Credit Reference and scoring discussion area

Taffy_Boy_3

bugs

It is advisable to check all the agencies as there is no guarantee that they all hold the same data, the data held would depend on the companies that you have dealt with and who they use for their credit reference, there is no guarantee that they use all 3, so hence you need to search all 3.

A little money saving tip though is to apply to one say Experian check out the detail in the report, make any amendments and then apply to the others, this will save you a couple of pounds as any changes made by say Experian are notified to the others, so once changed give them a little while and then apply again but to all 3 this time.

elemis

experian and equifax, what is the other one.

bugs

Ah cheers M M (if you don't mind my calling you that) - I was afraid that might be the case but there's still a little spark of faith in me that makes me hope that sometime, somewhere, people will carry out things logically and sensibly. Never mind...and thanks for the tip as well, it sounds a fine plan. I'll get my trilby and mac and magnifying glass out and put the little grey cells to work then.

For Elemis, the other agency is Call Credit, mentioned in the contacts for article that this thread stems from:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1045407603,23112,

System

This is an excellent site! One question -

Do utility bill payments affect your credit score?

Marc

pursestring

I want to apply for another credit card but need some advice first please.

I live with my partner in a rented council flat; we have a joint tenancy so are financially linked. In May my partner defaulted on his credit card minimum payment. As far as I know he is up-to-date with the personal loan repayments and store card payments. The rent payments are also up-to-date. By the way, the flat is the only financial link between us.

I have two credit cards and one store card all of which I always pay off in full each month. I have no debts whatsoever. In March I checked my credit files and found them in order.

My questions are:

1. Could my partner’s default get me turned down for another credit card?

2. I never use in full the credit limit on one of my cards. Should I ask for it to be reduced before applying for another card?

3. I’ve had my second credit card for just two months. How long should I wait before applying for another card?

Thanks for your help.

Taffy_Boy_3

Could my partner’s default get me turned down for another credit card?

If you are financially associated then yes, remember this stays on your report for 6 years, so may drop off soon if this is the case, then you have a clean slate to start again. You could try for a disassociation but this depends who logged the association in the first place, and you have to prove you have no financial ties.

I never use in full the credit limit on one of my cards. Should I ask for it to be reduced before applying for another card?

This will not improve your credit rating, it may however stop you spending to your upper limit and maybe good security for you to do if you don’t use it, but maybe one day you will need this upper limit and may not be able to get it back once reduced in light of the above

I’ve had my second credit card for just two months. How long should I wait before applying for another card?

As stated above any record stays with you for six years, I am not sure if there is a limit on what is deemed to many credit card applications, maybe someone else has an opinion on this, I think you would have to have quite a few for it to seriously damage your credit rating though

System

I've been a good girl since March - all debts paid (hallelujah!) except for a revolving account which I have not defaulted on. I did have several late payments though before March, though my files show I've paid faithfully since. How long would it take for my credit report to be favourable again?

I had one default back in 99 (I understand this should drop off next year as it's satisfied) but not CCJs. Can anyone answer? It's only cos I'd like to apply for a mortgage in about a years' time.

farquarpigmix

This discussion relates to the following article (click here) which discusses how credit scoring works and how to credit your credit reference files.

Hi, I negoiated a settlement with a loan company as they were going to issue a ccj. There is no ccj recorded on credit files but there is a default showing. Is that to be expected?

System

Hi there

I was in Nationwide the other day and opened up a flex account. But they only offered me a cash card and not a debit card meaning that i can only use cashpoints. the advisor told me that this was due to my credit score and being only 18 and having savings i would have thought i would have got oneno problem.

can anyone explain this to me?

lisyloo

the advisor told me that this was due to my credit score and being only 18 and having savings i would have thought i would have got oneno problem.

can anyone explain this to me?

Different banks use different formulas to reach their own credit scores.
However many companies will look at your credit report which shows any credit you have had in the past.
They would like to see an account where you have borrowed money and paid it back successfully.

Unfortunately as you've never borrowed money, then you have no record so they can't be sure you are a good bet.

This makes it difficult for you because you can't get started.

The answer - find a company with lower criteria for giving you a credit card.