Credit Reference and scoring discussion area

PhilWales_2

I have a program which contains all of electoral roll information upto and including 2003.

Let me know if you want to know if you're on it

pound_sign

Can someone explain what it means to "default"? I know its something to do with not paying your debts but do you default if you simply forget to pay one month but correct the error as soon as you realise?

Out of interest, if you're a couple of days late paying your credit card bill but pay the balance in full does this have an effect on your credit rating? Is this classed as "defaulting"?

MarkyMarkD

A default is a long way beyond a missed payment.

If you are a few days late, it will show on your record as a missed payment, but the fact that you have subsequently paid off the account shows that you are not really out of control and it's unlikely to have a major impact.

whyted9a

Hi, hopefully this will make sense and somone will be able to advise me...

about 4 years ago I changed jobs and in doing so I took a bit of a pay cut, this meant that I couldnt afford to pay the the credit i had and turned to Baines and ernst for help... I stuck with them for over a year and kept receiving default noticed which i was being told to ignore... i now know this was the totally wrong thing to do, but in the end i borrowed from a family member and paid off all existing debt.  i also asked for satisfaction letters from the relevant companies....

so, after paying back my kind family member i stayed away from credit until the start of this year when i bought a car on HP.  this went though no problem (which i was suprised at) but my mother, who i live with was turned down for sometyhing just after that... even though she always pays off things early...

i was advised that i'd need to 'rebuild' my credit history and i applied for an Easy Money mastercard... i got accepted for this at 14.9% and a £1000 limit... and although i'd planned not to really use this a few things  happened and it's now close to it's limit but i pay the mimimum on time every month plus a little extra just to try and get it down again.

i also took a personal loan out with the people that financed my car (BlackHorse) they would only offer me 24.9% but i though that as my past was bad i'd need to rebuild from scratch... now i've been paying them for about 6 months and am now thinking i was a fool for agreeing to it...

i applied for another card as i was wanting a cheaper interest rate and another loan for the same reason recently but was turned down for both... did i do the wrong thing? im making the payments on time each month and am not struggling with them but would like the interest to be cheaper... any advice?

since writing the avove, I've just got off the phone with Blackhorse as i was aksing if they would consider reducing my interest as i've made payments on time etc... the girl advised that my credit score is actually worse than it was when i took out the original loan as i've applied for too much credit this year... a total of 7 times... one of those for a mobile phone (which i got) and the others for the car, loan and card (all accepted) and then 3 other times for a loan and 2 credit cards (mentioned above) which were declined... and they suggested waiting another 6-8monthds without trying for anything else...

i've have car insurance coming up in Jan which i will have to pay monthly and am now worried that i'll be declined for this...

IMBD

When a lender gets a report it knows your outstanding detbs and repayment histories.

It does not know

a. Who the debts are with
b. The rate

When you get your form A. is included - but this is not part of the details a lender receives

Martin

(PS.  I've really gone to town on details for this in m'book)

DaveyP_3

Hi All

Thanks for all the great info u guys have contributed. Maybe some1 can help me with a query that I haven't seen addressed here so far.

I've recently closed a couple of credit card accounts with my bank as their interest rates were far frm competitive. I've researched alternative cards and intend to apply over the phone, when I get the time. If I call a couple of card issuers and for some reason don't meet their criteria and have to call one or two more, how quickly will these card applications show up on my credit reference file? I'm aware (thanks to you guys) that too many applications at one time, isn't a good thing. So, should I confine all my ringing around to one day maybe?
Many Thanks for any help you can give me.
Davey

blinky

Hi all,

Hopefully, you can give me some advice.

I need to get a loan as my old car has become uneconomical to keep on the road. I'm probably looking for a loan in the region of £4-5k over 3 years. I'll take out my own PPI policy.

My credit history should be good, CreditExpert give me a rating of 910 and with the exception of 1 0% card I tend to pay off in full and always on time.

I currently have 4 cards, with limits of £2500 £3000£4000 and £2,500.

I only earn £12k per year, but my outgoings are relatively low as I still live at home (despite being 31 - long story) so my outgoings are low.

I would like to get rid of one or two of the cards but with needing a loan quite quickly I am concerned it wouldn't improve my credit rating.

There are a few things with my employment history, I have only been with my present employer since July and although I had been working with my previous employer for over a year, technically I was only on the payroll since September 03 (I was on a charity scheme for disabled people before that). Prior to this I was technically a student but I was on the sick. In addition due to reasons out of my control I am a month behind in receiving my wages. (i.e. I'm missing a month, I'm just being paid what I should have been paid at the end on September.)

Does anybody have an idea whether I would stand a good chance of getting a low rate loan e.g. with Cahoot or Northern Rock?

Am I right in thinking any application will affect my credit rating? Should I ask for a written quotation first and would that affect my credit rating?

I have been a Northern Rock member since I was a baby with various accounts and I've still got my shares from the demutualisation. Would that help my chances of getting a loan with them?

Sorry for the long post but I thought it would be best to give as much information as possible.

Thanks

peawack

About four weeks ago I posted a message regarding my application to Barclaycard for a BT. Although I had several thousnd pounds of available credit they would not all my BT.
I asked Experian for information and ata cost of £11.75, I was given a copy of my file including the magic credit rating number. When I qoted the number to Barclaycard, they said it was not the figure that they held on their file. So, i wrote to Barclaycard and was surprised to find that they had had relented and allowed my BT. I also was given an apology.
The moral of the story being that you must not assume that the lenders or the credit agencies have got it right.

Milky_Mocha

Hi all,


My credit history should be good, CreditExpert give me a rating of 910 and with the exception of 1 0% card I tend to pay off in full and always on time.

Wow, a credit rating of 910? That's v good. I keep on top of all my payments and have been good for years but my credit rating still shows a mere 795. I dunno what I'm doing wrong. Could be that my total owings amount to a whopping 18k or maybe because I'm not on the electoral roll. Two days ago I filled in the roll form and sent it to the council so I'm hoping that getting on the electoral register will make a big difference to my rating. Sorry I haven't answered your question, though!

blinky

917 today

Note Experian have altered the credit scores as of 1st November - supposed to be more accurate.