Credit Ratings a Joke ??

jonesMUFCforever

OP has not mentioned 2 things - 1 whether he has a business account and 2 has he asked his bank of 20 years?

YorkshireBoy

A 10 year tenancy, especially if confirmed by ER data on your CRA file, and 20 years with bank will mark you up in the 'stability' criteria. However, how long have you been self-employed?

And I echo the point made above...surely your bank of 20 years is your first port of call?

Bigdibz

Self employed 7 years with nothing owing on the business .
And my bank did its own criteria search without even bothering to do a credit rating search through credit expert .
Hence why l'm asking the questions regarding credit scores etc .
Genaral consensus after making enquiries is that banks & loancompanies tend to have their own search criteria these days , even more so due to the credit crunch they in fact caused .

BugsyBrowne

Bigdibz wrote: »

Self employed 7 years with nothing owing on the business .
And my bank did its own criteria search without even bothering to do a credit rating search through credit expert .
Hence why l'm asking the questions regarding credit scores etc .
Genaral consensus after making enquiries is that banks & loancompanies tend to have their own search criteria these days , even more so due to the credit crunch they in fact caused .

Mate as said b4 its nothing to do with you being self/employed,their is something on your credit report as to why you are being turned down.
Your credit file is not as good as you think hence the reason no one is accepting you.

Bigdibz

star-fire wrote: »

Mate as said b4 its nothing to do with you being self/employed,their is something on your credit report as to why you are being turned down.
Your credit file is not as good as you think hence the reason no one is accepting you.

Mate it is being self employed that is !!.
I checked , phoned & asked .
I was offered a loan when l placed that l was in f/t employment and and in rented property .
Refused when stating self employed . Proof in itself .

YorkshireBoy

Bigdibz wrote: »

I was offered a loan when l placed that l was in f/t employment and and in rented property .
Refused when stating self employed .

If I understand you correctly you've made 2 loan applications...fairly close together?...and lied on one of them as to your employment status?

You do know your application data is referenced, and stored, with fraud prevention agencies?

Ever heard of CIFAS?

Proof in itself .

Not necessarily, but it doesn't seem like anything offered here will change your mind on it.

Kefte

Do you have clear and up-to-date accounts for your business with business account? Do you have enough expenditure to very comfortable cover your loan? Does your income fluctuate dramatically?

Applying for credit is also means tested, if a Financial Statement shows you can only just pay the loan then you will be put into the high-risk category.

Also, instead of waiting 18 months to sort your credit rating to get a loan, put the £200-300 aside you would have been paying for a loan to get a van? Unless obviously the loan is to cover part payment?

BugsyBrowne

Bigdibz wrote: »

Mate it is being self employed that is !!.
I checked , phoned & asked .
I was offered a loan when l placed that l was in f/t employment and and in rented property .
Refused when stating self employed . Proof in itself .

Once again you believe what you want to believe,right on Experian you went to lower my bills and all it came up with is a loan from provident,which now rules out you were refused through being self/employed which this suggests to me your credit rating is sh*t which is why you've been refused.
Sorry to sound harsh but there must be something quite not right on your report for Experian to quote you provident.

Bigdibz

star-fire wrote: »

Once again you believe what you want to believe,right on Experian you went to lower my bills and all it came up with is a loan from provident,which now rules out you were refused through being self/employed which this suggests to me your credit rating is sh*t which is why you've been refused.
Sorry to sound harsh but there must be something quite not right on your report for Experian to quote you provident.

Soz mate yer wrong again .You are assuming far too much !!.
This time l phoned a bank who refused me a loan , as they sent me a letter with a reference .Offering me to phone them with the ref no .
They stated they wanted to help , but l did not meet a certain criteria for a loan .
I phoned and asked offering all kinds of information , accounts etc .
The loan was for a new van for the business , they blatantly refused to look at any accounts , and told me over the phone due to being self employed and recq a new van was the reason l was refused .

BugsyBrowne

Bigdibz wrote: »

Soz mate yer wrong again .You are assuming far too much !!.
This time l phoned a bank who refused me a loan , as they sent me a letter with a reference .Offering me to phone them with the ref no .
They stated they wanted to help , but l did not meet a certain criteria for a loan .
I phoned and asked offering all kinds of information , accounts etc .
The loan was for a new van for the business , they blatantly refused to look at any accounts , and told me over the phone due to being self employed and recq a new van was the reason l was refused .

Put it like this mate if this person who advised you was not the underwriter for the loan then the information is invalid.
I know this might sound silly, but I would bet you their are many regulars on this forum who know a lot more about how credit works more than someone who actually answer the phone for the banks or even work in there.