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

edindie

davidv wrote: »

I am a recently discharged bankrupt. Will the Credit reference agencies be notified or will I have to do that myself?

I’m fairly sure the CRAs will be notified, although it might take a while.

edindie

marie1975 wrote: »

Hello

I wonder if anyone can help?

My mum has always had a good credit rating. She recently applied to move her credit card balance to a new low-interest rate card. She has been declined credit and advised this is due to adverse credit rating of my brother.

She's been told there is nothing she can do about this and she's very upset at now having a bad rating.

Does anyone know if it is possible for my mum to disassociate herself from my brother's credit rating?

Many thanks in advance.

Your family does not affect your credit file any more, however people with whom you have financial links do. For example your mum and your brother may have applied for some form of credit together (mortgage, loan, current account with overdraft etc) and they will be financially linked until they terminate that link. Once they are no longer financially affiliated they need to ring up the CRAs and inform them of the fact. Then it will become illegal for your brother to have anything to do with you mum’s credit rating.

Ringo_Smith

Hi all, newbie here..
Anyone got any info on novation template letters for creditcards???

marie1975_2

Thank you!

jazzy1_2

Hi Guys,

I need som advice on something..

i have had a Credit Card for 2 years with a debt of £2600! plus £500 bill on my mobile contract for this month alone and £400 on other bills, like council tax (don't ask!!).. i'm young, under 25! and already i've screwed up. as i keep paying off the debt and then adding more to it etc etc which is really bad, i know. it's got to a point where its affecting me and i can't cope.. however.

a kind close friend has agreed to lend me the money £3800 @ 5% interest so i can pay off all my debt and stop the Credit card company getting my interest (its a typical nationwide classic card). i've defaulted many times and it just makes me feel worse. the worst thing is i can afford to pay it off but as i've moved out there are other costs which i didnt think about (stupid, i know). right so basically i havent managed my money or anything, but i came up with a good budget plan and with the help of my friend i can pay of my debts and sleep with ease (i know i will still owe my friend but the interest rate is very low compared to Nationwides CC and other loan companies, esp as my rating is soooo poor!)

OK the above was jsut to give you some background..

my questions are..

shall i pay off my CC in one big chunk of £2600?? or split it in 2-3 payments to them... which would be better for whatever rating i have left?

my friend said i can borrow £3800 @ 5% interest? - this is good right? it will be £200 a month repayments and he makes £400 out of it.


you might think i am stupid - and i agree totally, i'm really bad with money however i honestly have leart my lesson. "if you don't have hard cash for something you want to purchase, then don't buy it" - the CC is the worst thing to happen to me in my life so far.

excuse and spelling mistakes, i just want to get this message out and read the replies.

thank you so much for reading, have a nice evening

edindie

In terms of your credit rating, I wouldn’t worry about that – pay it all off as soon as possible. And cut up all your credit cards, you need to be serious about this. You need to fix the root of the problem which is you spending money you don’t have.

I would advise you go to the debt free wanabe board as they can give you lots of ideas on how to save money and how much you could afford to pay.

I just think you should know however, that your friend is making a loss. Even if we ignore the risks of lending to you, they could be making a lot more than 5% if they put the money into a savings account. If I were them and I had to lend to you, I would go for [ie copy] something that is linked to inflation so that I had no chance of losing out. Leeds BS offers a RPI +2.5 savings account which works out at 7.1% last month (less than that previously).

cindywatts

Hi, if anyone can offer me some advice I'd be really grateful!

I recently applied for a £10000 loan to pay for a wedding through my bank (Alliance and Leicester). I was turned down and not completely surprised as I thought I may have a bit of a rubbish credit rating. I then went to Experian and got my file. I was surprised (happily) that there is really nothing on the file that would appear problematic.

I went back to my bank and appealed the decision, also lowering the amount asked for. I was again turned down. In their "we're really sorry but..." letter they state - "Please be assured that we are not aware of any information registered with a credit reference agency to suggest that you are not credit worthy".

What does this mean? It suggest that is really is just pot luck! Do I just not tick the right boxes for them? I am now anxious about applying elsewhere and being turned down, but really do need the loan. What should I do next? Any help would be appreciated.

Tomji

Does anyone have a forum letter for people without electoral roll possibility? Martin suggest to mail them some documents but I find no info on their websites. I would need to know what they require from me (utility bill, copy of passport etc)

Experian_company_representative

Tomji wrote: »

Does anyone have a forum letter for people without electoral roll possibility? Martin suggest to mail them some documents but I find no info on their websites. I would need to know what they require from me (utility bill, copy of passport etc)

Tomji - Experian has a fact sheet that answers questions about the electoral register. You can download it for free by visting www.experian.co.uk/learningzone then clicking on Credit Report Basics.

James

mumsywumsy

Hi - I asked a question here yesterday and now it's disappeared anyone got any idea what's happened?