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

lisyloo

Did you try to get any quotes for house or car insurance?

I have had about 20 on there before when they've done a check during a quotation and I was trying different options on the quotation.

They will have put it somewhere in the small print and you probably didn't read it.

My recollection is that it was an "identity" type search and not a "credit" one so it does not count as a credit check.

mpazza

lisyloo wrote: »

Did you try to get any quotes for house or car insurance?

I have had about 20 on there before when they've done a check during a quotation and I was trying different options on the quotation.

They will have put it somewhere in the small print and you probably didn't read it.

My recollection is that it was an "identity" type search and not a "credit" one so it does not count as a credit check.

Thanks - Moneysupermarket car insurance search last week, must be that!

danthemoneysavingman

best025 wrote: »

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?

You will find all credit card lenders report all accounts to whichever CRAs they use every month - which includes LTSB. This is the only way they can actually use the bureau information they receive in return - its called the principle of reciprocity.

jay78

kenyonc wrote: »

Hi there

About 2 months ago I tried to sign up to a contract phone with 3, but failed the credit check. At the time I had just moved house, so the guy in the shop tried my old address, but I still failed the check. I assumed this was probably down to the fact I had moved and my registered addresses at banks etc were not all tied up. Anyway, I went into the 3 shop again yesterday to retry, and failed the credit check again.

Thing is I can't fathom why... I'm 24, employed full time, I had one credit card (Egg) which I use regularly but pay off in full each month, and 2 store cards I use once in a blue moon. Apart from my mortgage I have no loans/debts, and have never missed a mortgage/loan/bill payment in my life, and have never been more than a couple of quid into my agreed overdraft. I'm registered on the electoral roll. One thing I can think of is that I there were a number of fraudulent transactions on my card last month, which luckily I spotted in time and dealt with, but that shouldn't affect credit rating should it as I didn't miss any payments.

The only other thing I can think of is that we have had a few letters from bailiff/debt collector style companies addressed to the previous residents. Would this have a direct affect on my credit rating? I have been contacting the companies to let them know that the people no longer live here and have had them removed from the electoral roll, but it's slightly worrying,

I have tried to get my free online credit report with Experian, but when I tried to register for their free trial it told me I had already requested a report and to logon with my details.... thing is I didn't - I tried to about a year ago but Experian couldn't confirm my address as the time so I didn't bother going through with the application and cancelled it, so I will obviously be contacting them on monday to see what's going on.

Can anyone offer me some advice or insight on my situation at all? Obviously I'm in a bit of a pickle as even if there is an issue and I get it resolved, I've had 3/4 credit checks within the last 2 months so would probably fail it again if I tried to reapply.

Cheers

Chris

Don't do anything until you get your credit reports. Write to all three agencies (with proof of address and id for Experian). It will only cost you £6. There might be some adverse information on your credit report; being turned down by '3' of all people suggest this.

zenoria

Hi,

I wonder if anyone can give me some advice...

I have recently applied for a copy of all 3 of my credit reports as last year I was refused a credit card from Virgin. All the reports seem to be fine (i.e all statuses are 0, no recent searches), except for a CIFAS warning which appears on both my Experian and Equifax reports. The warning contains a name and date of birth of a guy (who I don't know), and the address of my university halls (where I lived in 2000). The other information is as follows:

Date Recorded:16/07/07
Member Name: Barclaycard
Product Type: Personal Credit Card
Type of Case: False Identity Fraud - Use of a false name with an address
Reason for Referral: Refer to CIFAS member

What are the implications of this warning and why has it been put onto my file? Do I need to get in touch with someone to get it removed? I have looked on the CIFAS website but am no clearer.

There are also 2 searches in the 'Previous Searches' section on my Experian report - both of which are by me with exactly the same date of 27/07/07. I have only ever applied for this report once so will it be detrimental that there appears to be a duplicate on the report?

Also I am curious as to why only some of my credit information appears on my credit reports. For example, I opened an account with HSBC in order to use while I was travelling for a year, which I closed upon my return. I have a current account and a credit card with HSBC - both of which I have had for years but neither of these appear on any of my credit reports, while the account I used when travelling is on all of my reports. I have tried to find out from both the credit reference agencies and from HSBC but with no luck. Will it have a detrimental effect on my rating that my current account or main credit card don't appear on my reports?

I would like to apply for a 0% credit card to transfer my current balance to but am reluctant to apply until I know that it will be accepted. Since my application to Virgin last year I have joined the electoral role and ensured all accounts are in my current address.

Finally, I applied for my Experian report online but was unable to do so, so received it by post. I have noticed people talking about their overall score i.e. 899 out of 1,200 etc but I don't seem to have one on my report. Is there a way for me to get this?

Thanks for your help.

daisywhitehead

:mad: Just checked my credit refernce with Experian only to find that I had four separate listings for my Egg Card account !
Being supremely scatty I have lost and had my Egg card replaced three times since I opened the account, and each card I had was listed as a separate account on my credit reference. Although the old ones (lost cards) said that they were "Settled", they were not displayed as being closed, and still included a record of the last 12 months repayments AND each had apaparently available credit of £5,500.

Could this explain why I have been refused extra credit recently ? I guess it looks like I have £22,000 available credit, when in fact it's just a quarter of that.

