when you ask for the basic £2 credit rating

Deals_2

report is that sufficient information to request a credit card after if all is clear..? thanks in advance.

heranaway

Deals wrote: »

report is that sufficient information to request a credit card after if all is clear..? thanks in advance.

Depends on what you mean clear, if you have for example lots of searches on the last 6 months i.e more than 4 then its probably not the best idea, also check your payment history, how you have managed your previous accounts etc...backs are tight now adays, they are not just handing over credit like they used too. I would get an experian credit score done for £5.95 or an equifax, it should give you a better indication on what to expect.

Goodluck

YorkshireBoy

heranaway wrote: »

I would get an experian credit score done for £5.95 or an equifax, it should give you a better indication on what to expect.

I completely disagree.

Lenders decide whether to lend based on facts. They only see what you can see on your own report, and then apply their own analysis.

Providing (IMHO worthless and meaningless) credit scores is a very lucrative sideline for the CRAs, ie you get, in my case, 16 pages of information/hard facts for £2 including the postage...and for your £5.95 all you get is a number. I know which I'd rather have. Don't line their pockets!

Moggles_2

I agree. Judging from the posts on here, it's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down. Equally, some are put off applying at all, because of low scores.

Credit reports, when ordered directly from Experian and Equifax, are valuable. After all, this is the information lenders search when you apply for credit. (Experian sends explanatory notes, btw, which are a good read.) Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to cc applicants and certainly not worth paying extra for. I wouldn't let these numbers distract you from tackling the things that really matter.

Remember credit reference agencies are there to provide your credit history, but the actual methodology (and the process of scoring itself) is done by their clients, the lenders. None of us - including the agencies - knows what criteria are used by individual cc companies. Lenders do not disclose this information. It's not uncommon for MSEs to post different scores from the three CRAs or various scores from the same agency a few weeks apart. I suspect that the lenders' scores, had we access to them, would be different from each other as well!

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide*, especially Martin's *Manage and Improve your credit score* article;)

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve