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

Aaalex

I've just received my Experian credit report and all looks ok, although I noticed that my HSBC overdraft and visa card aren't listed in my debts. I'm not sure if this is a problem? Do I need to contact them and ask to get them added? It seems strange they're not listed as I have about £3,300 on the visa card and a £1500 overdraft.

Also, I cancelled my Egg credit card yesterday. At the moment it's still listed on the credit report as one of my debts (even though I don't owe them anything). Does anyone know how long before it disappears? I'm thinking the less lenders on there the better...

Thanks a lot :-)

Moggles_2

Joeler wrote: »

Does anyone know if having a loan as settled on your credit report helps greatly with regards to credit rating?

Yes, this shows that credit extended by another lender has been handled well.

I have a default that is paid ... The default amount was £612.00 and is 3.5 years old.

The default is a serious blot on your file, unfortunately. This indicates that you were entrusted with money which you did not pay back on time. It will stay on file for 6 years.

Moggles_2

Aaalex wrote: »

I've just received my Experian credit report and all looks ok, although I noticed that my HSBC overdraft and visa card aren't listed in my debts. I'm not sure if this is a problem. Do I need to contact them and ask to get them added? It seems strange they're not listed as I have about £3,300 on the visa card and a £1500 overdraft.

The agencies collate data from 3 main sources 1) you 2) public records 3) their clients, the lenders.

Obviously, this info' is only as accurate as its sources. In particular, lenders don't always report to all three agencies, so I would order reports from the other two as well

Moggles_2

Aaalex wrote: »

I cancelled my Egg credit card yesterday. At the moment it's still listed on the credit report as one of my debts (even though I don't owe them anything). Does anyone know how long before it disappears?

Unlike credit searches and an increasing number of online and telephone credit card applications (those which give instant decisions and credit limits) which appear on your credit file more or less in realtime, this type of data can take up to a month.

If your credit report is not up to date, you can telephone the CRAs quoting the reference number and date of your report and they will advise you of subsequent changes over the phone

Aaalex

Thanks Moggles for your replies to my earlier questions.

I have now received my Equifax credit report and it also looks ok, apart from there are records of a store card I defaulted payments on several years ago. (Annoyingly each payment was only for a fiver and I didn't realise at the time!) The account was settled in April 2004 so almost five years ago now. Does anyone know if this will count against me, seeing as it was so long ago? Do the records disappear from your file after a while, or can I ask for them to be removed?

Also... does anyone know how I can find out which credit agencies are used by which lenders? I would like to apply for a Virgin credit card but not sure whether I should check my report from CallCredit before applying.

Thanks for any advice :-)

Weasely_Weasel

Weasely_Weasel wrote: »

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?

Any thoughts anyone?

BlaEm

Hi, I apologise if this is similar to a lot of the other posts but I really am at a loss for what to do now!

I graduated from University last year, moving from my mum's to my dad's to be closer to work. I have registered on the electoral roll at my new address.
I have been working since August earning a good salary as an Accountant.

However, I have been refused current accounts with both Nationwide and HSBC, despite not wanting a credit card or an overdraft. The former offered me a cash card account as they believed I was too risky to have a debit card! Whilst I have applied for both in the last six months I wouldn't say my applications/credit checks have been excessive.

I currently have substantial savings and an overdraft with Natwest, which is interest free so I've preferred to save rather than pay it off.

I've requested a credit report from Experian so hopefully I can see what's up, although using the credit checker here my score is 'good' (although I 'need improvement' according to the moneysupermarket one), and Natwest were keen to offer me an extra current account, overdraft, and credit card (which I have refused) so there can't be anything too dodgy on there!

Does any one have any insights on what I can do / why this is happening (apart from the credit crunch!). I'm not desperate but feel a bit miffed that banks are falling over themselves to recruit new current account holders, yet all I can get are accounts 'suitable for those on benefits or a state pension'.

BlaEm

Oh, and I have a contract phone and a credit card with a £500 limit, almost always paid off on time in full with the occasional interest charge...No defaults, no loans, nothing obviously damaging.

Thanks in advance for suggestions!

ScRiMpNsAvE_2

BlaEm wrote: »

However, I have been refused current accounts with both Nationwide and HSBC, despite not wanting a credit card or an overdraft. The former offered me a cash card account as they believed I was too risky to have a debit card! Whilst I have applied for both in the last six months I wouldn't say my applications/credit checks have been excessive.

Hi BlaEm

Same thing happened to me with Nationwide - I panicked at first when they only offered me a cash card. However I think its the general mood on the banking circuit rather than your current situation. I think HSBC are pretty tight too, as they refused me a credit card, even though I banked with them. This all happened in the last 4 months.

Since then, I have been accepted for a credit card with Tesco, and more importantly applied for a First Direct Account with no OD. I recieved a letter saying they had approved me for an account with £500 OD and £2k credit card. Was a bit annoyed that they'd carried out the searches without consulting me first but then resigned to the fact that (a) there wasn't a lot I could do about it and (b) I'd been accepted for a lot more than I'd asked for, which is always a plus. The thing that really surprised me is that First Direct is part of HSBC.

I suppose my point is it really does depend on what bank you're applying with as much as it does your situation.

Good luck in getting sorted.

SnS

Kenway

hi every one,
Happy to join u ! Well I've got two credit card defaults. Due to some reasons i'm unable to clear those amount at that time. Now, I am a financially fit to clear those amounts. Is that possible now that my credit file can be moved out of that Defaulter list.
Thanks in advance...!