SICK of this stupid credit file lark!!

EllaBeagle

How can my partner be accepted to upgrade his easycash account to a current account with Halifax and me be declined when his credit history is terrible?

He has 4 defaults on his credit file all unsettled and for large amounts. No active and up to date accounts just all defaults.

I have 3 settled defaults and 2 active and up to date credit agreements which have been paid on time for 18 months?

I just don´t get it. Is it really worth keeping track of your credit history when its really just swings and roundabouts? As already said, the credit score means nothing, you can pay to see it but it doesn´t mean its accurate so whats the point in the credit history too when decisions are probably made on which side of the bed someone has got out on that morning

Sorry for the rant I´m just so fed up that after all my hard work trying to better my credit file seems like its all for nothing.

hillcats

Different companies use different credit agencies... (first thought)

EllaBeagle

hillcats wrote: »

Different companies use different credit agencies... (first thought)

But surely the information is still the same with each of them?

MoneySaverLog

Decisions are going to be made on the Defaults, satisfied or not, you need them removed but will have to wait the 6 years from when they were registered to get a look in these days.

Building up positive history whilst the defaults are there is always going to be good if you can do that. Just that defaults are not seen in a positive light by anyone.

Also any joint bank accounts or credit products you may hold with anyone with bad credit is going to affect you through a financial link.

Nothing to do with the side of the bed they woke up on, all probably automated by the computer system looking at your credit files.

MoneySaverLog

EllaBeagle wrote: »

But surely the information is still the same with each of them?

No, sometimes they get the information incorrect at 1, 2 or all 3 CRAs and you have to go sort it out at the relevant CRA(s)

EllaBeagle

It just seems like one big con. The credit companies make money on giving you access to the information but whats the point?

I have a friend with an excellent credit history, hasn´t got too many current credit agreements, never missed a payment, hasn´t had any defaults or CCJś, no joint accounts with anyone, electoral roll up to date, no recent searches for credit and has just been declined a mortgage AND a credit card??????????

This makes me think its just all a load of rubbish

MoneySaverLog

Banks have their own scoring system separate from the data that the CRAs hold. Sounds like your friend got declined on the score if the information is good at the CRA.

Scores at the CRA are meaningless and mean diddly squat. You just have to look at the information on all three. Yes their scores are worthless and a con, only the data is of any meaning.

One bank may turn you down, another may accept. Different lending criteria.

However given any defaults, the only cards I am aware of getting acceptance from are Vanquis, Aqua and possibly Capital One (Though less sure on the last one)

jason1231972

EllaBeagle wrote: »

I have a friend with an excellent credit history, hasn´t got too many current credit agreements, never missed a payment, hasn´t had any defaults or CCJś, no joint accounts with anyone, electoral roll up to date, no recent searches for credit and has just been declined a mortgage AND a credit card??????????

You're right that it's all about credit history and not score, but it isn't always just a case of just assessing what your past and current credit accounts say about you. Also counting towards one's creditworthiness is things like address history, tenure, employment history, income, outgoings, etc.

It's difficult to lump any one person into 'good' and 'bad', without knowing the inner-workings of individual lenders' assessment systems (which few people do!). Some lenders will decline 'perfect' Person A for no apparent reason, but will jump all over 'bad' Person B with just about everything they have to offer.

Always remember, too, that just about every credit provider is profit-driven. Given that fact, Clumsy Carol may be a better 'risk' of making money for the lender than Perfect Peter.

Have you looked at changing banks? If you do have a 'good' credit history, all variables considered, there's probably someone out there who'll offer you a full current account

jason1231972

PS: You can view your own credit file free for life via CallCredit @ https://www.noddle.co.uk. They generate a free score, which is just as garbage as anyone else's, but crucially they also list most of your credit history, warts and all.

CallCredit is the lesser of the three CRAs so may not hold every account you have/had, but mine, personally, lists almost everything.

innovate

You can get rejected for some other reasons, too - - the most obvious common one being that you are not on the Electoral Roll, or your credit file doesn't show that you are on it (sometimes caused by slightly different spelling of your name).

Other reasons can be that there is incorrect financial history data on your credit file.

MoneySaverLog

You can get rejected due to your credit score by the lender and not the CRA, Your score is worked out by the information you put on the application form if you don't score the correct amount of points based on your answers you get declined.

Financial data and electoral role are other considerations based on the data the CRA hold.