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

izools

janian wrote: »

Hi again Izools
I am getting a lot of replies back in post just now to my previous letters saying that they will remain on my credit file for 6 yrs and will take no action. So I will have to write again asking them to mark my previous credit as settled. I wont bother with Ombudsman then. Once more thanks for all your advice

That's quite alright. They are correct, the accounts will remain on your credit report for six years after the date they are "Settled".

But they will appear as "Settled" with a £0 credit limit.

The reason they stay on your report is so that creditors can assess how upto date you have been with payments on old closed accounts as well as open accounts that you still use, but you probably know that already

Good luck matey, I'm sure you'll have the next best 0% deal once all those accounts are marked up as settled! (Can take upto three months to update)

debadzuk79

Hi,

I recently came out of a Scottish Trust Deen in July and am in the process of trying to improve my credit rating. All the defaults on my account relate to the trust deed so I wrote to each company asking them to update my profile. All the defaults are still on there, however 2 do now say partial settlement and statement is 'satisfied'. They still show as defaulted though. Will these stay on my account or can I get them removed as they have now been partially settled. Some companies just have not updated the file even though my trust deed ended in July and it says defaulted up to and including this month! Is it worth writing to them again? Any help appreciated. Thanks.

Karl

marcellep

debadzuk79 wrote: »

Hi,

I recently came out of a Scottish Trust Deen in July and am in the process of trying to improve my credit rating. All the defaults on my account relate to the trust deed so I wrote to each company asking them to update my profile. All the defaults are still on there, however 2 do now say partial settlement and statement is 'satisfied'. They still show as defaulted though. Will these stay on my account or can I get them removed as they have now been partially settled. Some companies just have not updated the file even though my trust deed ended in July and it says defaulted up to and including this month! Is it worth writing to them again? Any help appreciated. Thanks.

Karl

Hello Karl!

I was in the same postion as you at the start of this year!

I managed to get 3 defaults removed but still have one remaining. Which is capital One. Some people were surprised that I got them removed as they should remain until the period us up.

Can I suggest you post in this thread and a certain member will help you alot.

http://forums.moneysavingexpert.com/showthread.html?t=1626277&page=21

Muhren

Can someone help me I need some advise on behalf of my parents. My sister has run up a large bill on her contract phone which she didn't pay, it got passed to the debt collector but she has now paid it all off. The address that the phone is under is that of my parents, what I wanted to know is, will this effect their credit score or will it only count against my sister?

Moggles_2

Muhren wrote: »

I need some advice on behalf of my parents. My sister has run up a large bill on her contract phone ... It got passed to the debt collector, but she has now paid it all off. The address that the phone is under is that of my parents. Will this affect their credit score or will it only count against my sister?

Credit ratings assess people, not dwellings. If she shares a financial product (eg. mortgage) with your parents, then she is financially linked to them and her affairs could have an effect on their credit rating, but simply occupying the same house as them, has no effect on their credit history whatsoever

Muhren

Thats good to know as the old man would of blown his top if it had as he is in the process of remortgaging. Thanks for the quick response

scoops414

Thanks Moggles that's comforting to know. Although your comment that Virgin back mbna raises the question again of whether I should close mbna to get accepted by Virgin for my next zeropercenter. Hmm conundrum could you suggest any alternatives for a 0% balance transfer card now that I've used barclays and Mbna. Thanks again !!!

jamesd

MBNA is the credit card provider behind Virgin and many others. You can have a card from many different card brands that have MBNA behind them, you're not limited to just one. The ones in this list that say "** Money transfer (SBT) fee is now 4% **" are probably backed by MBNA.

Closing the MBNA card won't help or hurt your chance of getting a Virgin card unless MBNA centrally decides that you're higher than the total they will allow on all brands. That isn't likely when you don't have a card from three or more of the MBNA-using brands. Though it is possible that a brand will decide no based on total available or total used credit. Closing an existing card and waiting a couple of months should fix that.

Moggles_2

scoops414 wrote: »

Thanks Moggles that's comforting to know. Although your comment that Virgin back MBNA raises the question again of whether I should close MBNA to get accepted by Virgin for my next zeropercenter. Could you suggest any alternatives for a 0% balance transfer card now that I've used Barclays and MBNA?

To maximise the 0% period, 13 months is currently available to new customers from Halifax on BTs made in the first 90 days. There's a 3% BT fee.
The minimum monthly payment is just 1% of the balance shifted
http://www.halifax.co.uk/creditcards/pluscard136.asp

Alternatively, you'd get until 1 November 2010 from Egg. A 3% BT fee applies.
http://new.egg.com/visitor/0,,3_84106--View_1763,00.html

Which option is best depends, to some extent, on which credit cards - besides Barclaycard & MBNA - you have at the mo or have held recently.

Damage8

Hi

I tried to open an account recently but they messed up and now say that the only way to get it sorted is to open another, which would require another credit check. Will two credit checks within a few days have an impact on my credit rating or would it not really make any difference.

Any help greatly appreciated.

Damage