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

PROLIANT

If we could get some insight into a major credit card lender's underwriting/score card criteria that would be very useful.(hint hint);)

sparkies_2

Hi,

I just got my credit report from equifax and find that they don't show all my borrowings, in particular a mortgage I have on an office building I bought last year.

Now.. should I try to correct it or not, I mean, does it make me look a safer bet seeing that I can actually pay the additional mortgage or does it make me look more exposed to the credit crunch?

Thanks for any advice,

Sparkies

hur575

When can a company register default under the name?? after how many missing payments?? Can they do it after one??

LucyG_2

Hi,

I don't know whether this has happened to anyone else or if anyone can help me!

I applied for a Nationwide Current account as have been having really poor customer service with Abbey. My application was denied and I was told they didn't know why and that was that. At the same time I applied to transfer my balance to another credit card. Panicking that something was wrong with my credit application and not wanting lots of searches on it I called the credit card company, they had already run the search and the woman I talked to looked at my report while I was on the phone said there was nothing unusual on it and approved my balance transfer. Therefore I'm presuming my credit rating is fine and maybe there was just an error with Nationwide *In the meantime I have requested my credit report from experion.

I attempted to open a current account *no overdraft or borrowing with hsbc and again it was declined. I really don't understand why this would happen. I have minimal debt, and never default on payments. Someone has suggested that it's because I'm not on the electoral roll. Could this be a problem?

If anyone can help or has any advise it would be very appreciate as I'm starting to worry that while I can get it seems no end of credit...I can't even open a basic current account!

Please help!

L

gulgreenslade

Hello,

Would appreciate if anyone could help. I checked my credit rating (Experian) and noticed couple of errors made by a credit card company. I wrote back to Experian and they said that they had to check with the card cmpany. I recently received a reply saying that the bank confirmed the entry and asked them to keep the information as is, that means I owe them money. but I settled payment couple of years ago. Experian now asks me to write the credit card company directly. If the credit card company still disagrees, is there an official body or a consumer organisation that I can complain?

Many Thanks
jill

inmypocketnottheirs

gulgreenslade wrote: »

Hello,

Would appreciate if anyone could help. I checked my credit rating (Experian) and noticed couple of errors made by a credit card company. I wrote back to Experian and they said that they had to check with the card cmpany. I recently received a reply saying that the bank confirmed the entry and asked them to keep the information as is, that means I owe them money. but I settled payment couple of years ago. Experian now asks me to write the credit card company directly. If the credit card company still disagrees, is there an official body or a consumer organisation that I can complain?

Many Thanks
jill

What are the errors?

Is is still showing a balance outstanding?

Does it show as 'Default Notice' issued?

Give us a little more information to see if we can help.

inmypocketnottheirs

LucyG wrote: »

Someone has suggested that it's because I'm not on the electoral roll. Could this be a problem?
L

Definately a problem. It is almost impossible to get any facilities without being on the electoral roll. Contact your local council and get this resolved ASAP.

Lloydsman

Hi guys, i am in a lil mess here so here we go!
Well not a bad mess a stupid mess.

Right turned 18 in April
Just after got a barclaycard inital 260 limit
I pay this off every month.

Month later Got a Lloyds Platinum card with a 1000 pound limit.

Interest free until November, owe over 600, most of the debt is due to m mother and her payments are now creeping through for me.

A lil later saw the argos card, thought hmm ok get rid of the barclaycard that looks better for me, got rejected.

Ok thought i'll wait till october and get a good balence transfer deal.

Got a lil jittery about it though it would get in early too make sure i would get a decent card to transfer the money.

Saw a good deal with egg, applied got accepted online. 500 limit

Now realised i made a mistake about an hour ago i applied for a virgin card seeing as that would suite me alot better.

Now i am thinking i have stuffed up my credit rating, virgin will reject me and ive only got egg to shift the balence too.

Any tips guys?

LM

Income 8000 P/A

inmypocketnottheirs

Lloydsman wrote: »

Any tips guys?

Cut up the cards. Then pay as much each month as possible to clear the debt and don't apply for anymore.

Horseygirl82_2

Finally got a copy of m Experian Credit report which doesn't show anything particularly alarming. I have a recorder late payment to my credit card because stupid head me forgot to pay it. Won't happen again though as I have a direct debit set up.

However, what is alarming is that my credit score is 511, which is very poor and I don't know why. My report was generally ok.

How could this be?
How can I improve it? and
How long will it take to improve it?

Thanks