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

Mike_St_Helens

sarah_skint wrote:

Hi Mike,
I saw a money specialist referred through the CAB so yes that was free!!!! I have missed one months payment on my credit card and have cancelled my loan debits so I expect the hassle to arrive just as my baby does!! I know it is looking like a rough couple of months ahead before I can even contemplate bankruptcy.
Also as you are filling in your forms what sort of questions are on the forms relating to gambling debts as the lady I spoke to said there is a part to deal with that - I hold my hands up to it
Many Thanks Mike,
Sarah

Oh Good, Im glad you are using a free one.

Im sorry I dont know about the G debts, I had nothing to declare in thet section, unless you count the grand national and national lotterry.. now im worried !! :rotfl:

I wouldnt worry too much you know, you have better things to worry about ! Just make sure you are all sorted with the CAB before you push !!!

MIke x

bigdec

Mike_St_Helens wrote:

No NO... It isnt classed as adverse, simply that you have claimed. I guess its for ... say you wanted a £100k mortgage and you said, well I work here and earn £xx... then they look at your file and see you are obviously off sick for what ever reason.. They may question this for your salarys sake, ie : if you will get it forever, or if it finishes after 6 months of being off sick... they wouldnt give you a mortgage then im sure... Its just a safeguard really.

Mike

The insurance payments are redundancy cover whilst I looked for a new job

:T

Your answers are very good

h4zel

Hi Mike.. great post.. I have a question for you please;

I have two defaults on my credit file, both from Activ Kapital for £400 ish pounds. I have written to them 4 times (all recorded delivery) and they haven't been back to me once with an answer! Basically, I have no idea what the defaults are for and I have never received any letters or anything from them.. surely they can't just add things to my credit file without first a) proving the debt(s) by at least being in contact with me and b) issuing me with a default notice?!

mountainofdebt

I applied on the OH behalf for 3 credit cards over the weekend and for everyone he got turned down.

This was abit gutting as his 0% deals are coming to an end in a few months time and I wanted to replace them.

Now alot of our debt is in my name (no particular reason apart from easier to administer!) so would this debt be affecting OH's chances of getting any further 0% deals?

One payment was missed on the OH barclaycard (thought I'd paid it, went on holiday but had't!) but that has been made up now. So my first question is are the companies looking at my debt when considering the OH's applications and how long should I leave it before applying again.

Also is it better to reduce limits as we reduce the balances or should we leave it as unused credit and then cancel the card when fully cleared.

Also our mortgage deal is coming to an end - whilst I appreciate there are better deals around would our existing mortgage lender do a credit search on us if we stayed with them and would we be likely to get refused given the above.

Many thanks in advance.

Brown_suga

Brown_suga wrote:

1) Two showing for 2003
2) Third showing for 2006

Hi Mike/Snaggles,

Could one of you guys look at my question pretty please

Mia's_Mum

Hi Mike

I hope that you are still answereing questions, as I have one query that has been bothering me for approx. 5 years.

Here goes, I have always have excellent credit and even now I have 999/1000 score with Experian. I also have a mountain of debt that has been racked up since I married a man who wants everything now, and pays later. He has had debts in the past, and I know that he had a particularly bad time before I met him and did not pay back a loan, which resulted in a CCJ. The house is in my name and I do not have his name on anything at all. I am scared to apply for any 0% balance credit cards in his name, as I am scared that his past debt will find their way to my address and lower my credit score and place me in a bad financial light.

I myself, can no longer get any more credit, firstly because I can't afford it, and secondly because I am up to the limits on all of the cards and I need to start paying back the debt. They also won't lower any interest rates on them, so I would, ideally like to lay off some of the debt in his name.

How do I stand, and would his past blight my good financial standing?

Regards
Mia'sMum

Mike_St_Helens

Brown_suga wrote:

1) Two showing for 2003
2) Third showing for 2006

---

Hi Mike,

I managed to get my file

I have 3 defaults at status !!8}
1 default showing 000021001000
all have been satisfied

then i have 4 accounts which are all green

Is it really bad??????

