omg!! how long does it take?

Chie

So just applied for a £200 overdraft over the phone with HSBC and apparently my credit report shows 'poor'. Now this is crap - I haven't defaulted for two years and I've been increasing my credit card repayments every month. Last month I took out a short-term loan with Wonga and repayed it in full on time. What more do they want???

I feel like a leper. How long before my credit report shows 'good'? I mean it's been two years !!!!!!.

melancholly

have you taken out a trial to look at your credit report and see what's good and what's bad? i think i even got money via quidco for looking with credit expert.

Azari

Chie wrote: »

So just applied for a £200 overdraft over the phone with HSBC and apparently my credit report shows 'poor'. Now this is crap - I haven't defaulted for two years and I've been increasing my credit card repayments every month. Last month I took out a short-term loan with Wonga and repayed it in full on time. What more do they want???

I feel like a leper. How long before my credit report shows 'good'? I mean it's been two years !!!!!!.

IIRC bad stuff stays on your report for 6 years.

A couple of late payments 2 years ago probably won't matter too much but a serious problem (as 'default' sounds) and you'll have trouble for a lot longer.

Enfieldian

HSBC can make more money from charges for returned DDs than they will for an approved overdraft.

Also as Azari says... Defaults/CCJs and even settled account history stays on file for 6 years.

I ditched them this year after 18 years and went to Lloyds TSB. So far so good....

Of course they can't tell you why it is "Poor" due to data protection issues, even if you have a copy of your reports sitting in front of you when speaking to them.....

Chie

I have dug out a full copy of my credit history that I requested a year ago. It shows an actual default in December 2007. That was my only ever default. The account in question was settled in full and closed in 2008. There are several late payments throughout 2007 and a few in 2008.

But nothing in the last two-three years.

Like I said, I up my credit card repayments every month (only got one card now) and make a fixed repayment on a loan by direct debit each month. I also borrowed some money from Wonga last month (for an emergency) and repayed in full on time. Yet for some reason I'm still rated 'poor' and can't even get a poxy £200 overdraft. It's SO frustrating. I will admit I made some utterly stupid financial mistakes in the past but things have been ticking along nicely for some time now. The guy on the phone didn't want to know though...

geordieracer

To be fair though maybe its the increasing your payments to yoru credit card is showing them that you cannot afford to live within your means so could actually stay in your OD for ever and they wont make any money out of you.

Just reduce your increased CC payments and the need for an OD will dispear just like that

fozmcfc

Taking out a loan with Wonga, could well have been a mistake. Someone posted on the loans or credit card section of the forums the other day that their bank refused them credit and highlighted the Wonga loan.

Payday loans are generally taken by those who are struggling for money. Anyone managing their money, would have a buffer for emergencies and wouldn't require a payday loan.

Azari

Chie wrote: »

The guy on the phone didn't want to know though...

The people on the phones are just 'computer says no' drones. He wouldn't have been able to do anything to change the decision if his life depended on it.

All the financial institutions have de-skilled credit assessment. The methods they use are not as accurate at old fashioned, highly experienced, bank managers but they are 'good enough' and one hell of a lot cheaper.

Chie

geordieracer wrote: »

To be fair though maybe its the increasing your payments to yoru credit card is showing them that you cannot afford to live within your means so could actually stay in your OD for ever and they wont make any money out of you.

Just reduce your increased CC payments and the need for an OD will dispear just like that

It would take too long to save up the £200.

fozmcfc wrote: »

Taking out a loan with Wonga, could well have been a mistake. Someone posted on the loans or credit card section of the forums the other day that their bank refused them credit and highlighted the Wonga loan.

Payday loans are generally taken by those who are struggling for money. Anyone managing their money, would have a buffer for emergencies and wouldn't require a payday loan.

I have a buffer in the form of shares in two companies that I could sell at any time - if I really, really had to - but would obviously prefer not to as the shares pay a dividend and are going to increase in value over the coming months and years. See what I mean, you can't generalise, because everyone's circumstances are different, yet they do. They just take one look at your 'poor' rating which relates to something that happened once three years ago and say no!!

Stuff them.

geordieracer

So you badly need £200 and they wont lend you it..

If thats a case go back and say hello to Wonga

Chie

This is more of a long-term thing...