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

coal32

some advice please mike,

Just applied for a CC over the phone and got your appllication has been referred to the underwriter.

what does that mean?
am I boarderline for approval - if so what are the chances of success?

note: about two years ago my ID was fraudulently used to get some finance for a car and My name was place on the CIFAS register - Took months to sort out. I think I also place a note on my Experian file.

so would this be a factor?

any advice thanks
cole

The_Boss

Mike St Helens - did you ever deal with making decisions about increasing credit limits?

dixie06

Hi Mike, I wonder if you could shed any light on my little problem. I recently got a copy of my credit report and was horrified to discover my old mortgage provider a entered a deault against me (2 years ago) for £119,000 :eek: but is says settled. What happened was I was a couple of months in arrears but still making payments the arrears were passed onto solicitors to agree an amount to pay in court (don;t know the official term!!) I was awaiting a court date at the same time as maintaining what payments I could. I thought I would try to re-mortgage and I did sucessfully (hence the settled bit-I think). As far as I recall I didn't receive any default notice or statement of default. As far as I am aware I didn't actually default as I did continue to make payments. What to do??

By the way I think what your doing here is great :A

Mike_St_Helens

Jo_R wrote:

Cheers Mike, much appreciated! :T

Hey - No problem !

Mike_St_Helens

loveandlight wrote:

Hello Mike St Helens,

Would you help me please? I am about to apply for a re-mortgage so got copies of my credit files to check everything was ok before I applied. I am sooo glad I did that because I discovered that Telewest a couple of months ago recorded me as being in arrears with them for £44.00 which is not true. I phoned them up and they admitted that it was a mistake on their part and that they would get it rectified and send me a letter to confirm it. To date they haven't done anything and no letter from them either.Every time I phone them I get a different person and promises of calling me back but no-one does.

How will this negative mark on my credit file affect me now? I am so angry with Telewest as I had only been with them for two months and don't owe them anything and they don't seem to care. I am also worried because of how it will affect me with mortgage lenders and I was planning on applying for another credit card to do a balance transfer.

Hi there... As an anaylsy I wouldnt have batted an eyelid at this, its like mobile phone contracts, 1/2 months late... would not have bothered me for a number of reasons :
A) You get a statement, its not like a bank statement so you pay it 'when you have time' rather than the due date
The balances are always generally $75 or less
C) They are not considered credit products in the lending eyes.

I know your not happy about it tho, it can take up to 8 weeks to repair a file mistake, so bear with them. If you have no luck write to the Data Controller.

Mike

Mike_St_Helens

justheclothesonmyback wrote:

Hi Mike, this was your response to thorpe1 regards being linked to his partner who had a tarnished credit file. Just to clarify and get some reassurance as my situation is similar in reverse (I am the one with the bad credit) ... my partner and I have no joint accounts whatsoever and his rating is over 900, always pays on time etc, but on his credit file with experian my name appears under alias/associates. I don't understand how they got this information unless it was from a loan application I made in my name only, but which also as standard, asked for my personal details, marital status, total household income etc. He is thinking of getting a personal loan out soon and I'm worried that I will have a negative impact on his chances, but from what you say above, even with my name as an associate, they will only base a decision on his file alone? Would they have authority to search my file too if he applies for a loan in his name only - would feel really guilty if I scuppered his chances as he doesn't know that I'm in debt - we handle our own separate finances.
many thanks in advance

Hi there, They must have the association from somewhere... a savings account, rental, anything you can think of that may have triggered a credit or 'identity' search that was joint.

As I said it shouldnt make a difference whatso ever, but there is a route he can take to make sure if he wants, contact the Credit Ref Agency and ask for a disassociation, let them know the situation... Bobs your uncle, your credit would not show.

They cant do a credit search on you unless you have some form of history with the company and are asking for credit or owe them money, but this cnt be linked to your OH's application.

Mike

Mike_St_Helens

coal32 wrote:

some advice please mike,

Just applied for a CC over the phone and got your appllication has been referred to the underwriter.

what does that mean?
am I boarderline for approval - if so what are the chances of success?

note: about two years ago my ID was fraudulently used to get some finance for a car and My name was place on the CIFAS register - Took months to sort out. I think I also place a note on my Experian file.

so would this be a factor?

any advice thanks
cole

You have hit the nail on the head.

All applications that carry CIFAS warnings would be reviewed. Dont worry about being reffered, it could also be anything from a miskey in spelling that doesnt match your file, a diff date of birth on another account you have ... anything can make it refer, Please dont worry

Let me know how you get on

Mike

Mike_St_Helens

The_Boss wrote:

Mike St Helens - did you ever deal with making decisions about increasing credit limits?

hey of copurse... I ended up in the department that increased... and if you were naughty ! decreased....

Throw it at me !

Ill tell you what, this is great, so many of you are asking quality and indepth questions. I am very happy to try advise if I can. Also if you ever get any odd questions that underwriters ask you, throw them at me and ill try to let you know the train of thought behind the question.

OH works for Tax Credits so if anyone has any minor issues there... ask away !

Mike

Mike_St_Helens

dixie06 wrote:

Hi Mike, I wonder if you could shed any light on my little problem. I recently got a copy of my credit report and was horrified to discover my old mortgage provider a entered a deault against me (2 years ago) for £119,000 :eek: but is says settled. What happened was I was a couple of months in arrears but still making payments the arrears were passed onto solicitors to agree an amount to pay in court (don;t know the official term!!) I was awaiting a court date at the same time as maintaining what payments I could. I thought I would try to re-mortgage and I did sucessfully (hence the settled bit-I think). As far as I recall I didn't receive any default notice or statement of default. As far as I am aware I didn't actually default as I did continue to make payments. What to do??

By the way I think what your doing here is great :A

Hitya dixie... im sorry buit a lender can default after not making more than one consecutive payment... also it sounds like if the court were involved have you a CCJ? If so, default is a legal necessety before the next collection stage.

Sorry abt that one !

Mike

The_Boss

Mike_St_Helens wrote:

hey of copurse... I ended up in the department that increased... and if you were naughty ! decreased....

Throw it at me !

Ill tell you what, this is great, so many of you are asking quality and indepth questions. I am very happy to try advise if I can. Also if you ever get any odd questions that underwriters ask you, throw them at me and ill try to let you know the train of thought behind the question.

OH works for Tax Credits so if anyone has any minor issues there... ask away !

Mike

Cheers Mike - thought I'd ask first in case I wasted your time.

Basically, I wanted to know - if you request an increase on a card what is the more important factor in deciding whether to grant it? Your credit search, past credit limits or your account history?

Also, any other tips on how to successfully get an increase please.