Credit Score Questions

woodsey1982

*First of all, I hope this thread is in the right section - I'm new to the site - so if its in the wrong place, apologies and can a mod move it for me?*

Ok, so my quick story - I was a student and got into some bad history with my credit - defaulted on most of my accounts and I'm still paying the price today in repaying this debt and trying to get my credit sorted. I've waited a few years ( to allow the 6 years to pass ) and now I'm in a position to be a bit more proactive on sorting this out. I registered on the electoral role about 6 months ago at my current address, and also signed up with Cashplus credit builder in an attempt to improve my history.

Today, I went onto Credit Expert to have a look at my credit file, and its no where near as bad as I was expecting - but I'm still being refused credit, and not sure why.

I have 2 accounts on my history, 1 is a loan and is up to date ( I did miss a payment about 6 months ago - but its sorted now ) - the other is a default which I am still paying back, but will drop off my account in April next year.

So my credit history shows no available credit, but one "green" account and one "red" one. However, my electoral role information shows my last 2 addresses but "no names listed on voters roll" - are these not updated automatically, do I need to contact my local electoral office to see why this wasn't done?

I tried the other day to get catalogue credit with Littlewoods in an attempt to build my credit, but I was rejected even for something at only £30!! Is my record really that bad? Also, any tips on how I can improve this? My credit builder starts this month, but they wont update my credit file for 3 months ( so that'll be November ).

DarkConvict

Have you got your £2 statutory report from experian and equifax to see how bad your file is.

Defaults will do alot of damage, and may stop you obtaining credit. A single default will be a problem but not so big you get rejected at £30. Obviously it could be the catalogue has previous history with you as a customer and do not want to deal with you.

If your eletrol roll information is wrong you have to contact your local council about it.

woodsey1982

DarkConvict wrote: »

Have you got your £2 statutory report from experian and equifax to see how bad your file is.

Defaults will do alot of damage, and may stop you obtaining credit. A single default will be a problem but not so big you get rejected at £30. Obviously it could be the catalogue has previous history with you as a customer and do not want to deal with you.

If your eletrol roll information is wrong you have to contact your local council about it.

I've gone on Credit Expert which uses Experian to see my file, I've never used the catalogue company before which is why I'm confused! Would the statutory report by any different from the online file?

I have a joint bank account with my wife, and she shows up obviously as a link on my file, would negative credit from her affect me?

DarkConvict

Credit Expert does not just use Experian, they are one and the same.

The statutory report should be the same, but there are 3 agencies in the Uk that hold information. Its all explained here, guide included - http://www.ico.gov.uk/for_the_public/topic_specific_guides/credit.aspx

Since you had a joitn bank account, when they search your file they search her file aswell. If she is a risk you are a risk. If you no longer hold joitn accounts you can have her removed.

woodsey1982

DarkConvict wrote: »

Since you had a joitn bank account, when they search your file they search her file aswell. If she is a risk you are a risk. If you no longer hold joitn accounts you can have her removed.

We are still together, would it be worth our while having separate bank accounts to try and get on our feet, or because its the same address would this be pointless?

DarkConvict

Address makes no difference. Name and address must both match for an entry to appear on your report.

If you closed the joint financial products you could then separate your reports. Some people struggle with this especially if the joint product is a mortgage! Mortgages aren't easy to close for obvious reasons.

It would only help you to be seperate, so the person with the higher rating is not dragged down by a linked persons poor rating.

Note, each creditor scores you against there own criteria, so we can never guess how well you will do when applying for credit.

woodsey1982

Thanks for your help - I think the best thing to do, is to have a look at her credit and see what way that stands, then make a decision based on that!