Does a CAM adversely affect credit rating?

magicdogsbrain

I have a N&P CAM and have recently been declined for credit. Looking at my credit file – I cant see a problem. The only issue is that it doesnt look like I have a current account. Of course I use my N&P CAM as my main current account – but that shows up only as my mortgage on my experian file.


I suspect that this is the culprit of my credit application refusals. Anyone had similar?

sdooley

Lots of people are being declined for credit at the moment. It can be random - if you have gone to just one place they may have spent most of their allocated funds for the month and be cutting back.

Remember that different lenders check different credit companies, and some have their own in-house checks (most common is electoral roll). Have you tried equifax and experian? I think there may even be a third one...?

koexelek

sdooley wrote: »

Lots of people are being declined for credit at the moment. It can be random - if you have gone to just one place they may have spent most of their allocated funds for the month and be cutting back.

This is very true.

I have A1 clients declined on mortgages recently for the most trivial of reasons.
My favourite was a chap who wanted to borrow £250,000 on a property worth £1,500,000 on a buy to let basis.
The initial lender declined it because " as it was the first buy to let mortgage he had ever done, he might not be suitable as a landlord " :eek:

If the rest of your credit is OK, I can't see the CAM causing you too much of an issue. Think it's more the lender being ultra fussy

magicdogsbrain

Thanks for the comments - your probably right.

Does anyine have a CAM that does not show a current account on the experian, equifax or callcredit files?

Tiddler_2

As far as I'm aware generally banks don't register current accounts on credit files, as their are no payments due on them. There might be a search shown when you initially open an account, and occasionally they may register overdrafts with the credit reference agencies, but not a standard current account that is in credit.

magicdogsbrain

This is my last account showing as settled...

From my callcredit file:-

Lender name:
NWB Current Accounts
Account holder name:
<magicdogsbrain>
Address:
<magicdogshouse>
Date of birth:
21st April 19xx
Accountholder status:
Normal
Start date:
2nd January 2004
End Date:
31st December 2007
Account type:
Current account
Account status:
Normal
Last updated:
5th January 2008
Current balance:
£0
Credit limit:
£0
Opening balance:
£0
Payment start date:
2nd January 2004
Account start date:
2nd January 2004
Account end date:
31st December 2007
Repayment frequency:
Monthly
Lump payment:
£0

magicdogsbrain

Same account on equifax shows....



Recorded at: <Magicdogshouse>
Account holder name: <Magicdogsbrain>
Date of birth: 21st April 19xx
Company type: Bank
Account type: Current Account
Last updated: 20th January 2008
Current balance: Account closed on 31/12/2007
Credit limit: Not Applicable
Opening balance: £0.00
Account start date: 2nd January 2004
Regular payment amount: Not Applicable
Number of repayments: Not Applicable
Repayment frequency: Monthly
Worst Status: Up to date with payments