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

lazy&indebt

Hi Mike,

Great thread mate! Very helpful!

My Q is, I applied for an extension to my loan earlier this year and got accepted but only after being passed through to an underwriter who had found two more addresses linked to my name - I did live at each of these addresses for a while but never changed any addresses on anything as all post was still going to my moms, never applied for credit under these addresses and never got added to the ER for these addresses so how did they get them? The only thing I can think of is my mom wrote "no longer at this address" on a couple of the letters and put what my new address was and re-posted them?

Other than this I have never missed a payment on anything but I still haven't registered on the ER either.

BONJOEY

hi mike, does being a housewife/house husband make a difference when applying for a cc even if total income is over 20k
when one works?
i have 3 cc but want another to do a balance transfer , i also have one default from 2002 for 162 pound settled, i have added a note of correction, what are my chances?

Mike_St_Helens

Brown_suga wrote:

I've managed to lock myself out of my experian file as i entered the password incorrectly I will ring them tommorow to re-set it.

But off the top of my head there were about 5, all amounts under £400/350 from my student days. Most were settled in 2002/3/4. But 1 was settled this year

I do have my current mobile contract/barclaycard showing as missing no payments at all.

Are the non high street lenders worth looking at? I always assumed the interest charged would be extortionate. Would it be better for me to just wait until they are gone?

Who are IF?

If are Intelligent Finance... Buut im not sure they would approve with the odd bits you have,.

Have you a broker or financial adviser,... im sure you can go to somewhere like Britannia and they are 'open market' where they put you simply with the best deal for your circumstances. Or Moneysupermarket are good.. but I have only ever dealt with them online.

Sorry couldnt help more, ive only dealt with Mortgages briefly

Mike

Mike_St_Helens

The_Boss wrote:

Thanks.

Any idea how long they look back? I year ago I had a £6000 limit on my MBNA card but reduced it down to £2000. In february I increased that to £3000 and now am looking at increasing again to £4000 +. What is the maximum increase you should ask for?

I would work in the unit that would bring limits down.. we would say give it 6/12 months.,. but would be very cautious in increasing further.. Responsible lending and all that. What is your debt to income % do you know?

We would lokk back at the last 6-12 months. But we would have on file if you missed any payments over the last 3 years.

Mike

Mike_St_Helens

Dammam wrote:

This is handy - thanks for starting the thread.
I had a lousy period which meant my credit rating was shot for ages. I have now cleared all the nasty stuff (CCJ and several defaults).
However, I have one nasty that is still being a stubborn pain - ironically it's a debt I paid in full.
The loan was for £7056 paid at £120 pcm. My payment history is:-

0 0 0 0 1 1 2 2 0 1 1 1 0 0 1 2 3 3 3 4 4 4 S

There was no default, the start date was 12-9-00 satisfied date 5-7-02.

Am I going to be saddled with this until July 2008? And does it make a major impact on my options over the next couple of years? I have a mortgage, 2 mobile contracts, credit card account all running well and 7 years at current address.

Thanks.

Hi there...

Unfortunatley it will be there for the length of the 6 years. As time goes on it wont matter too much, but you will get fussy lenders with v low rates declining you or offering higher rates because of it.

Your good file since will help a lot though.

Mike

Mike_St_Helens

sarah_skint wrote:

hi mike,
when declaring yourself bankrupt does the O.R pick through your bank statemnets as since coming to my senses about my money situation i no longer pay with my card or cheques i keep going to the bank and withdrawing all the cash and paying things off but will that look odd? its just that if they pick through and think oh yeah wheres all this going what then? should i keep a diary of my expenditure?
Sarah

Hiya Sarah.... Well.. Im just going through this now... I am taking all my wages out in cash and saving them at home. Ive been told its normal just before BKY to see cash being taken out all the time, after all you have to prop yourself up for the big day... Im in the same boat my love..

Hate every min of it, cant wait till its all over !

Mike x

Mike_St_Helens

lazy&indebt wrote:

Hi Mike,

Great thread mate! Very helpful!

My Q is, I applied for an extension to my loan earlier this year and got accepted but only after being passed through to an underwriter who had found two more addresses linked to my name - I did live at each of these addresses for a while but never changed any addresses on anything as all post was still going to my moms, never applied for credit under these addresses and never got added to the ER for these addresses so how did they get them? The only thing I can think of is my mom wrote "no longer at this address" on a couple of the letters and put what my new address was and re-posted them?

Other than this I have never missed a payment on anything but I still haven't registered on the ER either.

OOOhh.. They can find you in many ways, Utility bills, Rental, Mobiles, SKY, Cable, akll sorts of ways im afraid....

Mike_St_Helens

BONJOEY wrote:

hi mike, does being a housewife/house husband make a difference when applying for a cc even if total income is over 20k
when one works?
i have 3 cc but want another to do a balance transfer , i also have one default from 2002 for 162 pound settled, i have added a note of correction, what are my chances?

Hi there.. we would approve Hous wife/hubby if they had a good record but would be very cautious and would kind of look at the spouses file and details also and underwrite it as one person.. if you get what i mean,....

If you have small balances and a good file, and on the VR,. then you should be OK.

BONJOEY

thanks mike, what does underwrite mean? ( i sound well think now)

Mike_St_Helens

BONJOEY wrote:

thanks mike, what does underwrite mean? ( i sound well think now)

In old terms, its an insurance thing where they drew a rhetorical line under any risk and gave it a value... this was the premium.

In real terms it means looking at the risk of a lender and making the decision 'will they default'. Its an art form !