Ex- Credit Analyst - Throw your Credit & Underwriting Q's at me.

Mike_St_Helens

This site has been a life support for me and OH.

I want to give something back. I have years and years of experience in the banking industry, Mostly CC's. I have been a Senior Underwriter and have many qualifications in the game.

I have also experience in severe financial difficulty, Self employment, Pubs !! and most recently Bankruptcy (I'm new to this one tho...)

If anyone wants anything answering, please post or PM me. I work shifts now in a whole new game so may not always be here.... But ill respond ASAP.

Fire away.... Make my rusty brain work !

Thanks

middleman_2

I've got one for you Mike. Don't know if this is your field, but if you are refused credit (I was once a few years ago), why won't they tell you why? I sent for my credit report and was none the wiser. Phoned Experian and they couldn't tell me either. It's very frustrating! Any info on this would be much appreciated.

Mike_St_Helens

middleman wrote:

I've got one for you Mike. Don't know if this is your field, but if you are refused credit (I was once a few years ago), why won't they tell you why? I sent for my credit report and was none the wiser. Phoned Experian and they couldn't tell me either. It's very frustrating! Any info on this would be much appreciated.

Its not up to EXPERIAN/EQUIFAX to make the decision, they simply provide black and white facts.

It is up to the lender to tell you why you have been declined, you can write or call them and ask. I always used to give a reason, a simple your credit score is crap... isnt a sufficiant explination, there must be a reason for this and I would tell a customer.

Anything through sreaches, voters roll, time at add/employment, amount of debt etc etc can all have an influence.

msmicawber

Anyway - Mike, could you tell me how long I should leave it before checking my credit record? I've just cleared outstanding credit card debt in full this month after many years of an arrangement where they waived interest and let me pay small instalments.

Also, I'd like to apply for a credit card some time soon just so that I can earn a bit of cashback. I will always clear it each month. How long would I be advised to leave it before applying after my credit file is marked satisfied?

Gemmzie

Mike - I'm nearly 19, got one store card (with my collegue discount attached) and one CC (life-of-balance IF card).
I've been paying a mobile contract in mum's name as c/o for a year, would I have been credit checked for this? If I cancel the contract and take it out in my own name, will they check me again? I should get a phone contract okay shouldn't I, it's been paid from my bank account for two years.

Mike_St_Helens

msmicawber wrote:

Anyway - Mike, could you tell me how long I should leave it before checking my credit record? I've just cleared outstanding credit card debt in full this month after many years of an arrangement where they waived interest and let me pay small instalments.

Also, I'd like to apply for a credit card some time soon just so that I can earn a bit of cashback. I will always clear it each month. How long would I be advised to leave it before applying after my credit file is marked satisfied?

Most firms update once a month, there is no set date really, and it isnt the date you pay or when your statement is produced. Id leave it possibly 4 weeks after your last statement, then it possibly would be clear. However it depends on the CC co on how they have reported your arrangement, if it is a proper arrangment where you have been paying reduced payments etc, im afraid this will be on your file for 6 years, wether you close the acc or not.

I wouldnt worry about waiting for one card to be clear and satisfied before you reapply, I would steam ahead with it, it makes no difference whatsoever wether you have satidfied the other balance or not, after all you could be interested in a balance transfer, The arrangement may be the issue though. It depends on the balances etc etc and how the CC co have reported it. I would approve an application if the arrangement was around 12 months ago and cleared.

Hope that helps

Mike_St_Helens

Gemmzie wrote:

Mike - I'm nearly 19, got one store card (with my collegue discount attached) and one CC (life-of-balance IF card).
I've been paying a mobile contract in mum's name as c/o for a year, would I have been credit checked for this? If I cancel the contract and take it out in my own name, will they check me again? I should get a phone contract okay shouldn't I, it's been paid from my bank account for two years.

If the contract is in your mums name, the mobile companty have no reason to have even asked what your name is, so they would not have credit checked you. If you canx the contract and switch to your name, then yes they will now check you. You should be OK in getting a contract, however mobile credit checking is a bit different, they can be either very picky with people and declining even the best ratings, or they will give 'anyone' a contract. I personally never had an issue with any contract at Carphonewarehouse, however Phones 4U always binned me !

Hope that helps.

msmicawber

Thank you very much, Mike, it was very helpful.

thorpe1

Mike,

My credit rating has always been excellent, but last year myself and my partner got a mortgage together, now her credit rating is not the best she has a ccj from 5 years ago will be six in april 2007 and a default on her credit card which she has just settled with buchanan clark & wells. I know were now financially related, but how long and what steps can we take to repair her rating??

Mike_St_Helens

thorpe1 wrote:

Mike,

My credit rating has always been excellent, but last year myself and my partner got a mortgage together, now her credit rating is not the best she has a ccj from 5 years ago will be six in april 2007 and a default on her credit card which she has just settled with buchanan clark & wells. I know were now financially related, but how long and what steps can we take to repair her rating??

The CCJ should drop off the file as from April, so you should see it no more on the file. However the Default will remain for the years, even though it is settled. If it is a small amount I wouldnt worry too much, just depends on the amount of orig default, how long ago that was and exactly when this one was settled.

You may be linked, but with new laws, even with her having a tarnished file, they are not allowed to use that info, you and you alone are the person applying.

Mike

thorpe1

Thanks Mike

When do these new laws come in to action?? the amount of the default was £320 settled this month when buchanan clark and wells sent her a letter saying they would settle for 40% of the balance (£114) which she sent a cheque of for and has been cashed. Will this show as cleared next month??

Thanks in advance
Andrew.