Just Keep Being Refused!

the_big_mac

Hi all,

I'm new here and after seeing all the top advice that everyone seems to have to offer, I thought I'd try it for myself!!

I'm having a lot of problems obtaining credit. Basically, anything I ever apply for just gets knocked back, but I do have a few theories why but I am not sure how much accuracy is in them!!

I was getting refused credit every single time, for example, I want to transfer my existing credit cards to a 0% and hopefully save some cash, but I just get a big fat NO. So I ordered my credit report and noticed that it said I was financially associated with both my mother and father, which I'm not, and debts that were my fathers were showing on my credit report!!! I contacted the credit reference agency and they said there was nothing they could do but i could put a notice of correction on my file. This does not seem to have helped as I am still being refused for absolutely everything!!

As you can imagine, this is very frustrating for me and I would really appreciate some help if anyone can. I'm sure you all know how tight money can be and sometimes the little changes can save big!!

On another note, I was thinking of changing my bank. Problem is, I have an overdraft, which I am currently in and I also have a loan with the bank from about 2 years ago (When I could actually get credit!!!!). Would it be possible to change banks or would having the loan create problems?

Thank you all for your help and time.

The Big Mac!!!

YorkshireBoy

I would have thought that the CRA's would have been able to disassociate you from your parents, if indeed you could supply satisfactory evidence. If you go to http://www.experian.co.uk/consumer/index.htm and click 'any questions, followed by 'about your credit report', and finally 'other people' you will see...

"What should I do if I never had a financial connection with a person on my report?"

This will tell you what you should do.

Regarding the 'Notice of Correction; this is likely to mean you are always rejected by a lender's automatic credit scoring systems. Sometimes these declines are picked up by a manual underwriter, who may ask for further information to be provided, and sometimes it may be up to you to appeal the decision so that it can be reviewed. As such, they should be avoided wherever possible.


Finally, in trying to improve your credit-worthiness, the last thing you should do is change banks. Open another account by all means, but don't undo several years of banking relationship and the 'points' it gives you on the lenders credit score.

Switch

My understanding is that when somebody’s credit file contains a 'Notice of Correction' whilst credit checks are being carried out, the file is automatically thrown out of any automated process for assessment and a manual check has to be therefore carried out so that the company carrying out the checks can take 'Notice of Corrections' into consideration.

Wish I could remember where I read that, but it does make some kind of sense.

YorkshireBoy

Switch wrote:

Wish I could remember where I read that...

Could it have been in my post #2 above?

Switch

I read it somewhere else some months ago honest, I know it was early for a Sunday morning when posting but even I would remember the contents of the previous post.

What I was saying was in the event a note is attached to a credit file the automatic checking process is stopped every time and not just sometimes, this is to force the company to carry out a manual assessment so that the notes can be taken on board if relevant to the application being made at that time.