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

Flinty_2

Hi Mike,

Thank you very much for your reply!! Sorry got a couple more questions..

I have just spoken to the mobile company and the lady I spoke with said the account is now showing as settled and I asked if the default will be removed? She said it should do - So I called the Debt recovery number and I was telling this woman the situation and she said you're actually through to "the mobile company" as the debt recovery company is experiencing difficulties with their system? Could it be possible that this is an internal debt letter that was sent as the address is similar to the mobile company-same postocde and area??

I work in the credit industry and a company I worked for used a different name to send these debt letters as it seems more threatening...

Agian I asked if the default will be removed and she said yes, on your credit file will show that it is a late payment -even though it really isn't due till the end of this month?!?!

Aaaaaaaaaaaaaagggggggggghhhh they make me so mad!!!

Thank you Mike once again, do you think this will be the end of the default?

I will still be writing the letter!! >:(

Am I allowed to say the name of the mobile company to warn others??

LizD_2

TTT - sorry!

serendipity2706

Frugal_Fox wrote:

Hi Mike,

Just a quick question - or two! Firstly, we are managing to meet our commitments until July - when some cheques I wrote were bounced - I miscalculated DH payday (changes every month). The charges from those cheques caused a severe knock on effect and in the 5 weeks after the cheques bounced Halifax hit us with £1400 bank charges ( I kid you not - we rang to come to an arrangement with them - but they will not help at all, so in effect we have had no income for September) As a result we are now behind on ALL of our commitments, and have just put our house on the market. Would I be right in thinking that instead of clearing the debt instantly with the equity it would be better to clear it month by month - thereby rectifying some of the damage caused to our credit file? I'm thinking over a 12 month period so that the last 'credit' activity on our file shows us as being regular payers etc??

Secondly: I had an MBNA account, in August I received a letter saying there had been some changed to the terms and conditions and also why not consider using my card again - I had cut the card up, but with the above, we decided to get a new card sent out - to use it to meet the commitments for this month, clearing the balance from the equity ( appreciate I'd pay more in interest this way, but I hate being so behind). When I rang the girl said not a problem and the new card would be out in 5-7 days, and did I want one for OH - No! After 8 days, no card, rang to enquire only to be told - actually no, we've changed our mind, you're not having one, and to prevent any other 'silly' letters coming out and telling me I'm a valued customer they would close my account for me??? Will them closing my account affect my credit rating? Also - can they do this? (I'm sure they can, but just seems ridiculous that they'd send a letter saying - use your card, then you phone for one and they so 'computer says no')

A very appreciative FF
x

very quickly- Halifax can't charge you what they like if you go overdrawn- it has to be reasonable to the amount of debt and what it would cost to send letters etc. There has been loads in the press recently- people claiming back hundreds in ridiculous bank charges. Look online for more information and write to Halifax asap- also the local Citizens Advice centre would help you on this. Good luck

MascaraMinx

Mike,

Top thread - I've been keeping my eye on this for ages, fantastic work!

Here's my question - and apologies in advance if it's a bit samey to ones you have answered many a time before.......

I have 2 credit cards Egg £2100 at 16.9% and Barclaycard £2700 at 17.9%) and a loan (Egg £4k at 7.9%). I have never missed a payment ever, although I have always had credit ever since I left Uni. I have just applied for the M&S credit card for the 3.9% deal with the intention of transferring both CC balances across then closing those accounts. I have only been offered a £3k max limit, despite a £32k salary and fairly good credit score (have checked on Credit Expert and score is around 880).

I would like to know the following:

1) why do you think M&S won't offer me more so I can get those balances across, and
2) If I apply for another CC with a 0% deal how will this affect my credit score? I haven't quite worked out the relationship between applying for credit regularly or transferring balances around and how this impacts your credit score?

Thanks for any advice you can offer

2Princess_Mum

Mike_St_Helens wrote:

Hi there... As you know not working wont help matters when applying as most lenders will have a base line of rules that they 'tick' as they go along, ie: age, working, salary etc etc. I used to approve 'housewives/husbands' regulally, as long as both parties had joint credit facilities and were ran well.

Why did you oppose barclays doing a ccredit check? They would have to do this to determine the risk, what i think (may be a long way off) is that when you opened the card when you were at college, they were aware you were at college and to avoid automatic increases places an increase block on the account, thus you never reciving any increases.

MBNA are non judgemental lenders and approve on merit only, have you tried them?

Have you got a good clean credit file? and have you any loans or other credit that may be on your crredit file, taking your overall balances above a certain level?

Cheers Mike

Hi Mike.

I didn't want Barclaycard to do the credit check because they did one when I had asked earlier in the year for a credit limit increase. I didn't want it on my file that they had done another credit check and I was still turned down. When I asked them why they were unable to grant me an increase, they said it was because I had made a late payment a few months back, (the first in years) as I was always making my repayments on time.

