The secret world of a credit underwriter

oscar52

Mike_St_Helens wrote:

Cool TY. You work in the credit dept ?

Out of curiosity Mike, when did you work there - I was there Jan 03 to July 04 (and work ed other areas too with agency) Used to key the applications, but as I checked all the work as well, had same access (bar credit lending) as you, so could see all the info.

oscar52

Fitzy29 wrote:

Any idea how long lender's keep signed credit agreements?

I THINK they need to keep them for 6 years AFTER the account has been closed

Mike_St_Helens

Fitzy29 wrote:

Hi Mike,

which lender do you work for, they all have different criteria don't they? Or is it standard underwriting accross the board?

I dont anymore - cant say really... however no doubt you will find out along the way !

The general idea of underwriting is the same indivisual scores etc etc are obviously private but I can give you a jist of things.

Mike_St_Helens

Fitzy29 wrote:

Any idea how long lender's keep signed credit agreements?

If im not mistaken its 12 years - double the statute barred level.

Fitzy29

12 Years, G's that's along time!:cool:

looby75

mike, I'm just starting a dmp, which is going to take me 9 years to complete (as long as all my creditors agree) after that I believe that it will take another 6 years for my credit rating to recover. by that point I will have had no credit for 15 years does this mean I am unlikely to ever get credit again? Not that I am planning to get credit cards again but it would be interesting to know.

Mike_St_Helens

looby75 wrote:

mike, I'm just starting a dmp, which is going to take me 9 years to complete (as long as all my creditors agree) after that I believe that it will take another 6 years for my credit rating to recover. by that point I will have had no credit for 15 years does this mean I am unlikely to ever get credit again? Not that I am planning to get credit cards again but it would be interesting to know.

As long as you stay on the voters roll you should still be OK. Dont forget some utilities, some bank accounts, mortgages etc all still report and if you have them showing good then that will assist in the future.

james32_uk

Thats an interesting one. What would you say Mike, if you had an application for credit from a 32 year old with good income with a blank 6 year credit history except for a well-run current account and possibly a mobile phone paid up contract.

nomoneytoday

james23_uk wrote:

Thats an interesting one. What would you say Mike, if you had an application for credit from a 32 year old with good income with a blank 6 year credit history except for a well-run current account and possibly a mobile phone paid up contract.

The current account probably wouldn't be on the credit record, unless it was delinquant (sp).

immoral_angeluk

Why are joint applications more successful than single? For example I applied for car finance back in september and was declined, but when I applied with my husband (Who's got a CCJ as well as dealing with DCA's) a week later we were accepted???