Credit Reference Agencies - who uses who discussion

Synonymous

Thanks UNDERGROUND, there was a time I was gonna give stoozing a go (before interest rates fell), but until last year I didn't even have a credit card so I thought it would be handy to improve my credit rating and get a bit of cashback and slow stoozing on my 0% card. Just didn't want to go too far and damage my credit history with a rejected application.

I'm hoping to buy my first house next year sometime, should I have all of this wrapped up before then, or is a bit of credit still ok, I think the two CCs have a total of about £4,500 available credit, but I would never use/need even a quarter of it.

jesselivermore

Thanks to all who replied to my last post. I'd like some help from any fellow moneysavers who've been in the same situation as me.

I've recently built up some debt on overdrafts and credit cards (all at close to 20% APR) whilst I was looking for a job. I've found a new role but it's a 6 month probationary contract and I'm not being paid a full salary yet.

I'd like to refinance the debt I have to lower rates. The problem is that my credit files show me close to my borrowing limits. I also have a CCJ, but it only shows up on my Equifax report. I have a few small black marks for missed payments in the last 12m but no serious issues like defaults.

I recently applied for an Abbey National balance transfer credit card, on the basis that a) they only use Experian and b) they're owner by Santander which hasn't had major problems throughout the credit crisis. Unfortunately they rejected me on 'credit scoring' (no further details given).

I've also applied to Natwest for a loan (APR came out slightly better at 15%) which they approved but then asked for proof of income. I had optimistically used my previous salary. So no go there.

Any ideas how I can refinance my debt? Are any credit card firms still offering generous balance transfers for someone in my position? Am I better off applying for a loan and paying some interest? Would it help if I took out any old other credit card and didn't use the balance - so I have a higher % of unused credit? Or will this hurt me?

Any advice appreciated even if anecdotal, eg "I was in a similar situation recently and this is how I solved it".

Thanks in advance

Neyo

can anyone confirm o2 uses equifax for the credit search

Synonymous

UNDERGROUND wrote: »

Hi

Your applications looked well spaced out. There's nothing to suggest that you are struggling or are desperate for credit.

The ISA and savings accounts will not be credit searched, you may just have an 'enquiry' search to verify your ID. The current account - even with no overdraft - will almost certainly be credit searched.

Like I say, your searches seem to be OK but there are many other factors that will be considered, for example your available credit, current balances, repayment history etc.

Best of luck.
UNDERGROUND

Hello again everyone,

Well I thought I would post, I was shocked to have a CC request to Tesco declined a few weeks ago. Just wondering if anyone can see something I'm missing? As stated above and in my previous posts, my credit searches are well spaced, and for additional info, I have never missed a payment, never been in financial difficulty, and have a reasonable income. I have lived in the same house for 12 years and have been on the electoral role there since I was old enough to vote (6 years).

One of my two credit cards is an AMEX which is completely empty just waiting to claim the cashback on the anniversary, and the other has about £1200 on it as I am slow stoozing the money in a savings account until the 0% on purchases ends.

I've spoken to Tesco who stated in their letter to me that they use Experian, and I am sending them my last three months of bank statements to support my request as suggested by them. I've checked my report with Experian before and there was nothing untoward.

Help!! What is going wrong here?!? I'm scared to try for another credit card now, but want another 0% purchases deal in the next few months when my other one runs out.

greenmantle

can anyone confirm o2 uses equifax for the credit search

Yes they do. And appears to be only Equifax, not Experian too.

iainmay

has searched me using equifax rather than experian

sarahd1977

does anyone know which CRA Yorkshire bank use

System

sarahd1977 wrote: »

does anyone know which CRA Yorkshire bank use

Experian, for credit cards and current accounts.

https://forums.moneysavingexpert.com/discussion/2419785

UNDERGROUND

sarahd1977

anyone know who halifax use

System

sarahd1977 wrote: »

anyone know who halifax use

Experian, for all their products.

https://forums.moneysavingexpert.com/discussion/2419785

Regards
UNDERGROUND