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

adidas

Looking for some boosting credit advice please. OK so I'm a full time student, always put my address as my home adress, on the electoral roll, I have 2 credit cards, one opened in Summer 06 (nationwide - credit limit £1,800) and one more recently (Dorothy Perkins store card - £300 limit), think Summer 07. I have been using my Nationwide regularly for the past 6 months or so and paying off the balance in full each month. There are usually a few searches on my file around June/July time as my phone contract ends at this time and also my car insurance. I applied for Morgan Stanley card in January of last year but was rejected because I am overcommitted. Applied for Goldfish in July 07 and was rejected again (I only clicked they were the same company when I read the rejection letters). I did have 2 substantial overdrafts (interest free with my student accounts), which I am going to pay off in order to boost my rating. When I look at my personal circumstances, this is the only thing I can see that has bought my rating down (apart from having a low income which I can't do much about right now). Anyway my question is.....how long should I wait before applying for credit cards? I'm gonna go for the Smile Bank one because it offers 0.5% cashback....I looked at my credit rating on moneysupermarket and it said it was fair and recommended them as a cashback card. If you know of any better cards for my credit rating/can offer some advice I'd be grateful.

pigeonpie

I've recently been surprised to be refused credit for a SIM only mobile contract and have sent off for the Equifax report via this site (thanks for template letter) as the company concerned say they use them. We got a report and score online with Experian which has several mistakes including a fictitious loan (3 entries for same non existent loan). We are not nor ever have been in debt, are on the electoral roll, homeowners (with mortgage), no judgements against us, all credit payments paid by DD, mid to late 40s in age, with a long held credit card (always paid off in full) and 2 cards that we are using the interest free periods to pay off larger bills.

We checked Experian, who had our credit score in the morning as 'good' but by the evening that was down to 'fair', having dropped 50 points for no reason.
Our only 'blemish' is to have lived abroad within the last 3 years; been back over 2 years though. This one fact was sufficient for 2 retailers to refuse us credit, although one subsequently changed their minds and kept asking us to buy their goods on credit as they found the failed credit check 'unreasonable'.

We are a bit gobsmacked by both the incredible and arbitrary authority that these faceless organisations seem to hold over us, and how to improve our credit score, as there's not much we can do.

Can anyone knowledgeable explain why we are considered only a fair to good risk (just living abroad?? although OH got an 18 month mobile contract and new phone within days of returning to the UK so 1 mobile operator is totally different from the next) and why the credit score could change for the worse in just a few hours for no apparent reason.

Another issue or question please: We have contacted Experian about the mistakes on their credit report. They say they will start a challenge, but that will take a month. If we cancel the sub within the 'free 30 days' will they still continue with the necessary challenge, or is this a way to lock people in to paying for their reports and services?

gowgowuk

Hello,
First, apologies if this has been answered before, I've just read through dozens of pages without finding the information.
I've just ordered 2 credit reports with Experian and Equifax. I have the usual discrepancies concerning account listed, etc, but one main issue, i think, is that Experian has no record of me on the Electoral roll (while Equifax does). I've been on the roll at my present address for 6 years. One possible source of the problem is the way flat addresses are used here in Edinburgh: my address can be 63/8, 63/3F2 or even 63 top corner. Some companies used /8, other used /3F2 (I'm not sure which one is on my electoral roll). Could it be the source of the mistake? But if this is it, why some accounts and credit cards are on both my report? What can I do about this? I guess not beeing on the electoral roll in an Experian report would be detrimental?
And an additional quick question: none of these show my new Virgin credit card I got about a week earler: how quickly are these reports updated?

Thanks

paris12

How do i go about finding out my credit rating.

jimbo26

paris12 wrote: »

How do i go about finding out my credit rating.

You can't is the simple answer. All companies use different scoring systems. You can pay a credit reference agency to give you an estimation, but believe me it's a waste of money.

paris12

Thanks anywhere

gowgowuk

gowgowuk wrote: »

Hello,
First, apologies if this has been answered before, I've just read through dozens of pages without finding the information.
I've just ordered 2 credit reports with Experian and Equifax. I have the usual discrepancies concerning account listed, etc, but one main issue, i think, is that Experian has no record of me on the Electoral roll (while Equifax does). I've been on the roll at my present address for 6 years. One possible source of the problem is the way flat addresses are used here in Edinburgh: my address can be 63/8, 63/3F2 or even 63 top corner. Some companies used /8, other used /3F2 (I'm not sure which one is on my electoral roll). Could it be the source of the mistake? But if this is it, why some accounts and credit cards are on both my report? What can I do about this? I guess not beeing on the electoral roll in an Experian report would be detrimental?

Hello, sorry to "revive" this question, but I'm still wondering: is it, for example, possible to ask the Credit report agencies to add my "other address" (i.e 63/8) as a "linked address" in order to have complete report, or should I contact my electoral roll authorities? Thanks again

Moggles_2

Originally Posted by gowgowuk
Experian has no record of me on the Electoral roll (while Equifax does). I've been on the roll at my present address for 6 years. One possible source of the problem is the way flat addresses are used here in Edinburgh: my address can be 63/8, 63/3F2 or even 63 top corner. Some companies used /8, other used /3F2 (I'm not sure which one is on my electoral roll). Could it be the source of the mistake?

Yes. This happens sometimes.

The fact that you're not on the electoral roll (as far as Experian is concerned) certainly works against you. Lenders score us differently, but everyone's credit rating improves no end once registered.

Is it possible to ask the Credit Reference Agencies to add my "other address" (i.e 63/8) as a "linked address" in order to have complete report?

If I were you, I'd inspect the electoral roll at your nearest public library. Pay particular attention to the way your details are recorded, lines as well as flat numbers. An extra line may be inserted/omitted, for instance, when blocks of flats are involved. Then notify all three CRAs.

When you apply for credit cards etc, ensure your address matches the details as they appear on the electoral register and you should be fine.

gowgowuk

Moggles wrote: »

Yes. This happens sometimes.

The fact that you're not on the electoral roll (as far as Experian is concerned) certainly works against you. Lenders score us differently, but everyone's credit rating improves no end once registered.



If I were you, I'd inspect the electoral roll at your nearest public library. Pay particular attention to the way your details are recorded, lines as well as flat numbers. An extra line may be inserted/omitted, for instance, when blocks of flats are involved. Then notify all three CRAs.

When you apply for credit cards etc, ensure your address matches the details as they appear on the electoral register and you should be fine.

Thank you. I think the problem is often you enter your post code and house number and then have dropdown list of addresses where you have to choose yours from and don't have much choice there. I'll check my electoral roll record.

dellwear

OH and I went to HSBC yesterday, we wanted to open two joint accounts so that we can run our bills from one and our day to day spending from the other. Everything went fine, and the CS agent said that we'd been offered the facilities we wanted on the two accounts (maestro on one and cheque book on the other). At the end he got us to sign the paperwork but said he needed to do a further search on one of us. He called it a "stand alone" search, and said something that was not right with our address. He said it shouldn't be a problem but he couldn't do it as he needed a manger to give him the right password and there wasn't one in on a Saturday.

I'm a little confused as I already have several accounts with HSBC (two with Maestro cards), one of them was opened a couple of months ago and there wasn't a problem then although I do remember the application being passed to a manager to check then.

Am I right in thinking this may be due to the notice of correction on my credit files - I put it there to explain some defaults that are due to fall off my file in two months time.

Don't think it'll be a problem, he said that he could offer us the facilities anyway just needed this signed off but I'm intrigued to know what this search is.