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

Mike_St_Helens

*zippy* wrote:

Hi Mike

Great thread by the way

I have just applied for insurance opting to pay by direct debit as it was free to do this, do you know if they credit check you when you do this? Concerned as I am trying to get cc on a low interest deal and changed utilities recently and wondering how many footsteps are on my file.

....Also I have applied for cc in OH name as he earns alot more than I do, but he has never had a cc only loans, does this go against you?

Do they credit check partners living at the same property anyway?

Thanks again

Hi Zippy, Hope you are well...

Now, some insurers do search you, purley for fraud and ID reasons, but the vast majority are silent searches, which means that other lenders cannot see the footstep, but you can when you get your file.

The CC/Loan thing shouldnt matter, they may be a bit cautious on the limit at first, but shouldnt be an issue as long as the file is good.

They will only credit check partners in credit cases if the proposal is joint.

Mike_St_Helens

Mia's_Mum wrote:

No, there was no reference to him at all. I have lived at my address for 17 years and was previously married (17 years ago). My first husband still shows on there from 1989 but there was no reference to my OH now. I'm scared to link his others addresses to mine, in case he blights my credit rating/record.

i wouldnt worry, if he doesnt appear on your file then it sounds like there definatley is no financial link and your files will not be joined at all unless you ever apply for something that requires a joint credit search. Also if there is no link, then there would be no 'linked addresses' of your OH's on there.

I wouldnt worry - sounds Ok.

Mike

KerryGold

Hi Again Mike, (or maybe one for Snaggles?)

Thanks for your last response. My next question concerns my current mortgage on our flat that I hold with my Mum. We want to get her off the mortgage (and deeds) and maybe put my husband on to decrease her captial gains liability as much as possible.

We're wondering what's the best way to go. My dad reckons I should just call current mortgage provider and tell them I want to take my mum off. I'm worried because I'm in agency work (continuous for past 18 months but contract end date of Christmas) they wouldn't agree to it going into my name alone.

The truth is my mum has never paid a penny of the mortgage, this is provable by bank statements, and I can easily manage the £200 p.m. plus then I have my husband anyway! My dad thinks there shouldn't be a problem because the flat is worth more than double the mortgage anyway so the BS shouldn't be concerned as the equity could pay it back even if I couldn't.

Who's right? WHat do you recommend? Would anything be gained by adding my DH or not?

Thanks again!

Mike_St_Helens

KerryGold wrote:

Hi Again Mike, (or maybe one for Snaggles?)

Thanks for your last response. My next question concerns my current mortgage on our flat that I hold with my Mum. We want to get her off the mortgage (and deeds) and maybe put my husband on to decrease her captial gains liability as much as possible.

We're wondering what's the best way to go. My dad reckons I should just call current mortgage provider and tell them I want to take my mum off. I'm worried because I'm in agency work (continuous for past 18 months but contract end date of Christmas) they wouldn't agree to it going into my name alone.

The truth is my mum has never paid a penny of the mortgage, this is provable by bank statements, and I can easily manage the £200 p.m. plus then I have my husband anyway! My dad thinks there shouldn't be a problem because the flat is worth more than double the mortgage anyway so the BS shouldn't be concerned as the equity could pay it back even if I couldn't.

Who's right? WHat do you recommend? Would anything be gained by adding my DH or not?

Thanks again!

Hi there,

Hmm.... I know you will be able to release your mum quite easily, no doubt they will charge you £100 or so for the privelidge.... Ive just had a look at my last mortgage statement that always has T&C's and they state that it can be done, Id call em and just ask.

Sorry I couldnt expand any more there really...

newlywed

Just been refused that 3.9% life of balance credit card

Is there a set time to have lived at one address which will make a difference on credit rating?

I sent off the electoral roll form a while back so hopefully that will be ok.
Dunno what to do now. Paying pretty high interest on one card and wanted to transfer the balance.

Should I wait a while before trying another one? Or try and convince existing lenders to do an interest deal?

Mike_St_Helens

newlywed wrote:

Just been refused that 3.9% life of balance credit card

Is there a set time to have lived at one address which will make a difference on credit rating?

I sent off the electoral roll form a while back so hopefully that will be ok.
Dunno what to do now. Paying pretty high interest on one card and wanted to transfer the balance.

Should I wait a while before trying another one? Or try and convince existing lenders to do an interest deal?

You could ask for a deal on your existing card, I wouldnt go applying for too many cards... dont forget every serch you have will be marked on your file and you could appear 'credit hungry'.

3 years at an add is ideal, although if you have moved and are on the VR thats the next best thing.

newlywed

Thanks. Will try and contact my current card providers. Doubt they'll reduce interest from about 20% to nearer 4% though! Anything is still better than nothing

This was the first credit I'd applied for in over a year so hoped it'd be ok. Oh well, never mind.

*zippy*

newlywed wrote:

Just been refused that 3.9% life of balance credit card

Is there a set time to have lived at one address which will make a difference on credit rating?

I sent off the electoral roll form a while back so hopefully that will be ok.
Dunno what to do now. Paying pretty high interest on one card and wanted to transfer the balance.

Should I wait a while before trying another one? Or try and convince existing lenders to do an interest deal?

Hi newlywed (Mike hope you don't mind me butting in!)

I have also just applied for this card (m&s?) I was talking to another mse member and apparently they will not give a cc to someone with a search on their file in the month before applying. They were told to wait a month and re-apply. Might be worth calling them to find out the reason.

newlywed

*zippy* wrote:

Hi newlywed (Mike hope you don't mind me butting in!)

I have also just applied for this card (m&s?) I was talking to another mse member and apparently they will not give a cc to someone with a search on their file in the month before applying. They were told to wait a month and re-apply. Might be worth calling them to find out the reason.

Thanks. I didn't have any other searches - unless Vodaphone did one last month when I changed my contract to them? Didn't show on my credit report though. :rolleyes:

Their email said they're writing with reasons so hopefully that will shed a little more light on it. Thanks for the tip :cool:

clarky0212

Hi Mike
Sorry if you have already covered this, i've had a quick look but still very confused. My OH and I went into an iva in 2001, but in 2004 we remortgaed and managed to come to an arrangement with the creditors and it was settled. I WAS TOLD i would not be able to get credit for 6 years!! We have recently managed to take an advance on our mortgage to do some home imporvements etc, however, I am scared to apply for unsecured credit. I would love to have a bank account with a cheque book, I would like to have a small credit card for purchases on the internet, as currently only have a basic account with a visa electron, which most places on the net don't accept. What do you suggest?? Sick of having to ask family to write cheques for me and to use their card for purchases. We checked our credit file soon after the iva and it didn't look good although i didn't really understand it. I applied for a bank account in 2004, just after the settlement and was refused, but since then apart from the advance on the mortgage have not applied for anything.

Hope you understand all that. Can you please advise on what I can do.
Its great not having any unsecured dept. And we have just started to save also, but again, we are saving in a basic account as I was told they do credit checks for saving accounts, so I am not earning any interest on my savings.