I don't get this credit malarky...

JonSick

After a brief stupid moment in history, I got a default. Six years later, this Feb' gone, my default was officially over. I had paid all my credit commitments monthly since and I've never missed a payment once (bar one due to a direct debit mandate not getting set up on time, not sure if it made my record). I've worked hard to get rid of all my stupid credit cards, sadly amassed during my student days. It's taken me roughly five years of never leaving the house socially and going without the nice mod cons to get it all done.

I closed my last credit card from capital 1, never missing a payment, in full last February also. I closed it due to its stupid 39% apr rate and my intention to get a more rational credit card for "emergencies".

So right now, only commitments are my mortgage and my car, which is not subprime (through ford credit) and is serviced appropriately!

Last weekend, I thought I would (sensibly) try out my new credit powers and replace the sofa. But was declined credit.

I'm definately on our electoral role, have only a current account and no other credit bar car and mortgage, both of which have never been in arrears. I've lived at the same address for 3 years+ and live well within my means. Does the default still linger somewhere in the backround? Am I missing something? How can I stil be too much of a risk despite having a good income and no more debts?

Trying_to_be_good

Have you checked your credit file? Either £2 each for Experian and Equifax, or sign up to their free 30-day trials (and remember to cancel).

JonSick

Trying_to_be_good wrote: »

Have you checked your credit file? Either £2 each for Experian and Equifax, or sign up to their free 30-day trials (and remember to cancel).

Is there some number I call to get those? I should really check all is present and correct. I did get one about a year ago (which is how I knew my default was going this feb.) and there was nothing untoward on it that I noticed...

thriftymomma

You really should check. The default may have not been removed and you may have to chase them to do it.

Mightyowl

The reason could be that you don't have a credit history to check against when applying for credit. I had this problem last year when i applied for finance on some motorcycle equipment, i was refused credit so i asked why and they said it was because we can't judge how good you are at paying it back debt.

anotherpaul_2

JonSick wrote: »

Is there some number I call to get those? I should really check all is present and correct. I did get one about a year ago (which is how I knew my default was going this feb.) and there was nothing untoward on it that I noticed...

I don't think you can get it over the phone (though I'm not 100% certain). The £2 reports are here:
http://www.wiseconsumer.uk.experian.com/
http://www.equifax.co.uk/Products/credit/statutory-report.html

The free trials are very easy to find on their website, if you prefer than option. (The statutory reports are more hidden because they make more money from people not cancelling after the trial period.)

I've been refused credit a lot recently and I think I have a pretty good record. (I'd never been refused anything before.) You may have been refused because they're being ultra-tight with new lending at the moment.

CLAPTON

puzzled?
why not save up for the sofa?
cheaper that way too. (no interest)
and after 6 years surely you must have learnt something
well maybe ..

simon_templar_2

But if someone gets a sofa on credit they can then get the loan written off and hey presto a free sofa.

JonSick

The finance was a 0% dealy. I figured why use my savings to do so while I'm earning interest there, when 0% costs me no more...

Ah well, guess its a no go then.

Robert_Sterling

What is a "malarky"?

Marmaris08

Dictionary definition of Malarky

ma⋅lar⋅key [muh-lahr-kee]
–noun Informal. speech or writing designed to obscure, mislead, or impress; bunkum: The claims were just a lot of malarkey.