Refused a loan, score repaired?

Dave-P

Hi everybody.

First of all thanks for some great info, i have only just joined but have been ready for a while and that is what has set me off on my quest to a improved credit score.

Here is my story,

I recently applied for a loan on a car in order to get rid of my current wheels of fortune that are sapping so much of my money.

i was instantly rejected and left scratching my head as to why. My history isnt perfect, but with only a few late payments on mobile phone bills and such i was a little shocked.

After much googling i visited this site and then joined equifax, i was horrified at my findings.

2 of my banks had false info on me that looks like this

Santander

july 2008 (6 late)
august 2008 (6 late)

hsbc

august 2008 (1 late)
october 2008 (1 late)
november 2008 (2 late)
december 2008 (3 late)
january 2009 (4 late)


neither of these accounts have credit facilities, so i got on to the banks and arranged meetings with the managers. After plenty of time had past, both have agreed that these are errors and have agreed to remove them, and are currently in the process of doing so:j


so my question is, with my credit score curenty at 297:( do you think having these 7 negative marks removed will help my score by a substantial amount?

many thanks and sorry for a long winded post

Jeff_Bridges_hair

Your scoring from any agency does not reflect on what lenders are looking for. Personal scores are meaningless

Though if you get these removed then a lender may look more favourably on you

opinions4u

If the banks remove the derogatory information, then you should be in a much stronger position. But 297 is a pretty meaningless made up number by a company that doesn't lend. One assumes you paid to get this number!

I'm baffled as to how two banks could make the same mistake about the same person at around the same time.

I assume there's a story to be told that explains it all.

fozmcfc

Hmm, if someone is struggling to make mobile phone bill payments, then they certainly aren't in a position to pay back a loan.

Secondly OP must have been very unlikely, I mean unlucky to have 2 banks mess up at exactly the sametime.

I'll give it some more thought, whilst watching some of my old Jackanory videos.

Apples2

Dave-P wrote: »

but with only a few late payments on mobile phone bills and such

The banking issue aside, you appear to think it almost "normal" to be late paying mobile phone bills... and such (whatever "and such" means).

If you can't either afford, or be bothered, to repay your current commitments, then you should completely forget about further borrowing until you understand the importance of getting into debt.

drew2k9

if you cant afford to pay off a mobile phone bill which would be comparitively small, then no one will look near you with regards to a loan.

having a near perfect credit history is the only way, and by near perfect i mean no late payments whatsoever.

zeldazebs

Hi, I have had the same problem. First I had a default saying I hadn't paid a loan for 8 mths. However, I have never even been late with a payment, never mind missed one. I had this sorted out but then discovered that my credit report said I had 3 late payments on a student account. I haven't got any late payments, as I didnt have to make any payments. This is currently in the process of being sorted. It does make you wonder how many peoples is wrong. I asked the bank involved how this had happened to be told 'well we just don't know'! Thanks.. helpful )
Anyway, hope yours is all sorted out now!

Its-A-New-Age-Thing

drew2k9 wrote: »

if you cant afford to pay off a mobile phone bill which would be comparitively small, then no one will look near you with regards to a loan.

having a near perfect credit history is the only way, and by near perfect i mean no late payments whatsoever.

mmmmmmmm near perfect history, id be interested in your opinion on my status or anyone elses for that matter...........

in my early 20s over a decade ago ran up a rake of debt, ended up doin a trust deed, which fell off plus all the 'bad debts' years ago,

however i foolishly defaulted on a black horse loan in 2005, still hadnt got to grips with the importance of credit by then to be fair though from 2006 i was a changed man,

through a lot of help and learning through this site many years before i bothered to join i my add, i experimented and built up a credit history,

to date i have had contracts with the following providers since 2006 one being an exception to the rule a studio account originating from 2002:

studio(2002) closed in (2008)
orange

vodafone

t-mobile

3

cashplus credit builder

vanquis

sygma

capitalone

aqua card

tesco mobile

02

virgin

AND current accounts from:

barclays

santander

clydesdale

rbs

and nationwide

i only keep my nationwide flex account and clydesdale as my active current accounts now, still have a contract with 3, 02, tesco mobile and virgin media, orange and my 4 credit cards

off the top of my head my credit file has had about 23 accounts added to it, 12 have been settled and i rekon ill have no more than 8 on the go by august this year........

all these accounts have been ran flawlessly since 2006 and i mean FLAWLESSLY no missed payments nothin detrimental etc

HOWEVER my studio account recorded 3 miossed payments in 2005 i month late payment markers on 3 different months throughout that year in 2005

obviously i have put a lot of effort into maintaing my credit file and establishing it keeping on top of umpteen accounts etc,

the default from 2005 will VANISH july this year at that point,

the ONLY adverse data on my file will be the 3 missed payments from my studio account 2005 etc

soooooooo from july can i take a chill pill? have i established a sufficiently good enough credit report, to sit on the mainstream market? will the 2005 markers 'haunt me'? id like to take out a loan for about 4k towards the end of the year aswell to get new roughcasting and a black metal gate system built around my drive etc,

i am also a homeowner have been since 2000 though my mortgage has NEVER been recorded on any of my credit files, presumably this is because it predates 2003?

thanks in advance

:beer:

GiraffeMan

I'd be tempted to ask for a manual (by a human not computer) credit check/review of your lending application, nearly all lending decisions now are made automatically based on pre-approved limits, offers, etc so give it a go, it may work !!