Credit Reference and scoring discussion area

System

I have been busily spring cleaning my credit file and cancelling various credit cards. However I had a letter from Morgan Stanley today saying how sorry they were I was closing my account and agreed to give me £20.00 to leave it open. Also Sainsburys bank also offered me an incentive by reducing their rate by 3 percent on purchases. Lombard direct and Beneficial were just not interested.

The reason I have done this is because Barclaycard said my generic credit score from the credit refs agencies was low (assume because I had all the credit cards with zero percent interest) and therefore would not let me do balance transfers. However didn't put Lloyds off they have me a nice b/t of 5.9% up to 10k (if I wanted it)
and no balance transfer fee.

One thing that did interest me Barclaycard would let me do the b/t but were still happy for me to spend up to my credit limite 12k.

System

i have missed paying my citi credit card payments for a few months, they are demanding i pay £550 by end july which i cant do, do they have to accept my offer of £20 per week? will i be black listed because of this as i applied for a loan at my bank and was refused.

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

toast_3

Information NOT found on file...........

Gradually working my way round the site & found myself here - I have recently received my credit reports from all three agencies:- Experian, Equifax & CallCredit.

I was more interested in what wasn't listed, than the info on file.
1. No mention of my banks - is this because such
info is not part of their brief, or because I have
been with my banks since quill pens were
considered high tec?

2. No mention of the 3 credit cards issued by these
banks when credit cards came on the scene, no
bad thing I believe, as they addup to over £30,000
of credit.

3. No credit search listed from Halifax despite having
had their card for 2 months.

The one thing in the reports which really annoyed me was a credit search from Littlewoods as a result of
entering one of their prize draws - how dare they!

tbathgate

HI all,

Just wanted to ask a few questions about credit and credit history.

I have a few defaults form student debt for an overdraft, two credit cards and a store card all from being a student. The overdraft I am making regualr repayments on and the debt collection agency are happy with this.

However the two credit cards and store cards were for amounts under £500 and depsite my best efforts to pay them being unemployed, I didn't manage to make the payments. I di try my best, borrowing money from my parents etc but never got there. In the end the companies stopped chasing me and I have never heard from them again. What happens with this on your credit history? I know the defaults will be on my history for 3 years, but will the debt be on my history forever or will it be wiped off in 6 years? And will it say something about being unsatisfied? If it is going to stay on my history how do i got about arranging to repay the debt?

I am depserately trying to rebuild my credit history as its very poor from being a student. I have though about putting a explantory note onto my history but am unsure of what to say and how to go about it. What effect would it have on my history?

Thanks in advance for any help!!

One more thing, this is a brilliant site, I can't believe i didn't find it sooner!!!!! Long may it continue!!!!!

beelywoker

Hi,

I don't know if this has been mentioned before, but I've just received the email below offering a 30 day free trial from credit expert (from experian) to view your credit files online. You do need to give a credit card when you register, so you do need to remember to cancel the subscription after 30 days.

... a free 30-day trial, this is a great way of seeing even more than lenders see about your credit information, finding out why you may have been refused credit or a preferential interest rate, or simply making sure your information is correct. For your free trial click here ... https://www.creditexpert.co.uk/UK/StaticContent.aspx?PageTypeID=CEUK_SP_TakeControl_01&sc=406900&bcd=iptxxeshotemailswosh

Beelywoker.

tbathgate

Hi there,

Does anyone know why when requesting a copy of my credit files, all the agencies have come back saying that I need to provide documentation to prove my address and such?

Is this normal or is there something wrong with my file?

lisyloo

I have just had a look at the online for for Equifax.
It says

Note: In order to protect your privacy, your Credit Report will be mailed to your current address, once Equifax have confirmed your identity using validated and reliable information. If these criteria are not met we will notify you of our further requirements.

I do not know what they do for validation but a guess would be the electoral role.
If you have moved to a new house and are not on the eletoral role, then that might be why.
They are trying to verify that you are who you say you are as they have a duty to protect your information.

Taffy_Boy_3

Have been asked the same question myself, it appears that sometimes they need further info to validate you are who you say you are, this is perfectly normal.

M.M.

Pickles

I have a RBS credit card which I used for the 6 month 0% balance transfer. At the end of the 6 months I transferred the balance to another card. Should I now cancel this card as I can't see myself using it as the APR is 16.9%, I have been told that if a cancel it I will not be able to apply in the future fo another RBS card!

roadrash

Hi Pickles,
I did exacttly waht you did and took their 0% offer then cancelled.
The are very mean when they say you cant apply again, they told me orignally 6 months, but when I rang again they said 8 months!

Odd! :-/