They are bad people !

danthemoneysavingman

daisywhitehead wrote: »

:mad: Just checked my credit refernce with Experian only to find that I had four separate listings for my Egg Card account !
Being supremely scatty I have lost and had my Egg card replaced three times since I opened the account, and each card I had was listed as a separate account on my credit reference. Although the old ones (lost cards) said that they were "Settled", they were not displayed as being closed, and still included a record of the last 12 months repayments AND each had apaparently available credit of £5,500.

Could this explain why I have been refused extra credit recently ? I guess it looks like I have £22,000 available credit, when in fact it's just a quarter of that.

They are bad people !

Settled does mean closed. the repayments record refers to the 12 months prior to closure. Hope this clears this up for you.

jay78

zenoria wrote: »

Hi,

I wonder if anyone can give me some advice...

I have recently applied for a copy of all 3 of my credit reports as last year I was refused a credit card from Virgin. All the reports seem to be fine (i.e all statuses are 0, no recent searches), except for a CIFAS warning which appears on both my Experian and Equifax reports. The warning contains a name and date of birth of a guy (who I don't know), and the address of my university halls (where I lived in 2000). The other information is as follows:

Date Recorded:16/07/07
Member Name: Barclaycard
Product Type: Personal Credit Card
Type of Case: False Identity Fraud - Use of a false name with an address
Reason for Referral: Refer to CIFAS member

What are the implications of this warning and why has it been put onto my file? Do I need to get in touch with someone to get it removed? I have looked on the CIFAS website but am no clearer.

These Cifas entries will not harm your credit score if they are not in your name (apparently). I have 2 from different people on my report as they committed fraud not in the same address I previously lived at but, on the same estate.

There are also 2 searches in the 'Previous Searches' section on my Experian report - both of which are by me with exactly the same date of 27/07/07. I have only ever applied for this report once so will it be detrimental that there appears to be a duplicate on the report?

These searches are only seen by you and not by credit companies.

Also I am curious as to why only some of my credit information appears on my credit reports. For example, I opened an account with HSBC in order to use while I was travelling for a year, which I closed upon my return. I have a current account and a credit card with HSBC - both of which I have had for years but neither of these appear on any of my credit reports, while the account I used when travelling is on all of my reports. I have tried to find out from both the credit reference agencies and from HSBC but with no luck. Will it have a detrimental effect on my rating that my current account or main credit card don't appear on my reports?

This is not uncommon. I have had a credit card with Natwest for 10 years and it is still not on any of my reports. A lot of old accounts are not on peoples credit reports because there wasn't any obligation to do so until more recently. However, this doesn't mean these account will not eventually turn up on your credit report.

Having a long and good record of managing credit cards will help your credit rating. I'm not sure if you can ask your bank to report you credit accounts to the CRA's.

I would like to apply for a 0% credit card to transfer my current balance to but am reluctant to apply until I know that it will be accepted. Since my application to Virgin last year I have joined the electoral role and ensured all accounts are in my current address.

There are many articals and threads on what you need to do to improve your credit record; being on the electoral role, no late payments, ccj, defaults, income, time with bank and job etc.

Finally, I applied for my Experian report online but was unable to do so, so received it by post. I have noticed people talking about their overall score i.e. 899 out of 1,200 etc but I don't seem to have one on my report. Is there a way for me to get this?

Thanks for your help.

Take the score with a pinch of salt. It really isn't that important. Put it this way if you have a few credit accounts open, hardly any recent credit searches, no late payments etc, are on the electoral register and perhaps have a mortage you have a high score. Those who have low scores tend to have ccjs etc, little credit history or lots of recent credit checks.

Avalon_Princess

First timer with questions on credit score.

I have been unsuccesful on gaining an unscured loan of £25k to buy my own narrow boat to live on. I can not afford a mortage on my own and currently live in privately rented accommodation. I telephoned Lloyds who I have been with for over 19 years and they told me they could see no problems with my credit rating and offered me details of a company named PrivacyGuard who would submit me a credit report viz Experian for £1.00 through Lloyds. This I did and my score came back as 626 (0-1000) which is classed as Poor. I have no debt, no CCJ's, no credit card, single, no sibings and have moved 3 times during the last 5 years and do not have a land telephone line. I do 3 part time jobs with a gross income which would allow me a budget to pay £350.00 per month of a loan. So why am I being refused and only being offered loans with extortinate interest rates or loans where the monthly payments are £80-£90. I guess its the fact that all the factors isted above are ging against me. Any suggestions how to improve my situation apart from marrying someone who is a home owner, have a few kids, get into debt, take a credit card out and get a land line. I need a place of mine own to live - not much too ask is it? HELP!

johnsons_2

Hi,
my daughter and her boyfriend have had there credit rating forms sent to them most of there credit is 0 but there is one on there that is 8 and they
were told that this could not come of for another two years.This was with HSBC bank which they have been saving with so they could get a morgage
they went to the bank to see if this could now be removed but they have been told nothing can be done it has to run for another two years.They have been refused a morgage as first time buyers because of this.Even though this was paid up a long time ago and did not go to court.Is there anyway that this could be removed or has this to run for another 2 years?