Your Credit Rating: How it works and How to improve it Discussion Area

danthemoneysavingman

davegillian wrote: »

I've recently been turned down for some loans/credit cards as I had "too much credit available". I'd closed 4 credit card accounts about 3 months before and was told that this would be updated on the credit file within a month. I checked my credit file afterwards and 2 of the accounts were still showing up, presumably this is why I was declined further credit.

I assume you mean they were not showing as settled? You should contact the company[ies] concerned and make them correct this - they are obliged to do so. It may be better to contact the relevant bureau[x] too - they can get this sorted if your credit file is incorrect, but may be slower.

davegillian wrote: »

A while later I asked Natwest to reduce my credit card limit from £4,100 to £1,500 so that I could try again with another application. I waited long enough so that my credit file would be updated yet once again I was declined. When I checked Natwest had reduced my credit limit as requested but a few days later "automatically" increased it to £5,600!!

I believe you can tell Natwest you do not want 'automatic' increases & they therefore cannot do this again - if they do you would be best to write to the ombudsman with supporting documentary evidence.

davegillian wrote: »

Is there any comeback against banks who do not keep the information in your credit file accurate and behave like this with your credit limits? Obviously I've taken a number of hits on my credit file now because my applications were turned down but I believe this shouldn't have been the case.

I dunno about comeback, apart from reporting them to the ombudsman, but you should try to resolve it with them directly in the first instance - there is an official complaints procedure for each institution laid down by the banking code (I think!)

davegillian wrote: »

If the banks are accountable who can I complain to and what are my options? I complained to Natwest obviously but have sent an unhelpful reply.

The ombudsman - but what the letter said may be enlightening - post it here perhaps?

Good luck
DtMSM

kammyTT

i recently tried to get an engagement ring for my girlfriend and was declined, ive always seemed to have problems with credit for some strange reason,

i joined experian and looked at my report which shockingly was good, i missed 3 payments on a loan juat under 1 year ago but everything else was good.

i got them to tell me what they thought my score would be and it came out. at 899 out of 1000:T , great i thought..... but no, i still cant get credit????

i managed to get a HIGH interest card to go down that route but still cant understand the whole thing.

im on the electoral roll, in full time employment, i rent and have a decent wage with only 1 store carda nd a loan fully repaid 2 months ago,

please help

elm11

Hi, I am curious about my credit report so tried to apply to experian online just now and it came up with an error which said:

"Unfortunately, we could not process your application for a credit report because we were unable to fully confirm your identity based upon the information available to us.
In order for your application to proceed, you need to write to the address below enclosing a copy of either a current passport or driving licence in your name together with two other original documents connecting you to your present address (eg. bank statement, mortgage statement, council tax bill, solicitor's letter, or recent utility bill in your name) these must be dated within the last three months. Please quote your reference numberdocument.write(parent.hidden.hidden_AUDIT_REF); when you write to us.
Your card has been debited."

Can someone explain to me why this could have happened??

I'm a little annoyed that they have still taken their money despite not being able to provide me with a service and they forgot to actually give me a reference number!!! - perhaps they will have emailed this info to me???

Anyhow,

Can someone tell me if I should include a minor detail in my application....

I lived with my parents for 20 odd yrs and although I did live with my partner for 2 yrs in a house that he owned, I never actually got registered with the council at this address - I was a student at uni and it didn't seem important at the time. I did change my bank account to this address and a credit card and applied and got accepted for another ccard using this address.

I have now been living in my own house with my partner for the last 17 months. Do I put all three address' on the application or just use my parents and my current address?
I don't want to lie to them, but I don't want any repercussions from living somewhere where I wasn't registered.

Any help appreciated

lindsaymccafferty

Hi Can anyone advise me on how long it will take for my credit rating to improve now I have cleared all outstanding debts?

danthemoneysavingman

kammyTT wrote: »

... i missed 3 payments on a loan just under 1 year ago...

... is the main reason. recent bad debt, especially missing 3 loan payment in the last 12 months, pretty much scraps your chances (in my experience). All else being good, you'll prob have to wait until these are in the distant past before things'll get much better.

899 is a "good" Experian score, but FYI it's not "out of 1000" (goes up to c.1200), and they have 2 scores for different purposes and a number of versions of these... and though the score does contribute heavily to application scorecards, it is not all that is considered, far from it in fact.
Good luck anyway - all decisioning varies from lender to lender.

danthemoneysavingman

elm11 wrote: »

... I lived with my parents for 20 odd yrs and although I did live with my partner for 2 yrs in a house that he owned, I never actually got registered with the council at this address - I was a student at uni and it didn't seem important at the time. I did change my bank account to this address and a credit card and applied and got accepted for another ccard using this address.

I have now been living in my own house with my partner for the last 17 months. Do I put all three address' on the application or just use my parents and my current address?
I don't want to lie to them, but I don't want any repercussions from living somewhere where I wasn't registered.

Any help appreciated

You should quote all addresses as requested, esp. if there is financial evidence linking you to any address (e.g. the CCards). Also, you need to be registered on the electoral roll for full address confirmation. this is only updated once a year (in October) at the bureaux, so get in quick!

danthemoneysavingman

lindsaymccafferty wrote: »

Hi Can anyone advise me on how long it will take for my credit rating to improve now I have cleared all outstanding debts?

Sorry not enough info to help you. Why was it bad in the first place? Read martins article(s) about credit reports first, it'll help you understand their purpose.

best025

Hi
I'm 21 and also trying to improve my credit score.(It's pretty bad). I've only started to use credit card or about 4 month and pay off every month. I have 3 credit cards now. one Lloyds TSB Platinam 4500 credit limit, one Lloyds Duo Airmile 3500 C/L and Vanquis 250 C/L. You think I have too much credit limit? Shoud I cancel one of them? Thank you.

danthemoneysavingman

best025 wrote: »

Hi
I'm 21 and also trying to improve my credit score.(It's pretty bad). I've only started to use credit card or about 4 month and pay off every month. I have 3 credit cards now. one Lloyds TSB Platinam 4500 credit limit, one Lloyds Duo Airmile 3500 C/L and Vanquis 250 C/L. You think I have too much credit limit? Shoud I cancel one of them? Thank you.

Don't suppose it'll help your rating but i'd get rid of the vanquis card (sorry JW if you read this!) - too expensive were you to use it and fail to repay in full. You'll prob need a longer history to get your score up. age is often an application decision variable, and being under 25 isn't good in that respect.
hope this helps

best025

Thank you for your advice. Do you know whether Lloyds Tsb report their credit card to CRA? I've heard they only report when you miss the payments. Is it true?