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

Jamie1978

Hi, I wonder if anyone can help.

I have several outstanding loans and HP agreement amounting to over £20,000 although if all were tho be 'settled', would cost £15,000. I have an 'excellent' credit rating with Experian, however, do not have a lot of 'available' credit according to Experian. I would like take a loan of £15,000 and pay off all other loans which will save me just over £60 per week. Does anyone know of a lender most likely to issue a personal loan for this amount considering my credit rating is 'excellent' but available credit , low. Also, which lenders use Experian ONLY, as I know my rating isn't as good with Equifax. I have seen a table showing which lenders use which credit agencies but not sure if it will have changed.

Thanks in advance for any help..

never-in-doubt

Jamie1978 wrote: »

Hi, I wonder if anyone can help.

I have several outstanding loans and HP agreement amounting to over £20,000 although if all were tho be 'settled', would cost £15,000. I have an 'excellent' credit rating with Experian, however, do not have a lot of 'available' credit according to Experian. I would like take a loan of £15,000 and pay off all other loans which will save me just over £60 per week. Does anyone know of a lender most likely to issue a personal loan for this amount considering my credit rating is 'excellent' but available credit , low. Also, which lenders use Experian ONLY, as I know my rating isn't as good with Equifax. I have seen a table showing which lenders use which credit agencies but not sure if it will have changed.

Thanks in advance for any help..

Have a read here for lenders that search Experian: Credit Reference Agencies - Who Really Uses Who (updated yesterday and is very accurate)

Regards to the excellent credit rating, ignore this as these scores mean nothing - they are irrelevant to your actual credit score as each lender scores differently and the CRA's do not know their scorecard.

zezou1

ok i can understand the score sheets being a closely guarded secret to a creditor , but what about experian are they not an independant credit reference agency working for both the creditors and us the consumers, does their score sheet have to be a closely guarded secret ?

never-in-doubt

zezou1 wrote: »

ok i can understand the score sheets being a closely guarded secret to a creditor , but what about experian are they not an independant credit reference agency working for both the creditors and us the consumers, does their score sheet have to be a closely guarded secret ?

Their scoresheet means nothing - have you missed that part? It is 100% irrelevant to man, beast and party animal..... forget it, ignore it, its useless.... on that note, a chocolate coated fireguard is of more use! :rolleyes:

Moggles_2

zezou1 wrote: »

I can understand the score sheets being a closely guarded secret to a creditor, but what about Experian? Are they not an independent credit reference agency working for both the creditors and us the consumers? Does their score sheet have to be a closely guarded secret ?

The fact that your own score dropped markedly following four credit checks should tell you what a blunt instrument these scores are.

It's not uncommon for forum users to post various scores from the same agency a few weeks apart. I wouldn't let these numbers distract you from tackling the things that really matter.

If you're having difficulty obtaining finance, you may want to read the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article to check nothing's working against you that could be easily put right. ( Mistitled on purpose, btw, because so many people think it's what lenders look for)

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

ElkyElky

Just got instant decline from MBNA.

Going to send off an appeal letter today. How dare they decline me! :mad:

zezou1

doubt i'd get credit for a chocolate fireguard , thanks though

ElkyElky

Just sent my appeal off with 2 flybe statements, 2 BOS CC statements, current account statement, my recent credit report and my savings account statement. Try saying no to that now, MBNA! :mad:

EDIT: Yes and I proudly used NID's appeal template letters. :rotfl::T

izools

I get the destinct impression that MBNA are winding down their UK operation - steep credit limit cuts, steep APR hikes, instant declines to those with a long history of well managed credit, etc etc

It's understandable an international lender not wanting to lend to us any more, our country is a bit fubar in that area at the moment!

I wonder how long until their website stops taking new applications?

ElkyElky

izools wrote: »

I get the destinct impression that MBNA are winding down their UK operation - steep credit limit cuts, steep APR hikes, instant declines to those with a long history of well managed credit, etc etc

It's understandable an international lender not wanting to lend to us any more, our country is a bit fubar in that area at the moment!

I wonder how long until their website stops taking new applications?

Think about it, MBNA has 0% deals on every card, usually between 9-16 months. Imagine how much money they are loosing from thousands of customers taking up these deals? In my opinion, APR hikes are to be expected once the deal comes to an end, at least to try and recoup some of the money lost during the deals. Plus with the recession, they are even more desperate for profit.

I guess they are just doing what any other business would do... stopping themselves from going under.