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

Moggles_2

MissHB-AFC wrote: »

We moved into our property last September and the previous tenants have not changed their address with their creditors, which include mobile phone bills, broadband, credit cards, catalogues, the lot!... I believe it is affecting our credit rating as we are being associated with those tenants, who still probably appear to live at our address, even though they don't.

Credit ratings assess people, not dwellings. If you share a financial product (eg. joint bank a/c) with someone else, then you are financially linked to them and their affairs could have an effect on your credit rating, but simply occupying the same house as someone with a poor credit history has no effect whatsoever, so don't let this distract you from tackling the things that really matter.

You will have disrupted your credit rating temporarily of course by moving house. Lenders like stability, so best practice is to apply for credit facilities, where possible, before you move/change jobs/change banks. Being with the same employer, bank and current address for a while all help when applying for credit cards.

Moggles_2

YBNB wrote: »

My siste went to the local Electoral Services office to check and, sure enough, the address was incorrect.

Thanks for your feedback. You'd be surprised how often this happens.

She informed Credit Expert and they changed it, but it's still wrong - they changed it to something slightly different, with the effect that her report still shows her as not being present on the electoral roll at her address.

How exasperating?

Meantime, she really wants to get going with her mobile phone (monthly contract) application. I'd be very grateful to be told your considered opinions on her chances of getting accepted for an 18 or 24-month mobile contract of around £35 per month.

Personally, I wouldn't apply until her electoral status is correctly recorded at her current address.

Weasely_Weasel

Hi,

I'm a student and so naturally have an interest free overdraft.

Naturally being a keen money saver it is as close to the limit as i can have it, with the money being in a savings account to get me interest on the free money.

But i'm now looking at getting a good credit card for a trip to america in the summer and so want to check my credit rating will be as good as possible by then. Will it count against me to have the overdraft being constantly used and so should i sacrifice the interest to have my account in the black?

unidentified

Here's a tricky one...

Recently moved house (renting), but still on the Electoral Register at my old address (parents). I do obviously need to re-register at new rented address, but right now is not the best time as I need to make a new CC application within days and the whole thing could end up screwed.

All info I've read says to apply for card using registered Electoral Register address (ie. Parents), but what I'm wondering is what telephone number should I put down beside the old (parents) address? Parents landline telephone number or my current landline telephone number at new address?

Does the landline feature in a credit report against one's address and/or can it be grounds for a declined application?

PS - Other thing I'm wondering is, I have bills currently coming to my new rented address (e.g. Landline telephone bill, TV Licence), so will the CC company see this as well when they check with Experian?

Quite baffled and don't know what to do but need to get this right as I have a Very Good/Excellent Credit history and don't want to screw it up over a telephone number :S

Also if after applying and I get accepted, then change address for correspondance to my new address, will this create a problem?

Moggles_2

unidentified wrote: »

What telephone number should I put down beside the old address? Parents' landline telephone number or my current landline telephone number at new address? Does the landline feature in a credit report against one's address and/or can it be grounds for a declined application?

I would give your current, landline telephone number at your new address.

A landline number is better than a mobile number credit score-wise, but the number per se is of no consequence, as long as the lender can contact you.

Moggles_2

Originally Posted by unidentified
I have bills currently coming to my new rented address (e.g. landline telephone bill, TV licence), so will the CC company see this as well when they check with Experian?

Unless credit facilities are involved, your payment history with utilities is not normally reported to the CRAs, provided that you are not in arrears that is.

Moggles_2

Originally Posted by unidentified
If after applying and I get accepted, then change address for correspondence to my new address, will this create a problem?

I suppose it depends when you intend to apply for further credit.

It may be best to leave your credit card at the address where the rest of your credit history 'lives', but it's your choice really.

claire1234

daft question . . .

when you do the experian credit report do you see the report stright away on line or is it sent in the post?

also how many years apprears on the file?

sorry daft questions,
thanks.

Innocent_Guy

claire1234 wrote: »

daft question . . .

when you do the experian credit report do you see the report stright away on line or is it sent in the post?

also how many years apprears on the file?

sorry daft questions,
thanks.

Hey there,

If they can verify you electronically they will show it to you online.

You will see 6 years of data.

Thanks

unidentified

Moggles thanks for all the advice so far...

I forgot to mention, I have previously held a card with this company (Virgin) but settled the account and closed it around 15 months ago.

The address on the account at that time was my parents which also included my parents landline number. Therefore would Virgin still keep a record of this?

Knowing this is it wise to apply using my parents address but provide my (current rented property) landline number with it? Or would they go back and check the details on my previous account and wonder why the landline numbers did not match the previous account yet the address was the same?

I suppose it depends when you intend to apply for further credit.

It may be best to leave your credit card at the address where the rest of your credit history 'lives', but it's your choice really.

After my current application within the next few days I would be intending to re-apply for further credit in possibly 12-14 months time again. Based on this info would it be wise/unwise to change the address after my application is accepted?

Alternatively, do Virgin allow online bill only? (ie. I don't need to receive a paper copy)?