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

sammylou100

never-in-doubt wrote: »

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.

No arrears, late payments or A/P markers in the last 2 years, I was very very bad as a student so over 2 years ago there we many late payments etc. Will they still reflect in my credit score? All other accounts look healthy enough, I have debts am slowly paying everything off but as far as my current banking behaviour it's all pretty good. I feel so annoyed at myself for getting myself in such a mess in the first place and the fact that over 3 years on it's still having an impact - so frustrating!

never-in-doubt

Yes, that is what is affecting you - the late payment history will be there for 6 years but most lenders only look back 3 years, you say 2 years ago - not soon enough i'm afraid.

Have you actually seen your credit reports from Experian & Equifax? If not, I suggest you do that and under each entry you'll see a bit that shows late payments in the last XX years..... what does that say? Even on old accounts....

quinlad

I have recently checked my credit rating/file and I have a low credit score due to an Egg credit card.

Problem is, the information is wrong. I opened the credit card account in August 2004 and closed in March 2008. The balance was then transferred to Halifax.

However, there is information on my Egg account showing "payment delinquency" on the February 2008 payment following by "arrangement to pay" details on the March - May of 2009. There then seems to be payments going through from June - October 2009 when I have no account with Egg since the March of this year.

An arrangement to pay counts as ‘serious’ arrears on your file – as I transferred to the Halifax card, why would I have had to continue paying Egg and who the hell is paying them for the last 4 months?

Can anyone advise me on what's going on and how I mend my credit score?

never-in-doubt

You need to contact Egg, tell them the same as you told us above and ask them to rectify their records as at the moment they are inaccurate and therefore libellous (send a copy of your entry of the credit file so they know what you're on about).....

twiggy1983

Hi,

I am not sure if this is the right place to post so let me know if there is somewhere else.

Basically I checked my credit score on 11/11/09 and I was placed in the 'Very Good' category on experian. When I checked by accident on 15/11 I was placed in the 'Very Poor' category, I'm confused how this could changed so much in such a short space of time when there was no significant difference to the detail of my report.

Any help would be appreciated.

Thanks

never-in-doubt

These scores mean nothing. Ignore them!

Look at the actual data on your credit file to understand whether you're a good or high risk.

The scores offered are as accurate as a frog on a motorbike as each lender has their own scoring modules which the CRA's do not know - in fact nobody knows them cos they are secret to each company!!

james007ago

i have a default account which just occured last october for a phone (balance was 24 pounds). Because i am applying for mortgage and just been recently turned dowm because of it, i have been advised to sort it out my my creditor. I spoke to them last month, and paid it back and they said they are going to update my credit file but until now that hasnt occured yet.
Is there someone here who knows what day exactly equifax update credit files?

never-in-doubt

james007ago wrote: »

i have a default account which just occured last october for a phone (balance was 24 pounds). Because i am applying for mortgage and just been recently turned dowm because of it, i have been advised to sort it out my my creditor. I spoke to them last month, and paid it back and they said they are going to update my credit file but until now that hasnt occured yet.
Is there someone here who knows what day exactly equifax update credit files?

They will not remove the default - it will change from outstanding to settled but it will still go against you for a period of 6 years.....

Bummer - especially for £24!

Don't hold your breath for a mortgage anytime soon (6 years)....

Dan_Bailey

Martins Guide (as well as overs on the net) on Credit Scoring say it can be a bad sign to lenders if an individual has too much unused credit. Does this include catalogues? My credit limit with Great Universal is currently about £3000, my balance rarely exceeds £200. I'm never going to use that full credit limit, so would it be worth my while getting it reduced?

Moggles_2

Dan_Bailey wrote: »

Martin's guide (as well as overs on the net) on Credit Scoring says it can be a bad sign to lenders if an individual has too much unused credit. Does this include catalogues? My credit limit with Great Universal is currently about £3000, my balance rarely exceeds £200. I'm never going to use that full credit limit, so would it be worth my while getting it reduced?

May I ask what credit facilities - besides your GUS account - you have at the mo and their credit limits? (please include store cards, catalogues and loans, not just credit cards)