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

Joeler

[QUOTE=I_thought_they_showed_the_o/d_amount_and_only_updated_the_true_o/d_balance_if_you_exceeded_it?[/QUOTE]

Meant to say as well, Experian update your overdraft balance monthly (on my account anyway. Think the same from my experience with Equifax? Still getting the green zeros though

never-in-doubt

Joeler wrote: »

Yeah I guess you're right.
Anyway the issue is as follows. Have a 3.5k overdraft on the current account, and after last update was in it by about 3k as I had an expensive month with one thing and another. Now it is paid off.

Because I only have another credit card with a 1k limit and a balance of about £125.00, it is showing my available credit as about £1400.00, and the percentage of credit in use is quite high. I thought they took this into account when you applied for things and that was one of the reasons timing applications correctly limited the liklihood of rejections?

Anyway, I will be applying for a loan through my bank, Halifax, who know I'm not in the overdraft. However, if they do then credit search me the picture of where I'm at finnancially looks very different to where it is...

I just want to have the best chance possible.

Time is obviously the key factor!! :cool:

Sorry, the available credit doesn't mean much at all - each lender actually scores people direct NOT using the data supplied by the CRA. That is for guidance only, for your reference only.

I would assume this is an error. I'll give you an example, I have 4 cards all at £0 and with available credit of £6500 or whatever (plus my overdrafts). I earn in excess of £60k and they said i'm at 90% of available credit! Ermmm, ok - whatever!

My point is they only take that on the basis of what you declared in your application, so if the last lender inputs a blanket figure of say £10k salary (as some do, like tesco) then of course it may come back that I have high debt ratio - in theory I most certainly do not!

Make sense?

Joeler

Yeah I see what you're saying.

I just don't want it to appear that I am living right up to my means and am desperate to borrow, when I'm not, I would just really really like to lol

The irony is they know me better than anyone as I bank with them, but by asking CRAs for further info may actually give them a false idea of my situ

Anyhoo, you reckon it shouldnt make much difference based on my earnings versus outgoings and general affordability? Might wait till the end of the month anyway and see if they update the records

never-in-doubt

Joeler wrote: »

Yeah I see what you're saying.

I just don't want it to appear that I am living right up to my means and am desperate to borrow, when I'm not, I would just really really like to lol

The irony is they know me better than anyone as I bank with them, but by asking CRAs for further info may actually give them a false idea of my situ

Anyhoo, you reckon it shouldnt make much difference based on my earnings versus outgoings and general affordability? Might wait till the end of the month anyway and see if they update the records

Thats the idea mate - wait til the end of the month and see if anything changes - best way to check their update date - on your credit file, look at the HBOS entry and it will say 'File last updated for period to XX/XX/2009. So if that shows 04.12.2009 you know nothing will change til at least 4th Jan.

Joeler

Yeah, that's what is bugging me, the last updated date is 8th November!!

But I'll just have to be patient

never-in-doubt

Joeler wrote: »

Yeah, that's what is bugging me, the last updated date is 8th November!!

But I'll just have to be patient

Right, so there should be an 8th Dec & 8th Jan to come - they may do it all then, no hard and fast rule that would change this. Can I check, you are using a new report right, i.e. online? It won't reflect on older reports - only any new ones you purchase/downlaod?

Joeler

Yeah that's right, it's the one which updates on a daily basis or every evening actually. Because of the subscription I have it is like a live version, so I should see it as soon as it's changed... Either way hope they hurry up and pull their fingers out so I can get on!! :eek:

Joeler

Oh, and how many posts do I have to make to get another star haha!

never-in-doubt

Joeler wrote: »

Oh, and how many posts do I have to make to get another star haha!

13 I think.... its maybe 100 then 1000 then 10,000! But am not sure lol

Joeler

Right...

Here is the first one