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

walshy.walsh

does paying car ionsurance monthly and on time improve your credit score?

amy-louise18

hi,

i was wondering if anyone has any advice as i have just started uni and im 18 nt far off 19 how ever i have never applied for a credit card or got into any debt yet when i have been applying for my student accounts i keep getting rejected, everything comes up a straight forward decline with no reason as to why which the women who worked at the bank could not explain, i don't know what to do as i seriously need a student account, i am on l=the electrol roll as i have lived independently since i was 16 and have always sent the forms back so i dont know what else it could be.

i would very much appreciate it if someone has any advice

thankyou

PinkRinse

Hello, I have a question.. A friend of mine is suffering because someone has registered a car at his address (falsely) and my friend keeps getting fines etc turning up at his address and now baliffs are turning up too. We know they (the baliffs etc) cant do anything to him because the fine and debts arent his but my friend says his credit rating is shot because his address is blacklisted etc. Is this at all true? If it is true, is there anything he can do to be disassociated with these outstanding fines that have nothing to do with him & poor credit rating. Or is my friend just spinning a tale?

Thank you for any help/advice you may be able to offer.

Moggles_2

PinkRinse wrote: »

A friend of mine is suffering because someone has registered a car at his address (falsely) and my friend keeps getting fines etc turning up at his address and now baliffs are turning up too. We know they can't do anything to him because the fine and debts aren't his, but my friend says his credit rating is shot because his address is blacklisted etc. Is this at all true? If it is true, is there anything he can do to be disassociated with these outstanding fines that have nothing to do with him & poor credit rating.

No it is not true. Credit ratings assess people, not dwellings. If you share a financial product (eg. joint bank a/c) with someone else, then you are financially linked to them and so their poor management of their own affairs could have a knock-on effect on your own finances and your credit rating, but simply occupying the same house as someone with a poor credit history, past or present, has no effect whatsoever.

Has your friend actually put his credit rating to the test and been found wanting? If so, suggest they check their credit reports. This is the information UK lenders see when you apply for credit facilities. (For help, see the *How to obtain credit reports* sticky.)

He should also write to the DVLA to get the car's details removed from its database. This will put a stop to the fines/bailiffs etc.

joeyjoejoe_2

im looking to apply for a credit card having recently graduated and now earning a decent salary. My concerns though are 1) I have 2 bank accounts, one is heavily in my interest free overdraft and the other account is in plenty of credit, which should i put down on the application, should i shift money to cancel the debt on primary account? 2) having just moved into a new place (1month now) i am not on the electoral role, but have applied today, should i wait until i am on, or just go ahead, and do i state my 3 years away from home for uni as secondary address (i was registered to vote here) or just stick my home address on (was registered since age 17, lived there all my life)
thanks

Moggles_2

joeyjoejoe wrote: »

I'm looking to apply for a credit card having recently graduated and now earning a decent salary. I have two bank accounts, one is heavily in my interest free overdraft and the other account is in plenty of credit. Which should I put down on the application?

Which is your main current account? Lenders like stability so, other things being equal, the bank a/c you've held longest is probably the best choice

Should I shift money to cancel the debt on the primary account?

There's nothing to be gained, IMO.

Moggles_2

joeyjoejoe wrote: »

Having just moved into a new place (1 month now) I am not on the electoral roll, but have applied today. Should I wait until I am on?

Yes. The fact that you're not on the electoral roll at your current address works against you. Lenders score us differently, but everyone's credit rating improves no end once registered. Be aware that you will have disrupted your credit rating temporarily by moving house.

Do I state my 3 years away from home from uni as secondary address (I was registered to vote here) or just stick my home address on? (was registered since age 17, lived there all my life)

If you mean you were registered since age 17 and throughout the period of your studies at your family home (as well as your student digs), then I would definitely stick with your home address

PinkRinse

Moggles - Yeh I thought as much. Thanks for your help!

ch_asam

hi guys, i lived on three address since i came in UK, on my first address i never registered on Electroll, but next two addresses i registered and its shows in credit report. Yesterday i remove my previous address from my credit report where i was not registered on electroll.

my question is does it effect my credit rating?

bcoz in my current bank account i mention that address?

I am looking forward to open a new bank account and i want to give them only two new address where i am currently register on ellectrol list.

any suggetions please.

JimmyTheWig

ch_asam wrote: »

I am looking forward to open a new bank account and i want to give them only two new address where i am currently register on ellectrol list.

You have to give them any addresses they ask for, whether you were registered there or not.
If you deliberately lie on the application I would have thought that would be fraud.