Credit Card/Credit Rating advice required

BugsyBrowne

Trust me mate it is true,banks have not got a clue and basically dont care what score experian have gave you,they won't know anyway..

BugsyBrowne

king100 wrote: »

Its a good indicator if you are trying to build your credit that you are actually getting it better.

Peopel with 999 as the worst people to lend to. They will pay everything off ontime and in full. Thats not what these companies want.

You going on about people with 999 that is experian's credit score not the banks.

Tixy

king100 wrote: »

Its a good indicator if you are trying to build your credit that you are actually getting it better.

Peopel with 999 as the worst people to lend to. They will pay everything off ontime and in full. Thats not what these companies want.

No - Sometimes people with 999 have never had a single credit product in their entire life. And despite having 999 they will find it really hard to get prime credit.

And the credit score has no idea about how much you earn which has a big impact on whether a bank will lend to you, and is always reflected in their own internal scoring procedures.

You don't need an indicator. If you can see that your missed payments or defaults etc are 'dropping off' your report, you will know it is improving.

Continue to pay the money out if you wish but the advice from regular posters on here is to save your money.

king100

star-fire, put it this way I had defaults on my account and I wasnt anywhere near 950, I now have had them removed gone past 6 years and im increasing my score, I use it personally as to judge myself and my credit worthiness.

3 months ago I couldent get a credit less than 39% now i have one at 19%.

There are so many factors that banks use these days is is nigh on impossible to fit everyones criteria, I know for example I am favourable to barclays and barclaycard but yet wouldent get a sniff at from Natwest.

king100

jesus for the sake of £6 every 6 months to get a indicator of your score, you guys make it sound like it its everyday.

Tixy

king100 wrote: »

star-fire, put it this way I had defaults on my account and I wasnt anywhere near 950, I now have had them removed gone past 6 years and im increasing my score, I use it personally as to judge myself and my credit worthiness.

3 months ago I couldent get a credit less than 39% now i have one at 19%.

There are so many factors that banks use these days is is nigh on impossible to fit everyones criteria, I know for example I am favourable to barclays and barclaycard but yet wouldent get a sniff at from Natwest.

Exactly - you may know that but not because you know your credit score at experian.

king100

I dont trust banks or credit card companies. At the moment I have a real issue with them reporting false information on my credit file. This is why I spend the money logging on every month, checking any defaults or old accounts have been taken off. This is why I have a report on my score every 6 months so that when it does go to court I can prove that my rrating was getting better and that I was denied certain prime % because of their falsa data. What that number tells me is nothing but having a score of 400 18 months and now having a 900+ score now, I can easily see an improvement in my management of money.

I need instant access to my reports and my score to show that it has cost me £1000s in extra interest due to this false information on there.

Tixy

It doesn't sound like the OP is in this position though, they admitted that the default was their fault and just want to know how soon they may get prime credit, which I don't think will be answered by getting a credit score and the credit score could actually give him the wrong impression.

Tim - hope overall your questions were answered.

buctownbully

king100 wrote: »

Ok Tim

The default will take 6 years from the date when it was settled.

Firslty go and signup to the 3 main credit reference agencies.

If you havent signed up before you can get a 30 day trial.

REMEMBER if you dont want to use the service you must cancell before the 30 days.

Personally I am paying for mine as I am in similiar situation.

You can get a credit rating or credit score from them, this will let you know where you stand in relation to what lenders think.

Check out these relevant pages on here



How to deal with your credit rating

and this one who uses what with each credit agency.



I personally search around the same time each month or every other month. This will show on your report as a search, so lenders will see this.

Do not however do multiple searches just because you are declined as this shows desperation.

Hope that helps


Depending on what your rating is it will effect your mortgage yes.

thanks King.

I am a member at Credit Expert and pay the £7.99 monthly direct debit. I haven't got a Credit Score since I initially requested it. I have not run a check on my Equifax score but will do that just to check it is ok.

Bottom line is that I am going to have to wait until the default rolls off I guess. Which is pretty depressing - and that will be from when I paid it off rather than the default date too?

I also understood that getting my Credit Report on credit expert didn't count as a credit search on your file?

buctownbully

Tixy wrote: »

It doesn't sound like the OP is in this position though, they admitted that the default was their fault and just want to know how soon they may get prime credit, which I don't think will be answered by getting a credit score and the credit score could actually give him the wrong impression.

Tim - hope overall your questions were answered.

You have answered the question, thank you. I am aware that the score out of 999 doesn't reflect your chances of receiving credit, it's more reflective of how you are managing the credit you have which is obviously important but not the only factor in a credit check.