Credit Report - What does this mean?

Louismkd

Hi guys,

Discovered some late payments on my credit file. It was down to my phone contract with orange, and was completely unaware that i was paying late due to an error on the orange website. I fought the decision, and after quite a while got this response -

I have reviewed your account and can confirm that the late payments on the account are correct. However, since you had a very good payment history with us. We have replaced the late payments to “Q” and “U” with all the 3 credit reference agencies. Please allow 24 hours for these changes to be implemented. This will have no detrimental effect on your credit file.

What does Q and U mean?

Thanks in advance.

Tixy

The stabd for queried/ unrecorded
They are usually used when there is nothing to report or at the start of a credit agrement.

They are not seen as negatives or as positives.

From experian website U is

The lender has been unable to give the account a statement for this month. This may be at the start of the credit agreement when the lender is allowing time for the account to be set up; when the customer is waiting for goods to be delivered; when the customer has received the goods but payment is not due to start immediately; when there is a dispute over the payments due or the goods received; or when the account is not being used.

Louismkd

Tixy wrote: »

The stabd for queried/ unrecorded
They are usually used when there is nothing to report or at the start of a credit agrement.

They are not seen as negatives or as positives.

From experian website U is

Thanks for the reply

Do you have any idea as to how these are looked upon by future lenders?

Do they still see U as a late payment?

Thanks

Tixy

No, they are not considered negatives.

Louismkd

Brilliant, thanks.

Just one more question - On my credit report summary it says the following:

Amount of available credit (excluding mortgages) £300

What does this mean? Amount of credit I have in my bank account? Because that's not correct..

Tixy

Unused available credit on a credit card or similar.

E.g. Limit on a card of £1000, balance on card £400 the available credit on that card would be £600.

The figure on your credit report would be the cumulative on any cards/catalogues etc that you have.

dtsazza

This figure would likely include any agreed overdraft on your bank account too - which you might be overlooking if you're adding up credit cards and loans and wondering where the total comes from.

TheGenerus1

Tixy wrote: »

Unused available credit on a credit card or similar.

E.g. Limit on a card of £1000, balance on card £400 the available credit on that card would be £600.

The figure on your credit report would be the cumulative on any cards/catalogues etc that you have.

I have littlewoods & Very catalogues both with £1600 credit each. Does this mean the catalogues are regarded in the same catagory as credit cards when it comes to my overall available credit.
I say this as I have 4 credit cards wih overall £3900 limit cumulative.
My credit utilization on the cards is unfortunetly about 70%.

I thought I'd get a couple of catalogues in the hope that this will lower my utilization ratio (started at £1000 limit each and then went up to £1600 after 3 months).
I wanted to do this as all my credit cards are sub prime with big interest rates and I wanted to apply for a balance transfer card but have been declined as I think my ratio may have been to high.
Now that I have the catalogues, do you think this will be included in my over available credit effectively boosting my credit rating?

Credit cards limit = £3900 + Catalogues limit = £3200
= £7100

Credit cards balance = £2800 + Catalogues balance = £200
= £3000

Does this mean having the catalogue drops my available credit ratio to about 40% instead of the 70% without the catalogues?

Many Thanks