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

chunkymunks

I'm not sure if you are able to offer me any advice but I have gotten myself into huge debt( £45,000). I put my house up for sale and have just accepted an offer. I wrote to all creditors and included an s.o.a ,explaining that I would be able to repay them 85% of all amounts owed. I followed the advice on the debtadviceline and cccs. Do you have any advice/help/thoughts of what else I should be doing? I really would appreciate your help even if it is guesswork.
Thank you.

Gemmzie

Mike_St_Helens wrote:

True, but wouldnt get a nice shiney new phone !

What if I renew and then transfer it? Or do all in one. It's up from it's twelve months this month

trevor_john

Mike.
I had an iva which began on 24 august 2000.It ran with no probs until it completed in August 2005.Its now (or was on 24th Aug this year) a year since completion or 6 years since it began.

I was told (and it has happened..i checked my file) that any trace of the iva would drop off my file.I have just tried for a credit card and been declined.I have just moved 3 months ago after 8 years in my last address,could this be why i was knocked back?

also i was given a £11000 loan for a van 3 weeks ago as i am self employed could this be the reasonn cc companies dont like me ?

reagrds Trev

goldmercury

Mike,

any tips on Maximizing stoozing?

It has been said that if you have a 0% card and pay a little interest on it after the inital 0% deal ends CC companies will automatically give you higher credit limits.

Also when applying for new CCs should i reduce the limits on my current CCs so my "availalbe credit" looks less in a new application in relation to my income to aquire a higher limit?

Last Q, there are about 6-10 lenders of CC's on the market however they have more than one card and they come in all shapes and sizes. Do the main lenders have limits on how many CC's you can have with them? For example I know with MBNA you are allowed only one card and have read that if you apply for another MBNA supplied card whilst you already have one it will be rejected.

hope this little post makes sense

Mike_St_Helens

trevor_john wrote:

Mike.
I had an iva which began on 24 august 2000.It ran with no probs until it completed in August 2005.Its now (or was on 24th Aug this year) a year since completion or 6 years since it began.

I was told (and it has happened..i checked my file) that any trace of the iva would drop off my file.I have just tried for a credit card and been declined.I have just moved 3 months ago after 8 years in my last address,could this be why i was knocked back?

also i was given a £11000 loan for a van 3 weeks ago as i am self employed could this be the reasonn cc companies dont like me ?

reagrds Trev

Dont forget,

Even though your 'issues' are no longer on your file you may kow have nothing on your file, so its like starting all over again !!

Mike

Mike_St_Helens

goldmercury wrote:

Mike,

any tips on Maximizing stoozing?

It has been said that if you have a 0% card and pay a little interest on it after the inital 0% deal ends CC companies will automatically give you higher credit limits.

Also when applying for new CCs should i reduce the limits on my current CCs so my "availalbe credit" looks less in a new application in relation to my income to aquire a higher limit?

Last Q, there are about 6-10 lenders of CC's on the market however they have more than one card and they come in all shapes and sizes. Do the main lenders have limits on how many CC's you can have with them? For example I know with MBNA you are allowed only one card and have read that if you apply for another MBNA supplied card whilst you already have one it will be rejected.

Hope this little post makes sense

Ive had a wine now.. just come off night duty so wine is in me head !

This I can advise... I'll post u tomorrow if its ok. I used to tell customers what to do and woe betied my as55

Mike

trevor_john

Mike_St_Helens wrote:

Dont forget,

Even though your 'issues' are no longer on your file you may kow have nothing on your file, so its like starting all over again !!

Mike

Mike I do have an active well run cc and also a van loan for 12000 that i recently recieved.the IVA has "gone" and my file looks clean but i still got declined,any ideas ?

slmellin

Hi Mike
I got a copy of my credit report from Experian & am a bit confused! Last Oct my national credit score was 905 now its 519. Apart from missing an odd payment to catalogues (long story) not much has changed. Wot does this mean?? Please help
Many Thanx
Sarah West Yorks

Mike_St_Helens

trevor_john wrote:

Mike I do have an active well run cc and also a van loan for 12000 that i recently recieved.the IVA has "gone" and my file looks clean but i still got declined,any ideas ?

Its hard without seeing your file, however there are a few things.

The co that declined you... Which agancy did they use, have you checked them all to see if all files are clean? are you on the VR, how many searches do you have? Have you applied with them within the last 12 months when your file wasnt as clean ... and last one, did you have any debt with them when your IVA was in effect?

Mike

Mike_St_Helens

slmellin wrote:

Hi Mike
I got a copy of my credit report from Experian & am a bit confused! Last Oct my national credit score was 905 now its 519. Apart from missing an odd payment to catalogues (long story) not much has changed. Wot does this mean?? Please help
Many Thanx
Sarah West Yorks

Ill be honest, them scores mean pap all....

Unfortunatley, those catalogue payments may be the reason !

balances, searches, VR, payments etc etc etc all have an effect on the score.

MIke