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

samizdat

Mike_St_Helens wrote:

The default thing varys vastly on the lender. For example.. I would have approved someone with a default 3 years old that was satisfied and below £1k.. Other lenders wouldnt.. even in the same bank !

Mike, Thanks for your response. For the avoidance of doubt, am I right in thinking that there is no practical difference between a true default and a notice of four missed payments from the point of view of satisfying realistic lending criteria?

MABLE

MABLE wrote:

Hi Mike,
I have my Equifax and Experian online and there is nothing negative. All I can think of is because of the searches on my file and available credit. However cannot understand LLoyds would now risk me at a 9. I have an overdraft in total of £10,000 at my disposal and I very rarely use it. Also I have with them a £15,000 limit on their credit card but debt on that is zero.

As I said previously the only debt I have is for £2700 with Barclaycard a
2,9% life of the balance so very confused.

Without explanation my risk factor has dropped to 3 and Lloyds are offering me an upgrade on all their current accounts. I view my credit files online and nothing has changed. Also my loan illustration rate has now gone from 24.9 to 6.4 percent. Also the illustration loan period for me has gone from 12-60 months to 12-84 months. Very strange!

Mike_St_Helens

MABLE wrote:

Without explanation my risk factor has dropped to 3 and Lloyds are offering me an upgrade on all their current accounts. I view my credit files online and nothing has changed. Also my loan illustration rate has now gone from 24.9 to 6.4 percent. Also the illustration loan period for me has gone from 12-60 months to 12-84 months. Very strange!

Very odd.. Systems do wonderful things though from one montbh to the next. You may have used tha cashpoint too many times in a week or something like that.. Yess.. They are that Fickle .. Honest, Internal Credit scoring is odd !

Mike

Mike_St_Helens

samizdat wrote:

Mike, Thanks for your response. For the avoidance of doubt, am I right in thinking that there is no practical difference between a true default and a notice of four missed payments from the point of view of satisfying realistic lending criteria?

There is the obvious difference where if you were say 4 down a year ago and the acc has been fine since then there will be obviously a difference between that and the default as the default cant be repaired.

Louishow

Hi Mike

I am just coming to the end of my year of bankruptcy (19 December). The whole experience has completely traumatised me and I am extremely nervous about starting up again.

I am planning to use a 30-day free use of Experian's credit information to check my status. Should I do this after my discharge from bankruptcy to see what my credit rating is like? I was able to have a very, very, very basic bank account with Woolwich - cash card that could only be used at one branch of Woolwich. I really need an account where I can have standing orders, direct debits, and if possible a debit card.

Any advice on how I can start building up my credit rating - not that I EVER want to use credit again! However, I will need to get a car at some time in the future.

Using only cash for a year has disciplined me to manage my money but there are so many things you just cannot do without debit cards or cheque books. Can you recommend the most sympathetic banks.

Many thanks.

Sinkingindebt_2

Hi Mike,

What a great job you are doing here btw...

Anyway, since turning 18 i could never get credit (mobil sotrecard etc) even though on the VR. I got a mortgage a few years ago fine and once I got that I could get a few more items of credit easier.

Anyway my ex left me with the mortgage, and I missed 4 payments before selling up. Since then I cant get credit and its shot to bits. I have been uselss and ran from a lot of debts (I know its very bad to do)

My question is how easy would it to be to get another mortgage? Also why was I never able to get credit? My parents had ok credit. I have always uunderstood how they decide etc but never understod my own reason.

What can I do to repair it even though no one will touch me now? (I have not had a search done for ages)

Thanks

xxxx

craig1001_2

Hi there,please can you help me? I have already added my charges together and requested the amount back from HSBC 5 weeks ago but i STILL haven't recieved a reply yet! Do i just go ahead with the claim through the small claims courts? Yor reply would be much appreciated! Please email me back at: craigebay10@yahoo.co.uk -Craig

oscar52

Louishow wrote:

Hi Mike

I am just coming to the end of my year of bankruptcy (19 December). The whole experience has completely traumatised me and I am extremely nervous about starting up again.

I am planning to use a 30-day free use of Experian's credit information to check my status. Should I do this after my discharge from bankruptcy to see what my credit rating is like? I was able to have a very, very, very basic bank account with Woolwich - cash card that could only be used at one branch of Woolwich. I really need an account where I can have standing orders, direct debits, and if possible a debit card.

Any advice on how I can start building up my credit rating - not that I EVER want to use credit again! However, I will need to get a car at some time in the future.

Using only cash for a year has disciplined me to manage my money but there are so many things you just cannot do without debit cards or cheque books. Can you recommend the most sympathetic banks.

Many thanks.

Louishow

If your going to use experian report, I would leave it till end of january till you look at it. I know this seems a long time, but your credit report is only updated once a month, abd it depends on lenders which day they use. I know you say your coming to the end of your bankruptcy, so the lenders is not an issue, but the courts etc would be the same, only updated once a month.

On rebuilding your credit file, dont rush straight in next week - leave it few months, then ask your bank for debit card, cheque book etc, maybe a small O/D (£100 so you dont get hit for going O/D bt a penny).

Cant think of anything else

charmaine

Mike , hopefully you can help me, i've just got my credit report which is quite good apart from the fact they're 5 defaults from 4 years ago all for mail order places and all of small amounts. I've only had 1 mail order catalogue and i've still got it. This was at my last home which has since been demolished. I lived in a block of 6 flats - do you think someone has been ordering things in my name? Also my birth date is wrong on these it down as 20/7 and its the 28/7. What should I do can I get these removed and will these defaults stop me getting a mortgage. :j

faffyman

Mike,

I hope you can help with this one. I bought a house about 18months ago and have been receiving letters from various DCA's ever since I moved in. Prior to moving in the property was vacant for about 9 months, the previous owner having died.

The debt letters are all for a Miss K M M who never lived at the address.
Miss KMM has debts with several lenders including Halifax, and one of these debts is for 15K.

Initially I sent the letters back, then I replied to those sent to 'The Occupier' and told them that no KMM ever lived at my house.

I still get the letters, with more threatening tones each time. The most recent one however was more disturbing in that it prentended they were looking for an old friend on a personal matter.

I have stopped replying and do not call their 0845 call centre numbers as this (fraudulent) debt is costing me money by putting the DCA's straight.

Some people have told me I should just ignore the letters and not contact the agencies again (makes no difference anyway) But can my credit rating be damaged by somone else's debt? what should I do?

I dont know if it helps but they always have the street name wrong but correct post code. The post office would do anything about that though.