I Can't Get Anyway Credit Help !!!!

raymie_2

Hi ,

I am new to this site and need some help and advice so hopefully I can get it here. So thanks in Advance !!

Ok, here is my situation.

I am M 28 live in Scotland. I have had previous debt (NO CCJ's or county court Judgemnets though) I had mis payments maybe around 5 years ago, last one maybe around 3 years now. I have now payed off ALL my debt bar one which I have a standing order for weekly from my bank.

I am self employed and have NO CREDIT!! No mortgage, no contract phone, no car payments, NOTHING , only credit I have suppose is my car insurance which i pay monthly by DD.

I have savings in the bank, both in a high interest account and my personal account. I reguraly make payments into both accounts and have no overdrafts or switch.

Ok, here is my dilema I CANT GET ANY CREDIT ?? I have applied for a mortgage and got refused, sent away to experian for a credit report and showed all debt repayed bar the outstanding one I mentioned. Showed a few mis payments but that was it, ALL rest of my debt is now clear.

I have applied for credit cards to repair my credit rating but keep getting refused even one which the interest was 40 odd percent and was intended for people with bad credit. Got knocked back for switch at my bank ????

This is really really getting me down as I am maybe looking at buying a house with my girlfriend .

Any help would be GREATLY GREATLy appreciated.

Raymie

raymie_2

Help Needed !!!!!!!!!!!!

raymie_2

Anyone ?

CLAPTON

are you on the electoral roll?
do you have a bank account?

YorkshireBoy

Lenders like...

1. Stability...

• Long association with your bank
• A long length of service with your employer
• Electoral Roll traceability for the last 3/6 years
• Homeowner
• Married
• Dependant children

2. Credit-worthiness...

• A history of traceable credit repayment

Unfortunately, you don't seem to tick many (if any at all) of the boxes so far!

However, since the normal advice given is to contact your own bank (or a credit repair card provider such as Vanquis or Barclaycard Initial etc), the most worrying thing here is that your own bank won't even give you a debit card - and nobody knows you better financially than they do!

Setting aside any possible mis-management of your current account (that you haven't told us about), I suggest you also get a copy of your credit report from Equifax. Then, examine both thoroughly...

• Do they each contain the same information?
• Are there any DOB discrepancies from your previous credit searches?
• Have you a default that you'd forgotten about, or weren't aware of, on Equifax but not on Experian?
• Have you a CIFAS marker on your file?
• Are you traceable on the Electoral Roll continuously over the last 3/6 years?
• Do you have a financial association with your girlfriend? If so, ask her to send for her files and see if there's anything on her file that's affecting you.
• Do you have a financial association with anyone else? A business partner for example?

raymie_2

thanks for the help guys !

Still bit in dark though if i be honest.

yes i am on the electrol roll, I dont have any outstanding debt (I have checked with equfax) that i did not know about ?!!

I have savings in my bank account so why the prob u reckon ?

This is bringing me down BIG time .

CLAPTON

check with all three agencies

what exactly does the equifax one say about your payment history?
how much do you owe ?

have you actually asked your bank for a credit card...if so what reason did they give for refusing

how much have you saved for the deposit...what reason did the mortgage company give for refusing you.

raymie_2

Hi Clapton,

My bank said it was knocked back because of a poor credit history.

My equifax report says I owe £500 to one company, allother debt is payed off says settled then date but does not say BALANCE SATISFIED only says that on one or two of my previous creditors ?? Do i need to have Balance satisfied on all my previous creditors on credit report.

The £500 one says the account has been defualted ?

Thanks Clapton, much appreciated

R

Martinslovechild

1. Order credit reports from Experian, Equifax and CallCredit - these 'statutory reports' cost £2 each; don't be seduced by the online credit reports which cost £8.95 or more each. If there are any items in your files which are not correct (e.g. credit cards which you cancelled but are showing as open) then you can get these removed, although it can sometimes take up to a couple of months.

2. Your credit history will be held against your file for 7 years meaning that your mispayments from 5 years ago will still be showing somewhere - this will almost certainly have an impact.

3. Be careful not to apply for too many items of credit in a 12 month period - searches are also logged and remain on your file for 12 months. I normally like to keep the number down to a maximum of 10 per year, preferably much less.

YorkshireBoy

raymie,

When you received your credit report from Experian, did they also send you their "Your credit report explained" booklet?

The answers to many of your questions (esp. 'settled' & 'satisfied' accounts etc) will be found in this booklet. It really is a useful read, and you would gain a lot of benefit from it.

If you haven't got the booklet, you can view or download it from...

http://www.experian.co.uk/downloads/consumer/YourCreditRepExplainedJuly06.pdf

inmypocketnottheirs

raymie wrote:

The £500 one says the account has been defualted ?

Here's your problem. A default on your credit file more or less makes you a financial leper.