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

never-in-doubt

Dippychick wrote: »

In 6 months I have gone from 'Very Poor' to 'Poor' with Experian :beer:

In another 6 months I should have their magic score of 990 according to them.. and this 2 defaults (not satisfied and never will be)

The experian score means nothing, is experian a lender? Who told you your score would be at 990 in 6 months and even if so, what does that achieve?

You guys are not listening here!

Experian / Equifax etc do not issue credit scores, they issue you a random number to make money from you - their score means nothing and to prove it when you get their magical score of 990 go apply for a normal card and when you get declined (cos of the 2 defaults) come back and tell me I was right - but I already know I am.

I have forgotten more than most on here know about credit agencies and it really winds me up when people think cos Experian say they have a score of XXX it means they are right!

The default will drop off 6 years after they were added - settled or not. I have previously explained CRA's in detail and how they work. Regards to your score and the defaults, most lenders only do a 3 year check and if all looks ok then they will not look further back - if however there shows adverse for example, then they will searc hthe whole 6 years.

That is the only reason why people with CCJ's and defaults can get credit and even then, very low limits. It is usally because after the last bout of adverse, their file is clean.

EXPERIAN DO NOT OFFER CREDIT!

never-in-doubt

Chrysalis wrote: »

I know also tho someone who works at one of the major banks and deals with loans and overdrafts, he also told me they look at the postcode as one of the factors and his word was 'significant' when I asked how much it affects scoring.

Search your own acorn and see for yourself! Mine comes back at the top of the board, can I go out and get credit willy-nilly - can I hell - nor can anyone right now lol

http://www.caci.co.uk/ACORN/default.asp

Knock yourself out - anything else you need me to prove to you I will.

Please tell me the name of the catalogue, if its one of the HSD (i.e. littlewoods etc) then i'll get right on to my contact there - funnily enough i'm over in aintree business park in January so will print this off if you confirm it is them.....

You seem to think I don't understand the process when i'm proving to you that I do - not using 'my mate said this and my mate said that!' :rotfl:

Acorn Map: http://www.caci.co.uk/ACORN/acornmap.asp

Obviously the bottom category (hard pressed - multi ethnic crowded flat) will not score the same as I would (wealthy achiever - 02 - affluent working families with mortgage)..... but that does not mean it is a postcode lottery - the postcode apportions less than 5% of the total credit score - fact!

Mips

never-in-doubt wrote: »

The experian score means nothing, is experian a lender? Who told you your score would be at 990 in 6 months and even if so, what does that achieve?

You guys are not listening here!

Experian / Equifax etc do not issue credit scores, they issue you a random number to make money from you - their score means nothing and to prove it when you get their magical score of 990 go apply for a normal card and when you get declined 9cos of the 2 defaults) come back and tell me I was right - but I already know I am.

I have forgotten more than most on here know about credit agencies and it really winds me up when people think cos Experian say they have a score of XXX it means they are right!

The default will drop off 6 years after they were added - settled or not. I have previously explained CRA's in detail and how they work. Regards to your score and the defaults, most lenders only do a 3 year check and if all looks ok then they will not look further back - if however there shows adverse for example, then they will searc hthe whole 6 years.

That is the only reason why people with CCJ's and defaults can get credit and even then, very low limits. It is usally because after the last bout of adverse, their file is clean.

EXPERIAN DO NOT OFFER CREDIT!

:rotfl::rotfl::rotfl:

I haven't even read the previous thread, just read the last one and responded

Experian is a load of rubbish.. my credit score was predicted to be 999 by now.. its just a con to keep mugs buying their credit files every month no doubt :rolleyes:

never-in-doubt

Dippychick wrote: »

:rotfl::rotfl::rotfl:

I haven't even read the previous thread, just read the last one and responded

Experian is a load of rubbish.. my credit score was predicted to be 999 by now.. its just a con to keep mugs buying their credit files every month no doubt :rolleyes:

Sorry dippy wasn't ranting at you - you know I luv's you really

But its posters like Chrysalis that give wrong info to people. I hate to see people getting wrong info like this, it can have a devestating effect on some people.

If they dont the answer then it is best to button-it

Mips

never-in-doubt wrote: »

Sorry dippy wasn't ranting at you - you know I luv's you really

But its posters like Chrysalis that give wrong info to people. I hate to see people getting wrong info like this, it can have a devestating effect on some people.

If they dont the answer then it is best to button-it

Interesting about the 3 yr thing though.. that would have made me look an angel except for one stupid company :rolleyes:

never-in-doubt

Dippychick wrote: »

Interesting about the 3 yr thing though.. that would have made me look an angel except for one stupid company :rolleyes:

Well now see, that can vary! tesco go back 2 years - if you have a great file for the last 2 years then likely Tesco will say yes, but Natwest/RBS would decline you (even though they still administer tesco cards) - different rules applied to the product acceptance criteria (something else Chysalis forgot to mention lol)

You are an angel - of course

nick.evans

Happy New year to all, and thanks to those that take their time out to read and comment.

My issue is this, I have had in the past been a poor borrower, i have defaults on my credit report in the the past 6 years.

Now in the past 12 months i have settled and paid off all accounts that were in a poor state, and have been using a high interest capital one card in an attempt to repair.

Now my question is, if i have settled the accounts marked as default can i request the default be removed? If this is the case to whom do i make my request, the initial lender or the subsequent debt collection agent?

I appreciate any advice on the matter

never-in-doubt

nick.evans wrote: »

Now my question is, if i have settled the accounts marked as default can i request the default be removed? If this is the case to whom do i make my request, the initial lender or the subsequent debt collection agent?

I appreciate any advice on the matter

Nope, the default remains for 6 years from the date of issue. :mad:

nick.evans

damn and blast, well at least i avoided any ccj's by settling.

never-in-doubt

nick.evans wrote: »

damn and blast, well at least i avoided any ccj's by settling.

A CCJ is the same, in essence, as a default in that it affects you for 6 years. Settling isn't always the best course of action....

But well done for doing it. So, your credit file will show settled accounts which could look better to some lenders, give it at least a year after settled date then go for something like Vanquis and you may get it.... :D