Credit Rating

Alecsminis

I have just applied for a loan and was turned down? There is a first time for everything?
I am a good boy and reconcile my account monthly etc.

I did a credit search on Eperian and got 999 Excellent.
Equifax 544 Excellent.

The only thing rated as good was credit agreements as good all others excellent.
The rating was dropped from a excellent to good because I have 19 settled accounts, is this right????????

BugsyBrowne

Alecsminis wrote: »

I have just applied for a loan and was turned down? There is a first time for everything?
I am a good boy and reconcile my account monthly etc.

I did a credit search on Eperian and got 999 Excellent.
Equifax 544 Excellent.

The only thing rated as good was credit agreements as good all others excellent.
The rating was dropped from a excellent to good because I have 19 settled accounts, is this right????????

Unfortunately you will never ever know your credit score and that is a fact.

Alecsminis

star-fire wrote: »

Unfortunately you will never ever know your credit score and that is a fact.

I rang the company in question and they would not tell me the reason? :mad:

BugsyBrowne

Alecsminis wrote: »

I rang the company in question and they would not tell me the reason? :mad:

Exactly they wouldn't mate and never will, also them scores you mentioned from Experian & equifax take no notice of them as they don't mean jack sh*t.

Tixy

They won't tell you the reason you have been turned down. But the decision won't be just based on your credit report. They also take into account things like your income, how much you owe already compared to your income, how much unused credit you have, how long you have been in your current employment etc etc.

If you could tell us a bit more about your finances we might be able to suggest why you might have been declined.

Alecsminis

Our Total income is around £60000
I have about £400 oustanding on a loan to finish in May 2011
I am fully employed for 7 years with the most secure company I have ever worked for in my working life
My house is paid form i.e. no mortgage.

BugsyBrowne

Alecsminis wrote: »

Our Total income is around £60000
I have about £400 oustanding on a loan to finish in May 2011
I am fully employed for 7 years with the most secure company I have ever worked for in my working life
My house is paid form i.e. no mortgage.

Do you have any credit cards if so what are the credit limits?

Alecsminis

One limit £11400 I clear it every month.

Tixy

Are you financially associated with anyone on your credit file? might there be an issue with their credit report that is impacting on yours?
You say your (plural) income is £60k - were you applying for a joint loan or indivdual loan? did they ask about your partner's income etc? If not and it was an indivdual application then they will only be assessing your income.

How much of the £60k is your income and how much is the loan you applied for? Having that £11k limit could be impacting on your ability to get new credit. How much of the £11k do you use regularly? could you reduce the limit?

Other than that it could just be that you don't fit that particular lender's target customer profile or something. Have you made more than this 1 credit application in the last few months? If not you could try applying elsewhere - usually people are advised to try their own bank first. Was this who you approached?

Alecsminis

My income is around 60 % of our income. It was only going to be a small loan one of these buy now pay later and if you pay it off in full before the loan start date you only pay a small admin fee.
Average monthly card spend is £250 which I always pay off. As usual I did not ask for the limit, I could reduce it?
This is my only application for 18 months.
The company is used by Dell they are called Creation Consumer Finance Limited.