Credit Check

melou

Hi, first time poster, please be gentle!

Not quite ready to post a SOA yet but I have downloaded a copy of Martin's budget planner so that I can try to work out this weekend why, on an ok salary, I never have any money!

I basically have 2 debts:

Capital One CC: £1000 (maxed)
Halifax Classic CC: £14000 (maxed)

I have never defaulted on either card. Payments made each month, albeit minimum. I have put them through the snowball calculator and know how much I need to start paying off each month.

My question is this: I took advantage of the Experian free trial to check my credit report. It shows no problems (although it only showed my bank account, not my credit cards) other than the fact that one credit search (First direct) linked me to the wrong address, same building, different flat. I have asked for this to be changed.

I checked my credit score and it is 960. Which the site tells me is very good.

Yet I cannot get approved for a new bank account, or any decent (i.e 0% balance transfer) credit cards.

I don't understand why if I have a good credit score and make payments regularly and on time to my credit cards.

Does anyone have any ideas?

TIA

Melou

alecpr

I had the same problem and from my research and asking around on more than one forum I came to some conclusions...

1) I'd applied for too many financial products at the same time.
2) I had as much available credit as my salary would reasonably pay off (my mortgage is a flexible one and lets me overdraw by a substantial amount).
3) Some of the offers were leaders for products I wasn't considered suitable for.

I think a combination of the three, despite a good credit rating, left me with few options, so I settled with what I had and left it... six months late now and I may tray again as I want the 5.15% account with ICCICI bank :-)

mom23

Hi as well as the above it could have somthing to do with the mix up of your address!!
are you on the electrol (sp)role

melou

Thanks for the responses. This has been a problem for about 18 months for me. I hate my bank (Halifax) who I have held an account with in one way or another since I was born (original account still active, alongside a current account, a savings account and shares) despite that and the fact I am rarely in my tiny arranged overdraft (once a year, if that) they refuse to upgrade me from a visa electron card to a switch card, no cheque guarantee, nothing. I review every 6 months and am always turned down. I really thought there must be something on my record but it doesn't seem so.

Very confused.

P.S. I am on the electoral roll, but have moved properties (rental) every 12-18 months.

Thanks for listening.

Me.

CLAPTON

does your credit report show that you are on the electoral roll?

how many searches were recorded against you?

has the incorrect first direct search address been removed? (presumably you have asked them to remove it)

it would be worth checking the other two Credit Agencies just in case there is something on them.

in fact not showing your credit cards is a disadvantage but there is not much you can do about it.

what reason did the banks give you for refusing an account?
were you planning to have your income paid directly into the bank a/c?

are you in permanent employment as opposed to temporary?