Credit reference Agencies...

Dunree

Which banks/cc companies use which agencies?

My report goes from ''poor'' to ''fair'', depending on the CRA concerned.

I had missed mortgage payments for most of last year due to a very acrimonious break up, but every other bill was paid.

I now find myself with a very well paid job (50k p/a), no mortgage or rent to pay, and money in the bank, at long last

I have one high interest loan (black horse, around 30%, owing around 3000 on it), with total debts of around 13k.

I pay around £750 p/m towards my debts, which will be increasing soon.

Any suggestions as to possible loans to clear everything off, or is it better to stay as is?

Dunree.

Ps, I am not a homeowner if that helps. Long term g/f owns the house where we live outright.

cos_2

https://forums.moneysavingexpert.com/discussion/1033817

Have a gander in here. Pay off high interest before lower interest is the usual way, but I can't recommend any particular lenders. Good luck!

Dunree

cos wrote: »

https://forums.moneysavingexpert.com/discussion/1033817

Have a gander in here. Pay off high interest before lower interest is the usual way, but I can't recommend any particular lenders. Good luck!

Jings thanks Cos, great thread from Mr Underground

Still not sure what road to go down. Have half heartedly checked cost of loans, less than half what I'm paying now, but because my mortgage issues are still less than a year old (house sold November last year, mortgage and secured loans all paid off in full and showing as 'settled') I'm a bit reluctant to go all out for a loan in case I get knocked back

Buzby

These days it doesn't really matter providing you don't default - as the old information will still be there until it is time barred.

Tixy

The fact that you have fairly recent payment issues on a mortgage is likely to be a considerable factor against you with any potential lender, although the fact that it has been paid off fully since should help.

Does the mortgage account (and missed payments) show on all 3 credit reference agency reports?
(the fair/poor rating given by the CRAs isn't what is important, its what actually shows on the detailed section of the report that a potential lender will see).

When you say you have half heartedly checked the cost of loans - do you mean you've actually applied or got a quote - or are you just looking at costs based on the representative rates?

If you interest rates on your current debts are high - then it won't hurt to try to apply for a loan, even if you are rejected one application on your credit file will have minimal impact.

If its just the one small loan that has a high APR - perhaps see if you can make overpayments to that loan, to focus on getting it paid off quickly - or use any savings you have to pay it off.

Dunree

Does the mortgage account (and missed payments) show on all 3 credit reference agency reports?

Yes it does Tixy


When you say you have half heartedly checked the cost of loans - do you mean you've actually applied or got a quote - or are you just looking at costs based on the representative rates?

Haven't applied, been checking through moneysupermarket.

These days it doesn't really matter providing you don't default - as the old information will still be there until it is time barred.

No defaults thankfully Buzby, was in constant touch with the mortgage company, they knew the whole story.

I've just done a BT on my Cap One card to JLPCS, once that goes through fully, I'll look at a loan in more detail. The fact that I am no longer a homeowner, will that make a difference to the companies??

When I looked at the various criteria, my current living situation isn't listed, not sure how to get around that

If its just the one small loan that has a high APR - perhaps see if you can make overpayments to that loan, to focus on getting it paid off quickly - or use any savings you have to pay it off.

There is around 3k left to pay over another two and a bit years. Half the payments go on interest. I'm a bit reluctant to use my savings on this for personal reasons, but overpayment looks a good option

cos_2

Dunree wrote: »

Jings thanks Cos

You sound suspiciously Scottish! :beer:

izools

The key to getting your credit worthiness up to a level where you can get a low rate loan now is quite simply

Doing nothing

Leave your accounts as they are, pay as much as you can towards the highest interest debt and just above the minimum towards the rest.

Do this for six months. Don't apply for anything else in the mean time.

Then, in six months time, go on to Natonwide's website and complete the first half of a loan application. This will give you an APR based on your personal circumstances and credit file without leaving a full footprint (they do a soft search that other lenders can't see).

Not being a homeowner won't make much difference to your ability to obtain unsecured debt.

What will make a difference is:

How many times have you applied for credit in the last six months (Ideally 0)?
Do you have credit limits totallling more than half your salary (you shouldn't)?
Do you have credit card balances totallying more than half the cumulative limits (ideally not)?
Have you moved bank / house / job recently? (Ideally 12+ months in all)?
Have you opened any accounts in the last six months (Ideally not)?
Are you registered to vote at your new address (ideally yes)?
Have you missed any repayments in the last 12 months (ideally no)?

Once you've fulfilled the above criteria you'll be in a very strong position to obtain a low rate consolidation loan or 0% money transfer card (MBNA).

Good luck! :beer:

Dunree

What will make a difference is:

How many times have you applied for credit in the last six months (Ideally 0)?
None

Do you have credit limits totallling more than half your salary (you shouldn't)?
No.

Do you have credit card balances totallying more than half the cumulative limits (ideally not)?
JLPC limit of £4800, owe about £3500.
Barclaycard: limit of £6500, owe about £5600.
Cap One, just done BT to the JLP card, nil owed on a £2600 limit.


Have you moved bank / house / job recently? (Ideally 12+ months in all)?
Moved home in November.

Have you opened any accounts in the last six months (Ideally not)?
No.

Are you registered to vote at your new address (ideally yes)?
Yes
Have you missed any repayments in the last 12 months (ideally no)?
Only payments missed were mortgage during very acrimonious split. I stopped paying when I moved out. Wasn't prepared to fund freeloading ex anymore.
Mortgage now paid off in full (November), showing as settled in all CRA accounts.
Everything else is up to date, always pay way more than the minimum on cards.
No overdraft facility either.

And I know it shouldn't come into it, but it's the closest way I have of checking how my credit worthiness is...

CRA accounts show as follows:
Experian=poor.
Equifax=fair
Noddle= 1/5.

How does that sound??
Apply or wait??

Dunree

cos wrote: »

You sound suspiciously Scottish! :beer:

:beer::beer::beer:

izools

I'm guessing that

a) the missed mortgage payments fall within the last 12 months
b) the balance transfer isn't showing up as having been done on your credit files yet

Once the most recent payment that you missed was over a year ago and your credit file shows a utilization of around 50% or under of your cumulative limits, you'll be in a strong position to apply.

You could always do a quote for a Nationwide loan now, it won't affect your credit rating if you decide not to proceed and will give you a real APR based on your actual credit file

Good luck! :beer: