Credit Report Question

DarnIt_3

Hi,

I have a detailed credit report through CreditExpert I have just signed up and pay £14.99 a month. My question is..is what I see what the lenders see? Or do they see more, or less?

I have 12 alias on my account all repeats of my married name or maiden (no others) is this common? They are not going to automatically think that I have changed my name 11 times are they?

I also have 19 previous credit searches on my report....but only 5 are for credit (that will teach me for filling an online form that they send to every !!!!!! and Harry!) will they just see the five?

Sorry for the questions, I want to really increase my credit rating thats all and am wondering why I get declined with main street lenders.

Tixy

They see similar information. They will see all your accounts etc but won't see who the lender is for each account.
They also won't see any 'unrecorded' searches.

What have you been declined for? Maybe if you can give some more info about your situation/finances people might give be able to give you the reasons you could be being declined.

lisyloo

I have 12 alias on my account all repeats of my married name or maiden (no others) is this common?

I have something similar, don't worry about it, they are used to women having a maiden name. It won't be a problem.

will they just see the five?

Yes lenders will just see the 5.

What time period are those 5 over?
How many credit accounts do you have?
Are you on the electoral role?
How long at your current address?
Any defaults? late payments? CCJs?
What's you available credit expressed as a % of your income?
What % of your available credit are you actually using?

If you can answer those questions then we might be able to help.

DarnIt_3

Been declined for everything I have applied for from the high street lenders. Never had credit until March, when I got a next account. Wanted to buy a car and got declined, couldn't figure out why, they said it was because I had no credit. So I recently took out a crazily high APR loan for £1400 just to get credit. (It was the only place who would accept me) since then...just a few days ago Capital One gave me a CC, with a £200 limit (high APR too). I have nothing on it. I also just registered on the electoral role recently after being here for over a year! I have a good household income, higher than average. But still no one will touch me unless they want to rip me off shortly afterwards!

I did have a question although I might post a new thread incase no one sees it...but

I just read that my Experian Credit Report will be different to my Equifax? Is that right? Will both have the same credit accounts? Or is there a possibility that there could be something different on the other something negative....or is it just the searches conducted that could be different?

Thanks

Tixy

The reports could well be different. Some lenders only report account behaviour to 1 or 2 of the credit reference agencies. And equally some search only one or 2

If you've made a lot of applications recently you need to stop and not apply for anything else for at least 6months.
How recent did you apply to be on the electoral roll? from you filling in the form with the council to you actually appearing on the elec roll on your credit report can easily be 3months.
How recent did you take out the loan - these might take a month or just over to show as open credit accounts and then a few months before anyone can see a pattern of good repayments.

Same with the cap one account - you need to use this to build up a credit history - use it every month but pay of in full the following month so you don't pay interest but can demonstrate you can handle credit well.

lisyloo

As I see it your problem is you haven't had credit for long.
You've only had it for about 3 months and it could take 2-3 months to show on your report.
You need to do nothing for at least 6 months to demonstrate to lenders that you can handle credit before asking for more.
Your big problem is the lack of history.
Repeat searches will only look negative.

Your Equifax report is unlikely to be dramatically different, but as already stated some companies only report to one or other.
Unlikely to be anything negative, more a lack of history going back more than a few months.

Taking a step back, if you are on a good income then why are you so keen to have credit?
Not being nosey just wondering if there is any advice people can offer you.

DarnIt_3

lisyloo wrote: »

What time period are those 5 over?
How many credit accounts do you have?
Are you on the electoral role?
How long at your current address?
Any defaults? late payments? CCJs?
What's you available credit expressed as a % of your income?
What % of your available credit are you actually using?

If you can answer those questions then we might be able to help.

On my credit report I have one, owing £20.
But I took out a loan last month which is not yet showing and a credit card which has nothing on it.
I have just applied to go on the electoral role
Never missed a payment or had defaults.
My current credit including interest is about 2/3% of my income.

According to my credit report I am using 12% of my credit, but that doesnt include my CC which has a £200 limit but nothing on it.

Tixy

DarnIt wrote: »

My current credit including interest is about 2/3% of my income.

Can you clarify this point, it doesn't sound quite right? Do you mean your annual income? You say you have a loan on £1400, a card with £200 plus whatever the limit is on your next account?

DarnIt_3

lisyloo wrote: »

Taking a step back, if you are on a good income then why are you so keen to have credit?
Not being nosey just wondering if there is any advice people can offer you.

A few reasons. The main being I want a mortgage to build a house and can't get one at the moment. Another reason is I would rather put my savings into an account and earn interest and use a 0% card and get the interest on my money each month, and the rewards on some cards are great. It's not so much that I want to get into debt, its the fact that I can't get credit. I have been paying double payments off the loan that I got, and as soon as it appears on my credit report I will pay it off. I am good with my money and take pride in it, it frustrates me that I am being penalised, in the same token, I can see why.

DarnIt_3

Tixy wrote: »

Can you clarify this point, it doesn't sound quite right? Do you mean your annual income? You say you have a loan on £1400, a card with £200 plus whatever the limit is on your next account?

Sorry yes, with interest I owe £2575 on my loan and next account that I took out (told you the APR was crazy) I also have a credit card but I do not owe anything on that, I haven't used it.

Tixy

If your total credit is more than 1/2 your annual gross income then for most lenders that puts you in a higher risk category.

Presumably the next account credit limit must be very large if your total credit is 2/3 of your income? If it is I would suggest reducing the next limit down to a few hunderd.

-Sorry I've just read you said you have a good household income. Is your income alone low?