credit status

carl310166

I have just recently sent for my credit report from the 2 big agencies.

I can see all the information in front of me,and the relevant codes etc,but how do i know my actual status? have i missed something,because it means nothing to me.

Or are the reports just to check there is no incorrect information,and the lenders decide for themselves how "good" you are?

Capitol One refused an application of mine last week,so i sent for the reports.

Thanks in advance

wigginsmum

Yes each lender will have their own criteria for deciding whether to take you on or not; there's no golden industry standard.

Jules

grumbler

Your Credit Rating: How they decide and how you find out for free Martin's article (or use a link in the blue box above) ...

mountain-man

I currently have £55k inthe stooze-pot nicely earning me c. £200 per month in interest for nothing !!

However - I am soon to shift my mortgage forthe next deal - and am slightly concerned at getting knocked back due to an adverse credit limit.

Anyone had any experience on this front ???????

grumbler

mountain-man wrote:

Anyone had any experience on this front ???????

I recall several posts reporting difficulties with obtaining mortgage in the same situation. And a big saving pot ofseting the debt couldn't help. I think even high total credit limit available (and not even used) can affect mortgage application.

smarmo

Grumbler - no problem here...i've remortgaged 3 times with massive stooze pots. Think it depends on your salary, how much you are borrowing...both in real terms and as a % of salary, credit score etc.

I guess it's impossible to answer the question.

grumbler

smarmo wrote:

...Think it depends on your salary, how much you are borrowing...both in real terms and as a % of salary, ...

Agree absolutely. Some more (contradicting) information here:
Moving mortgage in January, will my stooze pot affect anything
Do I quit the stoozing before remortgaging? (see link to Nationwide mortgage if I cancel my credit cards… thread here)
Stoozing & Mortgage Applications
Stoozing and Remortgaging