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

webbo1981

Hi

I have just today got my free trial for my credit report via Experian...everything seems to be above board....however I am amazed there are no details off my car insurance on the report...the insurance company I am with gave me a month by month pay off which is used via a finance company....

Any ideas as to why?

Many thanks in advance

AndyM123_3

Hello,

Last month I was rejected for a loan from Sainsbury's bank. Using the experian credit check cheat Martin recommended I was able to see that I have a good credit score of 948. However, it said what was holding me back was that I was not on the electoral roll. Today my local council registered me but it will not appear on the Electoral Roll until 1st May. How long after this is my credit score/file updated to reflect this so that I can apply for the loan again?

Thanks in advance

Andy

Cash_Flow

AndyM123 wrote: »

Hello,

Last month I was rejected for a loan from Sainsbury's bank. Using the experian credit check cheat Martin recommended I was able to see that I have a good credit score of 948. However, it said what was holding me back was that I was not on the electoral roll. Today my local council registered me but it will not appear on the Electoral Roll until 1st May. How long after this is my credit score/file updated to reflect this so that I can apply for the loan again?

Thanks in advance

Andy

2 months (Approximately)

dhassen

Cash_Flow wrote: »

2 months (Approximately)

2 months before it appears on your file, but not necessarily before you can apply for the loan again - this varies from lender to lender. If you wanted Sainsbury's because it is the cheapest, then check with them when you would be considered for another application, rather than wasting another credit search for being knocked back for applying for credit with the same lender within too narrow a time-scale.

boniface15

hi all

yesterday/the day before I applied to view my credit report on a free trial with experian, and to get my actual credit score I had to pay £5.95. I presumed that would be the payment for the month. my credit score was 870 on 6th april. (is that good?) however, it would seem that if I wanted to view my credit score again today (one day later) I have to pay £5.95 again. that's not fair is it?

2 things...Why do they do this, and is my credit score any good?

cheers all!

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Moggles_2

boniface15 wrote: »

Yesterday, I applied to view my credit report on a free trial with Experian and to get my actual credit score. I had to pay £5.95. I presumed that would be the payment for the month. My credit score was 870 on 6th April. (is that good?) however, it would seem that if I wanted to view my credit score again today (one day later) I have to pay £5.95 again. That's not fair, is it? Why do they do this and is my credit score any good?

Not, IMO. Judging from the posts on here, it's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down. Equally, some posters are put off applying at all, because of low scores.

Credit reports, when ordered directly from Experian and Equifax, are valuable. After all, this is the information lenders search when you apply for credit. Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for.

I wouldn't let these numbers distract you from tackling the things that really matter

Moggles_2

boniface15 wrote: »

Is my credit score any good?

Probably not.

Remember credit reference agencies are there to provide your credit history, but the actual methodology (and the process of scoring itself) is done by their clients, the lenders. None of us - including the CRAs - knows what criteria are used by individual companies. Lenders do not disclose this information.

It's not uncommon for MSEs to post different scores from the three CRAs or various scores from the same agency a few weeks apart. I suspect that the lenders' scores, had we access to them, would be different from each other as well!

athenajm

My tracker mortgage deal ends soon so I've been looking for a new deal. I spoke to L&C who applied for a fixed mortgage for me but i was refused due to my poor credit. I got a copy of my credit report and sent it to L&C who said that the defaults/missed payments were for trivial amounts (debts of around £200) so it shouldn't matter. then I got refused by the only other high street lender that L&C recommended.
I've now looked in more detail at my credit report and I'm confused. I have defaults on my credit history which I knew about. They came about cause I had money problems last year but then paid everything off (most of it at the beginning of last year, then the rest at the end of the year). Some of the defaults though are showing as last updated within the last couple of months though. Why does it take so long for the default to show as settled and if I contact the companies involved with proof of the date the debt was settled then will they contact Experian to change the records or not? Or should I contact Experian directly? I haven't missed any payments on my mobile, phone, credit card (repairing credit type one), loan, mortgage for the last few months but the defaults are all messing up my chances of getting a mortgage.
Has anyone got any advice on how to fix my credit history ASAP or to get the history changed to show when the debts were truely settled?

goonerAFC

When a debt collecting agency sends out a letter (on blockbusters behalf for £2 late fee) will that be shown up on my files?

Surbaban_Hippo

Hi
I'm about half way through an IVA and have kept up all my obligations under the agreement. (In so doing am less risky financially than before). I am currently renting and want to apply for a mortgage probably within the next 6 months or so. My credit rating is poor due to the IVA. What advice do you have for improving it and increasing my chances of getting a mortgage?

Thanks