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

never-in-doubt

Then they will not affect you so don't worry about it...... only adverse data affects you, good clean data does not!

Experian_company_representative

never-in-doubt wrote: »

Then they will not affect you so don't worry about it...... only adverse data affects you, good clean data does not!

Actually, good clean data does affect you - in a positive way! To get an excellent credit rating you need a great track record of paying off credit on time. These days, because so much data is excahnged, having no credit history can almost be as unhelpful as having a history of bad debts.

milliemonster

Can anyone tell me how long Experian take to update their credit files? mine hasn't been updated since August on anything.

Also, on the summary it says that I have made 4 missed/late payments in the last year, but on the main account information, the only thing I can see is that I went over my overdraft limit twice and this has been reported as a late payment, but this still only accounts for 2, so where are they getting the other 2 from???

Mistic

Similar to millie trouble with experian. I was given an overdraft and denied from a check lately but the overdraft or check are not on my experian account recnt check? this was a confusion as the check I made to experian was, so it has been updated.

I am trying to find out what constitutes a late payment and missed payment regarding overdrafts as I understand late and missed are different? My overdrafts were over the agreed amount 4 times but on different times and for 1 month each. Will that be seen as missed payments of a significant number? Or late payments which will not be taken notice of?

Should I wait before applyying for a card?

Pls anyone who knows these answers, I appreciate any assistance with that

sammylou100

Hello all, I have posted in this thread before, 4 or 5 months ago when I was trying to get a default removed, the ombudsman went in my favour and I am happily default free now :j HOWEVER my credit rating is still very poor and I cannot get any credit at all.

Here's where I stand - on my credit report I have about 9 'credit agreements' but 3 of these have been settled in the last year. I have not missed a single repayment in about 2 years, there was only one credit application on there (up til this morning!) No CCJs or anything like that and now no defaults!

The negatives on my credit file are that my electoral role information has not been updated and I moved recently, which I know doesn't help. I registered on the role when I moved in September, called them this morning as I'm still not on the local electoral role and they said this information was updated yesterday, so won't show for a little while. I suppose 6 credit accounts is a lot, but if you take into account that one is a loan, one is my mobile phone and one is my broadband, it's not that many surely?

I am desperate to get a balance transfer credit card so that I can move my Halifax overdraft before these overdraft charges kick in on Sunday, but this morning I applied for a Barclaycard Initial credit card, supposedly for people with a poor rating and I even got rejected for that. (paying off the overdraft without credit from somewhere is unfortunately not an option, I need something I can gradually pay off) I suppose I thought that getting my default removed would be like a magic wand, but I've been so focused on making repayments in time and paying off and closing accounts, I can't understand why my rating is still so bad!

Can anyone give me any advice on anything else I can do to improve this?

MisterD21

I have just checked my credit file and seen a couple of accounts that have been closed/satisfied.
Why are they still on there and are they any help/hindrance to future credit?
Thanks

Zack1

MisterD21 wrote: »

I have just checked my credit file and seen a couple of accounts that have been closed/satisfied.
Why are they still on there and are they any help/hindrance to future credit?
Thanks

They will stay for 6 years after they are closed. If they are closed by you meeting terms (e.g. you pay every month on time for a contract then decide you just don't want it anymore and cancel) then they are a help (as it shows a credit history). If they are closed by you agreeing a repayment plan (or similar) after missing payments then they are likely to be a hindrance

never-in-doubt

sammylou100 wrote: »

Hello all, I have posted in this thread before, 4 or 5 months ago when I was trying to get a default removed, the ombudsman went in my favour and I am happily default free now :j HOWEVER my credit rating is still very poor and I cannot get any credit at all.

Here's where I stand - on my credit report I have about 9 'credit agreements' but 3 of these have been settled in the last year. I have not missed a single repayment in about 2 years, there was only one credit application on there (up til this morning!) No CCJs or anything like that and now no defaults!

The negatives on my credit file are that my electoral role information has not been updated and I moved recently, which I know doesn't help. I registered on the role when I moved in September, called them this morning as I'm still not on the local electoral role and they said this information was updated yesterday, so won't show for a little while. I suppose 6 credit accounts is a lot, but if you take into account that one is a loan, one is my mobile phone and one is my broadband, it's not that many surely?

I am desperate to get a balance transfer credit card so that I can move my Halifax overdraft before these overdraft charges kick in on Sunday, but this morning I applied for a Barclaycard Initial credit card, supposedly for people with a poor rating and I even got rejected for that. (paying off the overdraft without credit from somewhere is unfortunately not an option, I need something I can gradually pay off) I suppose I thought that getting my default removed would be like a magic wand, but I've been so focused on making repayments in time and paying off and closing accounts, I can't understand why my rating is still so bad!

Can anyone give me any advice on anything else I can do to improve this?

Hiya can you confirm whether the accounts you mention have any arrears, late payments or A/P markers? Basically, by the sound of your post you imply you were on a repayment plan - if so, this is negative data and will go against you obtaining credit. If not then ignore this part.

To pay off an overdraft, you'd need a SBT card which, if Barclays Initial said no, i'd not be holding my breath for one of those (i.e. MBNA)...

Sorry but that's the way it looks - you need to confirm the status of your other accounts though - thats imperitive cos it could be these that are affecting you? However the lack of appearance on the electoral register will definitely result in declines. Do not apply again until you show on the register.

hax_2

Equifax say that the electoral roll on credit files will not be completely updated until early January 2010.

never-in-doubt

hax wrote: »

Equifax say that the electoral roll on credit files will not be completely updated until early January 2010.

That's what they will say but its because the annual update just took place, the rolling register should kick in again (if not already) so should be monthly updates - just push the CRA's and they will do it quicker.....

Obviously a letter from your LA confirming that they have requested your addition will speed things along with the CRA's as they will manually add it upon receipt of a copy of such letter...