Hi there, Im sorry - Must have overlooked it .

Well as you may know, a default stays on your file for 6 years regardless if it has been satisfied or not. It aint too good to have them there, some lenders would approve you - they are more likley to be sub-prime (ie : cap 1, citicard, Some Barclaycards) but they are satisfied which is the main think. Just keep the green ones green.... Hop ethat helps.

Mike

Mike_St_Helens

h4zel wrote:

Hi Mike.. great post.. I have a question for you please;

I have two defaults on my credit file, both from Activ Kapital for £400 ish pounds. I have written to them 4 times (all recorded delivery) and they haven't been back to me once with an answer! Basically, I have no idea what the defaults are for and I have never received any letters or anything from them.. surely they can't just add things to my credit file without first a) proving the debt(s) by at least being in contact with me and b) issuing me with a default notice?!

Hi h4zel,

Your quite right and you also have every right to find out what they are. I would simply call them,. Just be firm but polite and im sure they will tell you. If they refuse then you can report them to a number of authorities. I would also consider placing a Notice of Correction on your file, this is text of your choice that explains a certain article on your file.

Mike

file_wizzard

Mike_St_Helens wrote:

Hi h4zel,

Your quite right and you also have every right to find out what they are. I would simply call them,. Just be firm but polite and im sure they will tell you. If they refuse then you can report them to a number of authorities. I would also consider placing a Notice of Correction on your file, this is text of your choice that explains a certain article on your file.

Mike

The above will not get you far, DO NOT CALL them, they will have no interest in the credit file issue and will just harrass you to obtain some form of payment, Aktiv are part of the Thames credit group, and are as incompetent, as they are rude (allegedly)

Placing a notice of correction on your file will do little to help, the only way to resolve this is to make a formal complaint to the Information commissioners office, https://www.ico.gov.uk and included details of the letters you have sent, including proof of delivery via recorded post.

Aktiv will also ignore the ICO, at which point the ICO will write to the CRA’s and instruct removal of the data

Mike_St_Helens

mountainofdebt wrote:

I applied on the OH behalf for 3 credit cards over the weekend and for everyone he got turned down.

This was abit gutting as his 0% deals are coming to an end in a few months time and I wanted to replace them.

Now alot of our debt is in my name (no particular reason apart from easier to administer!) so would this debt be affecting OH's chances of getting any further 0% deals?

One payment was missed on the OH barclaycard (thought I'd paid it, went on holiday but had't!) but that has been made up now. So my first question is are the companies looking at my debt when considering the OH's applications and how long should I leave it before applying again.

Also is it better to reduce limits as we reduce the balances or should we leave it as unused credit and then cancel the card when fully cleared.

Also our mortgage deal is coming to an end - whilst I appreciate there are better deals around would our existing mortgage lender do a credit search on us if we stayed with them and would we be likely to get refused given the above.

Many thanks in advance.

Hi there

* If the debt is in your name it should not affect OH's chances, unless OH has no income and your income is the only one coming in. People have the misconception that the 0% thing makes a difference as to if you are approved or not. It does not. They are simply assesing the risk that you will pay the debt back, some companies do risk based pricing where you gat a hifgher standard rate than some others... but they would always still give you the 0% intro offer, it does not matter at all... If they are happy to give you credit they wil... does not matter what the intro rate is. Ive highlighted this, as it is a great misconception accross the thread, not aimed at you hun !

* They wont necessarily look at your missed payment if they are to approve your OH, but if there is a lot of adverse info for one half of a couple then lenders may try to find anyway to decline if they can...

* Your limits, I would leave them as they are, simply as a lot of lenders will try to match or beat your best card,so if you reduce all to a nats whisker, then you are more likley to get a smaller limit, of couse close them when they are dead accounts, but always keep a couple going, simply to keep your file active.

* Your lender WILL do a search, they would be mad not too... you could have defaults or anything since the mortgage started (not saying you have mind) But I doubt a mortgage lender would decline because of one or two missed payments. It is secured lending on a mortgage so they can be a bit more lenient.

Hope that helps

Mike