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

Chinagirl_2

Hi Mike

I am experiencing real problems getting any form of credit as Equifax have no credit record for me, Experian has all my credit history. I have called my banks, credit card agencies etc. All confirm they have sent my details to Equifax, one was even kind enough to go through their system and see what Equifax had listed for me and they believe Equifax has my address wrong. And in fact on the credit report I ordered from Equifax the address is correct on the covering letter but incorrect on the actual credit history! Equifax refuses to believe me when I call and their incredibly rude operators just keep insisting that Equifax cannot make mistakes, that it is every other financial institution that is wrong. I have written to complain and ask for my address to be rectified, and my credit history to be added, it has now been 5 weeks and I have heard nothing. Is there some sort of ombudsman I can contact to help me sort this out? As literally I cannot get any form of credit and this has only occurred since moving to my current address.

kevin_M

Mike just going to start of with a quick thankyou for the wonderful service you offer

now my turn

mike i have a total of 8 things on my credit file

credit card 0 0 0 0 (owe around 5% of the credit limit)
persona loan 0 0 0 0 0 S
Credit Card 0 0 0 0 0 0 S well its closed but awating to be upgated to settled
Personal loan 0 0 0 0 0 0
mobile co 0 0 0 0 0 0
mobile co 0 0 0 0 0 0
HP finance 0 0 0 0 0 0
Mail Order Agency amount £456 Default sept 2003 Settled Oct 2003

ok my question is with my account being mostley in good standing.

how much impact will that default have with lending. because im going to move my loan to try and get a better intrest rate and so i can make overpayments.

Thanks again

dollytinsle

Hi Mike, I have recently come into some money and am in a position to repay some loans. All my loans have defaulted and I have been offered a discounted repayment amout to clear debts by a few companies. Should I do this? How does this affect my credit rating?

Also I have paid amost £20,000 of a £50,000 consolidated loan. I have been paying this for almost 3 years on a 20 year debt. I will be asking them for a early redemption figure however what if they come back with a figure of £40,000+ although I have already paid almost £20,000, is there any avenue I can take. Thanks in advance for any help you can offer

2Princess_Mum

Mike_St_Helens wrote:

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

Hi Mike,

Thanks for your response.
I guess my next step is to get a copy of my credit report, I'll get onto that ASAP.

Your advice/suggestions have been invaluable. Thank you and keep up the good work.

2PM

leannie_2

Mike_St_Helens wrote:

Sorry that this is so late, youve probably had your meeting now. If so how did you get on.

I would have advised that you went to the meeting, there are hundreds of mortgages out there that even bankrupts can have, so you will be fine. Let me know if you need any further info.

Sorry again

Hi, I posted on the mortgage thread but basically the mortgage advisor seemed to think we would be able to get a 100% mortgage, although I am still not 100% sure about it all. Finance makes me so nervous!
I got a letter from Experian who are going to follow up on the queries I raised on my credit file, so that is something, fingers crossed people will not see me as a trouble maker though.
Unfortunately, on the credit card I have the most on with the lowest interest rate, I cancelled the credit facility so I could just pay it off, I got a letter today to say they are going reduce the over limit fees from £25 to £11, I am not over my limit! But they are also going to increase my APR by 6% which I cannot afford to do:mad: :mad: :mad:
I am worried it will also look bad on my report if I now try to find another provider to transfer the debt to...
Just when I thought things were on the up

Flinty_2

Hello Mike,

Thanks again for your reply, I've checked my file over the past few days and they haven't updated the file with ORANGE so I'm assuming I have to wait until they finally decide to update??

I am still in the process of writing this letter-yes I'm a bit slow.. but I wanna get it right-Should I threaten them with legal action if I don't recieve a written confirmation that the default has been removed? And would I have a case in court with this? I've spent so much time with this it's so frustrating!!

Sorry to bang on about it but I have been working sooooo hard to keep my file clear for the past five years to keep it clean for when I do get a mortgage -hopefully soon..