I had tried MBNA in the past, (postal application) and when they called me to determine my employment status (which is the same as it is now) they turned me down solely on that basis. I guess it wouldn't harm to try again though. Hence the reson I didn't really want Barclaycard to do the credit check again, as I didn't want it to look as though I was desperately seeking credit.

In terms of my credit file, I've yet to obtain a copy, but I had a TV/phone package with Telewest which I would pay late on a number of occasions. I am now with BT and pay by DD. My remaining credit card has a few recent late payments, but I had been making regular standing order payments until recently. Those are the only issues that spring to mind. As I explained previously, i had paid my other 3 credit cards (now cancelled), regularly and on time. I had defaulted a number of times a few years ago, before I changed to making all my payments by standing order/DD. I also have a mail order account, which I had made late payments with (on max 2 occasions i believe) in the past. I used my car fund to pay the debt and now owe nothing, although the account is still open, and my credit limit for the account is £2200. 2005/6 is the first time I have paid my car insurance monthly by DD, with no returned payments, so as far as I can see I have no other credit that they would need to take into account

I hope this sheds a bit more light.

Thanks
2PM

misscutiepie1984

Im 22 years old and im about 14k in debt which i have got down from 21k in the last 2 years or so i thought i was being clever get a place with my ex boyfriend we got a mortgage when i was 19 or should i say he cos it was put in his name only after he convinced me that if they credit checked me then we would not get the place even though my credit rating was perfect back then!!!!

so as you can gather im not very happy about all of this :mad: there are lot more things that went on in between then and now so here i am............

anyways just wanted to talk to people in the same kind of situation as me so i dont feel like the only one

Many thanks for reading

Amy

MascaraMinx

misscutiepie1984 wrote:

Im 22 years old and im about 14k in debt which i have got down from 21k in the last 2 years or so i thought i was being clever get a place with my ex boyfriend we got a mortgage when i was 19 or should i say he cos it was put in his name only after he convinced me that if they credit checked me then we would not get the place even though my credit rating was perfect back then!!!!

so as you can gather im not very happy about all of this :mad: there are lot more things that went on in between then and now so here i am............

anyways just wanted to talk to people in the same kind of situation as me so i dont feel like the only one

Many thanks for reading

Amy

Hey Amy - why not put a general post out on the board, you'll get friendly replies from lots of people in your situation

sarah_skint

Hi Mike

I HAVE MY CREDIT REPORT FROM EXPERIAN - IT SHOWS 2 ASSOCIATIONS WITH SOMEONE ELSE, i HAVE TRIED TO TRACK THESE BUT THE COMPANIES KEEP PASSING ME FROM PILLAR TO POST AND ARE NOT HELPING THEY ARE SAYING THERE IS NOTHING COMING UP, AS i AM LOOKING AT BANKRUPTCY I NEED TO KNOW WHAT THESE ARE AND HAVE THEM REMOVED ANY ADVISE PLEASE

SARAH

Mike_St_Helens

LizD wrote:

Hi Mike

I want to move some of my cc debt to a 0% deal. I've just been turned down for a Virgin card, but was thinking of going for a Capital One card (will cut up card if I get one).

Debt: £2000 Marbles @ 19.9%, £1500 Egg @ 17.9% (just been raised) £500 Mint @ 14.9% (approx)

What would be the best way to do this? I've been late with some of the payments for Marbles, so guess this affects my rating.

Hi Liz, Good Morning to you !

When you say that you have been late... Can I ask to what extent ?

Also are you on the Voters roll, do you have any 'old' adverse info that may be on your file and have you missed ANY payments on anything else?

Cheers

Mike

Mike_St_Helens

Flinty wrote:

Hi Mike,

Thank you very much for your reply!! Sorry got a couple more questions..

I have just spoken to the mobile company and the lady I spoke with said the account is now showing as settled and I asked if the default will be removed? She said it should do - So I called the Debt recovery number and I was telling this woman the situation and she said you're actually through to "the mobile company" as the debt recovery company is experiencing difficulties with their system? Could it be possible that this is an internal debt letter that was sent as the address is similar to the mobile company-same postocde and area??

I work in the credit industry and a company I worked for used a different name to send these debt letters as it seems more threatening...

Agian I asked if the default will be removed and she said yes, on your credit file will show that it is a late payment -even though it really isn't due till the end of this month?!?!

Aaaaaaaaaaaaaagggggggggghhhh they make me so mad!!!

Thank you Mike once again, do you think this will be the end of the default?

I will still be writing the letter!! >:(

Am I allowed to say the name of the mobile company to warn others??

Hi there.... I guess your right, most companies use a different trading name to collect debt.

Yeah, go for it, let us know.. I wont tell anyone !!

Hoping its the end, make sure you get your file when its all over and write a letter regardless. Dont forget it can take up to a month for the default to be removed.

Mike