Scoring advice .. loans after CCJ - Removed

Legacy_user

Hi,

My credit rating took a bit heave four and a half years ago ... someone took out a CCJ against me which shouldnt have been issued. Matter sorted a month ago.:A
After long battle with claimant and courts. :T

I have a clear record of payments on sub prime loans, Car finance over three years no missed payments,Welcome, E/day, Aqua Card etc. No missed payments not over limit etc...:j

Once my CCJ was dispensed to the bin (were it belonged) I felt I had a reasonable chance of borrowing to clear these expensive rip off loans from a cheaper source.

I was declined by all and have a lot of searches against me ... HSBC told me I score low - cos I spend my money- there is little left - month end . (Behavioural scoring)

Why would I wish to leave thousands (If I had it) in a current bank account... ?? just to make me look acceptable to HSBC ?? that is why they wouldnt lend to me ! ( I complained - being declined):eek:

Is it possible that Experian are still giving me a low score, post CCJ they gave me 289 :mad: after CCJ removed - can they still hold CCJ against you despite the legal system setting aside the matter ???

Their score predictor gave me a good rating in six months time ... I dont understand VERY POOR - GOOD/Excellent in 6 months

Can anyone of the very knowledegable people here explain what is going on please !! :beer:

I am keen to get rid of all this sub prime nonsense and put my house in proper order with three children, a disabled wife to cater for.

Thank you and enjoy your day,

AK

Tixy

Hi

The score given to you by experian is of very little use. This is not seen by any potential lenders, they all make their own assesment of you based on your full credit report. The score predictor is even less use. Have you seen you credit report? are you certain the CCJ has been removed (not marked as satisfied in error).

Are you on the electoral roll?
how much do you owe in total on unsecured debts?
What is your total credit available? i.e how much are your total credit limits of all cards/overdrafts and the loan balances?
Are you employed?
How much do you earn?

Do you have an overdraft and do you use it every month? do you get out of the overdraft into a positive balance every month?

how many credit applications have you made recently (say the last 6months)?

Rafter

Your experian score does sound unfair, if as you say the CCJ should never have been put there in the first place.

Your main issue seems to be that you are trying to get a consolidation loan to lower your interest on existing debt. Many lenders have lost a lot of money on this type of loan where the customer has simply filled up their old cards again and ended up defaulting.

You need to start paying down debt if possible, tackling the high interest rate stuff first. Hopefully in time you will be able to get some cheaper credit, but very unlikely in the current climate that a big name is going to give you a best buy loan rate when they can see lots of existing debt and low amounts of disposable income.

Good luck

R.

System

Hi,

CCJ was removed I had to e mail them a few times though - its done automatically - I gave em a bit of a push. not showing on any CRA files - I have checked.

I am electoral roll - 6 years ...

I owe £12000 - 1900 car (161 a month) welcome 4500 (204 month) e/day 2400 (161)

I earn £27000 ( £1650 in hand) plus tax credits....

Using 48 % of available credit state Experian

7 searches in six months have disputed some dont know why they are there didnt ask tell me.

No overdraft (Basic account)

No cards over limit Aqua paid in full (new account 6 months) - Monument (Not lending called monies in £750 limit - £650.00 outstanding

Loans stretching back over six years - but they are sub prime paid none the less.

Catalogues L /woods limit £1000 - £ 400 balance

Very limit £3000 balance 750

O2 account 4 years never missed...

Vertdaubet 2 years none missed.

10 settled clear account s on my file...

I feel that they dont remove impact of CCJ in case it is re issued perhaps... it wont be and I should have sued claimant for the damage they have caused

I dont understand why no one will give you a chance I havent got thousands to sit in HSBC current account to make myself look good !

Experian and co get away with ruining lives - i dont care for them too much

Tixy

They will not be basing your score on your old CCJ that has been removed.

My guess is that you are not able to get credit because of the amount of credit you have (or have available) compared to your income.

I think you are saying you owe/have limits of
£10k approx on the car
£4.5k to welcome
£2.4k to eday
£? Aqua limit
£.75k monument limit
£1k littlewoods
£3k very

So you have available credit/debt of £21.6k (plus aqua) compared to a salary of £27.5k. This is a very high percentage for mainstream lenders at the moment. They would be very unlikely to lend any more to you. (anecdotal evidence suggests they are unlikely to give out any further lending which would put a person above 50% of their income and you are already well above that).

I expect the score is low for the above reasons and also due to the credit searches (whilst the score is fairly irrelevant it does drop for each credit search that is done).

System

Thanks

No I owe a total of £1900.00 on the car .. last few payments. :j

My total including the car is £12000 ... out of £27000 and tax credits (shared)

But thank you for explaining it to me...

I will tackle Everyday 1st paying an extra £40.00 per month via debit card will clear debt in less than a year. May send car back - paid three quarters.

Try to save .. this lending thing seems to be for people with mortgage free £200000 houses with 3000 in a current account who probably wouldnt need money anyway ! :beer:

Cheers

AK

Tixy

Ah -well that does make things better (did wonder if I had read it wring). You are right though, at the moment the best deals are only available to people with a1 credit histories.

When it comes to which to overpay remember to work out the interest you would save as well as which debt you would clear quickest - you might be interested in using the snowball calculator to have a play around with the figures - http://www.whatsthecost.com/snowball.aspx

iolanthe07

Why would I wish to leave thousands (If I had it) in a current bank account

This is not as daft as it sounds. If you keep a credit in a Lloyds Vantage current account of over £5000 (but not more than £7000) you get something like 4%, I believe, much better than most deposit accounts at present. I expect the other banks have similar accounts. I keep my Vantage account above £3000 and receive something like 3%, so it can make sense to keep a high current account credit.

System

Thank you for all your help !

I feel a little better now ..:j