean I will be refused.

You're being over confident. No one will ever see your score.

One credit search is unlikely to be a deal breaker. If it is, then your financial circumstances are fragile.

slashlover

I'm currently saving for a house deposit and hope to take out a mortgage as a FTB in about a year.

I ran my credit report and it's completely clear. I have 3 closed accounts which were zero balances (a consolidation loan, a store card and a credit card) all closed for at least 3 years. I have one open credit account, a credit card which I have had for nearly 20 years - it shows as always paid on time, no cash withdrawals, almost always fully paid off etc.

The credit available on the card is £14,550 compared to my annual salary of £21,000 and at most the balance will be a few hundred pounds. Is it better to keep the card as it is or would it look better to a mortgage lender to have a lower amount of available credit compared to my salary?

[Deleted User]

With a solid history, I would leave it.

Thrugelmir

slashlover wrote: »

I'm currently saving for a house deposit and hope to take out a mortgage as a FTB in about a year.

I ran my credit report and it's completely clear. I have 3 closed accounts which were zero balances (a consolidation loan, a store card and a credit card) all closed for at least 3 years. I have one open credit account, a credit card which I have had for nearly 20 years - it shows as always paid on time, no cash withdrawals, almost always fully paid off etc.

The credit available on the card is £14,550 compared to my annual salary of £21,000 and at most the balance will be a few hundred pounds. Is it better to keep the card as it is or would it look better to a mortgage lender to have a lower amount of available credit compared to my salary?

Your credit history shows that you manage your finances in a responsible way. Do nothing.

Bill12345

Hi There, I could do with some advice re my credit reports please.
I have signed up for both Experian and Noddle, but they are very conflicting scores.
Experian score me at 997/999, whilst Noddle score me at 536/710 and a rating of 1/5.
I'm confused how they can be so different.
Years ago my finances were in bad shape, but i'm out of that now and have no debt at all.
I'm looking to apply for a mortgage, but a bit nervous about doing so based on teh Noddle score.

Any advice would be greatly appreciated.

cheers

DCFC79

Bill12345 wrote: »

Hi There, I could do with some advice re my credit reports please.
I have signed up for both Experian and Noddle, but they are very conflicting scores.
Experian score me at 997/999, whilst Noddle score me at 536/710 and a rating of 1/5.
I'm confused how they can be so different.
Years ago my finances were in bad shape, but i'm out of that now and have no debt at all.
I'm looking to apply for a mortgage, but a bit nervous about doing so based on teh Noddle score.

Any advice would be greatly appreciated.

cheers

What matters is the history not the scores, if you worry about the scores you will lose sleep over it.

You must have missed a reply stating the scores aren't seen by anyone.

RedTriAnon

On all applications I have seen, they ask how long your bank account has been held for. I have 2 current accounts, one was opened in 2006, the other in 2012. I'd like to close the 2006 account and get an account with an introductory offer/better services, but am worried this may affect remortgaging in the future and/or my credit score.
Is there an optimum time for holding a bank account? Like when getting car insurance, once they know you've had you license for over 20 years, any additional years don't seem to make a difference.
Thanks.

NM1882

Hello Guys

Just wondered if anyone can help? i have got very good credit rating so i applied for a loan for £7500 to get the good rate so i could do my central heating, bathroom and kitchen all together and to my surprise i got declined! looked on my credit file and it says as i have applied for 2 previous bits of credit within a short time frame it has declined me! i have had 2 loans but payed them off early one by 6 months, the other was for 2 years and i payed off within 3 months by making the decision to use my savings to pay off which i thought would help my credit score but no it has counted against me for essentially paying these 2 off early!!! i have spoken to Experian and told them the circumstances but they have just said not to apply for any more credit for 6 months! seems really unfair that i pay off early and get punished! is there anyway i can get this removed from my credit file? does anyone have any idea's please? i have written to TSB who i applied for the loan to appeal and explained about how i have paid these 2 loans off so early and am awaiting there reply but it isn't going to fix my credit file! really frustrating that by paying off early you get knocked back because a computer says no! any advice would be great!

Thanks in advance!

[Deleted User]

You have no credit score. Just credit history.

You haven't been penalised for early settlement by anyone.

Affordability is more likely to be a reason for the decline. What is your income? Who did you apply to? What data do your other credit files show?