Thank you so much for your advice Mike

Mike_St_Helens

Chinagirl wrote:

Hi Mike

I am experiencing real problems getting any form of credit as Equifax have no credit record for me, Experian has all my credit history. I have called my banks, credit card agencies etc. All confirm they have sent my details to Equifax, one was even kind enough to go through their system and see what Equifax had listed for me and they believe Equifax has my address wrong. And in fact on the credit report I ordered from Equifax the address is correct on the covering letter but incorrect on the actual credit history! Equifax refuses to believe me when I call and their incredibly rude operators just keep insisting that Equifax cannot make mistakes, that it is every other financial institution that is wrong. I have written to complain and ask for my address to be rectified, and my credit history to be added, it has now been 5 weeks and I have heard nothing. Is there some sort of ombudsman I can contact to help me sort this out? As literally I cannot get any form of credit and this has only occurred since moving to my current address.

Hi.. Sorry for the delay in answering.

I used to have this when I lived in a new build house... Oh Mr MSH they would say, have you never had credit before... Hmm Ill bet i have !!

Ill be honest with you, I just percivired and when I was declined because f no history would ask them to look at all variations of my add.

When I was an analyst, I would see if their was an odd add or uncommon name and search alternatives to see if I could get a hit.

Im sorry i cant offer no more on this one..

Mike_St_Helens

kevin_M wrote:

Mike just going to start of with a quick thankyou for the wonderful service you offer

now my turn

mike i have a total of 8 things on my credit file

credit card 0 0 0 0 (owe around 5% of the credit limit)
persona loan 0 0 0 0 0 S
Credit Card 0 0 0 0 0 0 S well its closed but awating to be upgated to settled
Personal loan 0 0 0 0 0 0
mobile co 0 0 0 0 0 0
mobile co 0 0 0 0 0 0
HP finance 0 0 0 0 0 0
Mail Order Agency amount £456 Default sept 2003 Settled Oct 2003

ok my question is with my account being mostley in good standing.

how much impact will that default have with lending. because im going to move my loan to try and get a better intrest rate and so i can make overpayments.

Thanks again

Thank you....:o

OK, You have a fab file.. What the hell happened to get the default !!

As you know its there for at least 3 more years, som lenders wont even bother with it, and its satisfied which is great, Mail order defaults are not as 'bad' as other credit defaults.

If you are looking for a loan, you should try a non-judgemental lender, Virgin I beleive look at the whole picture...

I had Intelligent Finance as a good lender for me, I had a small mail order and mobile default and they lent to me no issues (they are a score based underwriter)

Hope that helps a bit...

Mike

Mike_St_Helens

dollytinsle wrote:

Hi Mike, I have recently come into some money and am in a position to repay some loans. All my loans have defaulted and I have been offered a discounted repayment amout to clear debts by a few companies. Should I do this? How does this affect my credit rating?

Also I have paid amost £20,000 of a £50,000 consolidated loan. I have been paying this for almost 3 years on a 20 year debt. I will be asking them for a early redemption figure however what if they come back with a figure of £40,000+ although I have already paid almost £20,000, is there any avenue I can take. Thanks in advance for any help you can offer

Howdy !

It wont really affect your rating, the good things though are that they will be satisfied, so sub-prime lenders will be happier to lend. Also the sooner they are satisfied the sooner they drop off your credit file.

The loan.. Hmm, 20k paid../ Ill bet the figure is above what you borrowed still.. Sorry ! Is it unsecured or secured on your property ?

Mike_St_Helens

leannie wrote:

Hi, I posted on the mortgage thread but basically the mortgage advisor seemed to think we would be able to get a 100% mortgage, although I am still not 100% sure about it all. Finance makes me so nervous!
I got a letter from Experian who are going to follow up on the queries I raised on my credit file, so that is something, fingers crossed people will not see me as a trouble maker though.
Unfortunately, on the credit card I have the most on with the lowest interest rate, I cancelled the credit facility so I could just pay it off, I got a letter today to say they are going reduce the over limit fees from £25 to £11, I am not over my limit! But they are also going to increase my APR by 6% which I cannot afford to do:mad: :mad: :mad:
I am worried it will also look bad on my report if I now try to find another provider to transfer the debt to...
Just when I thought things were on the up

Nah you will be ok.. As ve always said, a few 'frugal' searches on a file is very very healthy !!

.. Where on earth has the word frugal come from.. its probably insulting !