Credit Reference Agencies - Who Really Uses Who? II

Fred_Funk

Point taken. But what else does anyone have to go on? And, more to the point, why has this thread run to 19 pages if the information held by the credit reference agencies is completely meaningless?!

Seriously, what should I look at when I'm contemplating whether or not there's any point my making a loan application [and who with]?!

BugsyBrowne

Fred_Funk wrote: »

Point taken. But what else does anyone have to go on? And, more to the point, why has this thread run to 19 pages if the information held by the credit reference agencies is completely meaningless?!

Seriously, what should I look at when I'm contemplating whether or not there's any point my making a loan application [and who with]?!

Experian and Equifax are brilliant for assessing your own credit report as the big lender use these, but their credit score are meaningless best way to kudge your own report is to just look through it for things like spelling mistakes,correct accounts,missed/late payments,available credit,used credit,elec role,financial associates.
To get an idea on how good your report is,is to check for no miss payments don't pay late,don't use all of your available limit,these will stand you in good stead.

Fred_Funk

star-fire wrote: »

Experian and Equifax are brilliant for assessing your own credit report as the big lender use these, but their credit score are meaningless best way to judge your own report is to just look through it for things like spelling mistakes,correct accounts,missed/late payments,available credit,used credit,elec role,financial associates.
To get an idea on how good your report is,is to check for no miss payments don't pay late,don't use all of your available limit,these will stand you in good stead.

My Experian report doesn't show anywhere near as much information as I imagined it would [which is, undoubtedly, to my advantage]. But what it does show is solely positive - at least, it was until that third supposed credit search within six months showed up - yet I'm still turned down for a 2k loan. Help. :-(

Factors that are having a positive effect on your score
You make all your repayments on time and in full - no accounts have been paid late in the past six months
You are on the electoral roll (registered to vote) at your current address
The outstanding balance on your credit accounts (excluding your mortgage) is low
You don't have any county court judgments and you have not been declared bankrupt in the last six years

Factors that are having a negative effect on your score
You have made three or more applications for credit in the past six months

BugsyBrowne

Fred_Funk wrote: »

My Experian report doesn't show anywhere near as much information as I imagined it would [which is, undoubtedly, to my advantage]. But what it does show is solely positive - at least, it was until that third supposed credit search within six months showed up - yet I'm still turned down for a 2k loan. Help. :-(

Factors that are having a positive effect on your score
You make all your repayments on time and in full - no accounts have been paid late in the past six months
You are on the electoral roll (registered to vote) at your current address
The outstanding balance on your credit accounts (excluding your mortgage) is low
You don't have any county court judgments and you have not been declared bankrupt in the last six years

Factors that are having a negative effect on your score
You have made three or more applications for credit in the past six months

By that you seem a good risk,but then they go by dependents,income etc.
Remember loans are harder to get then credit cards as well.

Fred_Funk

star-fire wrote: »

Remember loans are harder to get then credit cards as well.

Really? So if I'm only looking for 2k, I might be better advised to go after a credit card than a loan?!

Fred_Funk

star-fire wrote: »

By that you seem a good risk,but then they go by dependents,income etc.

No dependents. Very average income - working 25 hours a week while trying to get my own business up and running - but comfortably more than the £700 that the Nationwide website says you need to be bringing in to be considered for a loan.

Dr_Cuckoo3

Debt-Regret wrote: »

Just thought i'd confirm they searched my Equifax File.

Cheers , I did suggest that it was unlikely that they search Experian bearing mind they report to Equifax and Call Credit earlier in this thread

It is unfortunate that the first page still contains erroneous information

star-fire wrote: »

N&P searches experian for their applications for current accounts.

Dr_Cuckoo3 wrote: »

Interesting that they dont report to Experian then

its not listed in the useful addresses on Experian

"Useful addresses
The following addresses will help you to contact lenders or other organisations if you want to ask them about information on your report"

or "Account information"


They started reporting to Equifax in March 2010 "NORWICH & PETERBOROUGH BULDNG SCITY (I)"

I am also surprised that there is no mention of N&P Current accounts at the start of this thread , only mortgages are listed

Have you applied to N&P ?

Dr_Cuckoo3

Debt-Regret wrote: »

Nonsense. I worked for HSBC and they still rely on internal behaviour score + equifax and call credit search. sometimes they also use experian. :rotfl:

I have a feeling that HSBC have changed policy on behaviour score approvals recently

TheEffect wrote: »

I used to be able to use the 'Overdraft Limit Increase' option in internet banking to change my overdraft limit but it no longer works.

I now get

''apply - increase formal overdraft facility If you wish to apply to increase your overdraft facility please call us on 08 456 100 100. You can apply 24 hours a day, 7 days a week.
Increases are subject to status and may be subject to a fee.''


Is this just me or for everyone?

izools

I applied for an HSBC credit card on the 1st and they exclusively searched Experian. They searched Experian & Call Credit for an overdraft request. They only searched Equifax in conjunction with my original current application

Just my personal experience, of course.

They have changed policy regarding scores and such now yes, even me with a behaviour score of 72 can't get an OD increase without a footprint on Experian & Call Credit.

izools

Yes I get the same screens on mine, I haven't gone through the process though as it is subject to a credit check on Experian and Call Credit.

I spoke to the Advance team the other day and they confirmed a footprint is left against all overdraft increase requests irrespective of internal rating.

That and it would cost #25 as I've just reduced mine by half

EDIT: I viewed my score on the personal banker's screen last week when I collected my Advance CGC.

Several teams advised me that they have abolished lending limits now and refer to external reference agencies for all applications. They may have all mis-informed me, but that's what I've been told and it seems to reflect my experiences, too.