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

Mike_St_Helens

MascaraMinx wrote:

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

Hi there... I have always known M&S to be a hard nut to crack, im sure they are HSBC now...

They would have probaly only given you that limit because it seems that your other limits/balances are also in that 3k area, its a standard 1st card amount for a lot of lenders.

If you have only applied for the one card, id certainly go for another. I would sat around 8 sseraches a year is good, shows your not credit greedy, but are a savvy shopper.. This also shows that lenders will have to work harder to keep you !

Mike

Mike_St_Helens

2Princess_Mum wrote:

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

The defaults and late payments, how ever old (within the last 6 years) will have a great effect on wether you are approved or not. When I was talking about approving housewives etc earlier.. I forgot to mention that they would have had to have a squeeky clean file mind as they have no income of their own and are relying on OH, OH would also have to be V good.

Your car insurance shouldnt really show on your credit file.

Even though Barclays did a search a bit ago, you could have had a whopping default placed on your file by a previous unreporting lender... This is why they search all the time regardless f the lenth of time inbetween aplications.

Mike

Mike_St_Helens

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

Hi amy... Sounds awful... The creep !

Start yuour own thread, pleople would be very interested in whatyou have to say, it helps and warns people. Also others would love to give their story.

Mike

Mike_St_Helens

MascaraMinx wrote:

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

Sorry - was working down the thread didnt see this one. I agree !

Mikey

Mike_St_Helens

sarah_skint wrote:

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

Hi Sarah, call Experian and tell them you dont hknow what they are and ask how they got there.

To be honest though hun, your file will explode when your Bankruptcy hits it, so its not going to be much use for 6 years !

LizD_2

Mike_St_Helens wrote:

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

Hi Mike

Thanks for your reply.

1. I'm on the electoral role.
2. As far as I know, any 'old' accounts would no longer be showing as active. Checked my credit reports a year or so ago, and nothing looked that bad. I did have a DMP for a CC with Lloyds TSB, which was settled 2 years ago, I suppose that would still show? Having said that, would it be worth writing to previous creditors and asking them to formaly close accounts?
3. I always pay my accounts (by debit card on internet, or DD if possible), just that sometimes I'm a bit late (maybe 2-3 days), plus you have creditor's processing times (about 3 days). I have been late a couple of times on the Mint card, now I think of it.

Mike_St_Helens

LizD wrote:

Hi Mike

Thanks for your reply.

1. I'm on the electoral role.
2. As far as I know, any 'old' accounts would no longer be showing as active. Checked my credit reports a year or so ago, and nothing looked that bad. I did have a DMP for a CC with Lloyds TSB, which was settled 2 years ago, I suppose that would still show? Having said that, would it be worth writing to previous creditors and asking them to formaly close accounts?
3. I always pay my accounts (by debit card on internet, or DD if possible), just that sometimes I'm a bit late (maybe 2-3 days), plus you have creditor's processing times (about 3 days). I have been late a couple of times on the Mint card, now I think of it.

Thanks for replying speedy fast...

Unfortunatley the history of the DMP may well still show on your file, all info is stored there for 6 years, so im afraid that mays still show.

The cards that are a day or 2 late may well report you making that late payment, linking it with the historical info this might have the negative effect.

Citi and Cap 1 offer cards to the less than sparkly white files....(but be careful with them.. they bite !)

Mike

LizD_2

Mike_St_Helens wrote:

Thanks for replying speedy fast...

Unfortunatley the history of the DMP may well still show on your file, all info is stored there for 6 years, so im afraid that mays still show.

The cards that are a day or 2 late may well report you making that late payment, linking it with the historical info this might have the negative effect.

Citi and Cap 1 offer cards to the less than sparkly white files....(but be careful with them.. they bite !)

Mike

Cool, I was thinking of going for the Cap 1 card, as the 0% is fixed til 2008. What do you think the likelyhood is that I'd be able to transfer a good chunk of my card balances? (total about £4000). TBH i'd mostly like to move the Marbles balance (£2000) as it's at 19.9%. I know there's a fee, but c'est la vie!, another £40 isn't going to cripple me.

sarah_skint

Hi Mike,
Problem Being That I Will Be The One Going Bankrupt, My Other Half Only Recently Found Out, The Debts Are Nothing To Do With Him, So I Need To Make Sure He Is Not Listed On My File And They Will Not Take All His Stuff!!! Will He Need To Be Taken Off The Council Tax??? As I Suppose Even That Would Count As An Association?
Thanks For Your Time - It Is Much Welcomed
Sarah

Mike_St_Helens

sarah_skint wrote:

Hi Mike,
Problem Being That I Will Be The One Going Bankrupt, My Other Half Only Recently Found Out, The Debts Are Nothing To Do With Him, So I Need To Make Sure He Is Not Listed On My File And They Will Not Take All His Stuff!!! Will He Need To Be Taken Off The Council Tax??? As I Suppose Even That Would Count As An Association?
Thanks For Your Time - It Is Much Welcomed
Sarah

Hmm... Im not quite sure, We are OK as we are both going BKY. Have you any joint credit facilities?

Council tax wouldnt be an association, and im not sure how it would be calculated for you. here is a great site that has specialist info and will answer all your questions for you...

http://www.debtquestions.co.uk/debt_forum/

Mike