I DESPAIR! I need your help..(soul not for sale!)

Mattmos

ok, Im doing the right thing for once with my money. I'm consolidating dept, switching to better and cheaper providers but here's the problem.

Everytime I apply for anything I get refused. Credit Cards, Bank accounts, loans have all been refused recently. They advise that I get my credit score and send it which I duly do and then hey-ho I sometimes get my application approved.

Can anyone tell me how I can fix this cycle though? I'm sure everyime I apply Im getting a black mark on my credit report (failed application) yet my credit score is currently 907 (out of 1000) this is a good score right? There is one late payment in the last year for 'Next Directory'

What I want is to get these possible negative marks removed and to find out why I get refused first time round and then it gets overturned later. I'll be honest that finances are a dark art to me, so here's hoping there's a credit rating Voodoo expert here who can help out.

Any questions just ask.
Matt.
PS I am not willing to sell my soul for help on this!

Careful_girl

Sounds strange to me. Sometimes if you have very little previous payment history then it is hard to get credit. They need to have proof that you pay what you have agreed.
You sound to me like you are trying to move your debt to the cheaper rates. Has your property had previous bad debtors in perhaps? Have you gone through the report with a fine toothed comb?
Dunno what to suggest.
CG.

Floss

Well, every time you apply for credit, a search is logged. These stay on your credit record for 6 months. If a company sees that you have more than their acceptable number of searches, they won't go much further, as it could show that you are trying to get too much credit.

Register for Equifax's free trial of their service (see Martin's article about credit searching for link) and get a copy of your credit record from them. Also, send off to Experian for a copy of theirs (£2). These will show your full credit committments & details.

Check them through to be sure there is nothing you weren't expecting to see. if there is, contact the Credit agency to find out how you can try & get it amended - bear in mind it is not them who amend it, but the company who lodged the information.

Hope that helps a little

linniestorm

Also, have you been applying to lots of different places around the same time. Too many applications can sometimes cause rejections (not a black mark, but a flag that someone might be in trouble, and is desparate for extra credit) Martin always suggests leaving it a few months between applications.

Also, from what I've heard around the board etc. Credit 'scores' aren't all they are cracked up to be, but a clever marketing ploy from credit companies. Most of the main lenders have their own secret internal criteria that they work from, so as long as you don't have too much available credit and a fairly good payment history you should be ok? Just maybe leave it a few months before applying again.

Edit: Oops! Cross-posted with Floss!!!

Floss

Wondered what that funny feeling was - i've been cross-posted

And my Stanley avatar is back! wayhay! :j

wanna-be-mortgage-free_2

Could it also be a 'black mark' against the address from which you are applying from someone who lived their previously?

luckylukey

If you apply for lots of credit cards, loans etc within a short period of time, it is likely to have a negative effect on your credit score as the people that you are trying to get an account with can see that you have been making lots of applications.