Credit Reference Agencies - Who Really Uses Who? II

BurnBrandNewDay

Hi guys wanna share with you what happened to me just few days ago.....Everything was cool my credit score at experian was good 859 or something like that. Life was good...got 6 active accounts; Lloyds TSB (2 years) Natwest current account, natwest credit card, 3 mobile contracts under my name all of that paid on time fully every month. Roughly 1 month ago applied online for barclaycard, they sent me info that they opened successfully and my limit is 2000 pounds good good...few days later received my card some other welcome packs and straight day after that they said sorry we actually changed mind due to criteria changes on our systems bla bla bla sorry destroy card etc...a said ok ...btw in the mean time applied as well for current account plus for 5 pounds monthly (was gonna preform huge operation ;p changing my bank to barclays from Natwest...at least that was the plan) ...unhappy realized that maybe i applied for wrong card (the best-highest criteria) so went for the worse one (applied again few days space only)...20 days gone no response from barclays about current account and barclaycard abut diff (second application as mentioned) credit card...so i called them up lady says i should get letter saying that wont even open my current account and she doesn't know anything about second app for credit card bla bla and thats all im dead to barcalys please try in 6 months bla bla...went online just out of curiosity check my score i say !!!!!! wrong with them...look at my score..went down from 859 to 605 (poor) seriously?!!! Applied didn't even get anything from them and plus on the top off all they messed my credit score upppp!!

Question to you guys im fed up...whats now? how long its gonna take fo me to rebuild my good credit position and how long i suppose to wait before i apply for anything else :> To be honest with you im thinking about HSBC i heard a lot good things about them and they actually propa big, worldwide known organization :> any tips guys if should i wait 6 months and apply for HSBC advance(want UK based team etc) or just apply for the basic one (cash card) no credit check one just propa basic! and then upgrade to normal and then again for advance :>

Thanks and regards!

izools

How many credit searches have been recorded on your credit file in the last six months?

Have you successfully opened any new accounts in the last six months?

BurnBrandNewDay

3 times since new year (barclays, and 2 barclaycards)

Yea last year opened natwest september month or 2 later opened credit card with them...then took new line from orange for my girlfriend and sim only for myself on O2 ...i think i went to far with all of that ;////

izools

This is why.

That's a LOT of searches and new accounts taken on board over a short space of time.

You'll need to wait until all of the accounts are 6-12 months old and had under 2 searches in the preceding six months before you're going to be credit worthy again.

BurnBrandNewDay

6 full searches :>

izools

Yup. That'll do it.

Creditors won't approve an applicant who is accumulating (or attempting to accumulate) several credit agreements over a short timeframe.

You have all these new accounts, but you haven't had them long enough to prove to a prospective creditor that you are going to use them responsibly.

Once they've been open for 6-12 months (probably looking at 12 months considering there are several in your case) you'll have proven you can use them responsibly and will be more appealing to new creditors.

BurnBrandNewDay

BTW.....at the moment got experian for 15 pounds a month and EQ for 7 a month...i don't think wanna pay so much just to see whats goin on should i just keep it nice (credit cards, payments bills) remove both of them (agencies) and then get them in next 6 month just check scores before i apply....or just keep EQ 7 pounds can live with it :> ... ?

izools

I'd cancel both subscriptions.

Then order the two pound statutory report online from Experian / Equifax if / when you need it i.e. prior to applying

Svenena

Does anyone know which CRA First Direct search for current accounts? I can't find them mentioned in the OP, and a search of the thread only revealed one post, which didn't say whether it related to searching or reporting.

izools

experan AND equfax simultaneously, same as HSBC