Moneysupermarket loan quotes and Equifax

DevilPigeon

Hi

I've spent a good few weeks sorting out my credit files, and they're all looking as good as they ever have (previously been in an IVA and the knock-on effects of that...)

Equifax in particular is now showing green on screen for all areas (even though they only give me a 'good' score which is a bit of a head scratcher, but I'm not overly worried about scores).

I'm currently thinking about either a small loan or a new credit card, idea is to pay off my existing Vanquis card plus fund a second hand car. I'm swaying towards a credit card currently, but initially I was thinking of a loan.

I've been on Moneysupermarket, and used their loan quote tool. I only ever get back 9 results, and the only one that comes back as a 'chance' of acceptance is the 'everyday loans' company at a stupid APR - indicating that I'm a poor credit risk. All other results don't even give me a score out of 10, merely a 'low' chance against a red triangle. This is annoying, considering my credit file looks great on screen.

Does anyone know why this may be??? I'm even thinking there may be a difference between the 'statutory' £2 report and the ongoing online version, but this is guesswork. Does Moneysupermarket (and similar) not use live data, rather a historical snapshot (eg a month behind)?

Confused (and slightly angry!)

DCFC79

Welcome OP

Would the IVA be on the report ? if it is then that might be an issue. Also your score on equifax means !!!!!! all as it doesn't take into account other aspects eg your ability to repay loans since job info isn't listed on the report.

DevilPigeon

DCFC79 wrote: »

Would the IVA be on the report ? if it is then that might be an issue .

Hi

Thanks for the reply.

No, there's nothing on any of my credit files any more:

- all court info (showing IVA details) has been removed;
- all old accounts showing defaults have been removed;
- notice of correction has been removed

In addition, the ongoing accounts I do have are all paid on time, and all have been for their entire history - no missing/late payments at all.

Green across the board...!

As I say, the score itself is irrelevant to me, but I find it odd that there seems to be a correlation with it and the results Moneysupermarket are providing...

DCFC79

DevilPigeon wrote: »

Hi

Thanks for the reply.

No, there's nothing on any of my credit files any more:

- all court info (showing IVA details) has been removed;
- all old accounts showing defaults have been removed;
- notice of correction has been removed

In addition, the ongoing accounts I do have are all paid on time, and all have been for their entire history - no missing/late payments at all.

Green across the board...!

As I say, the score itself is irrelevant to me, but I find it odd that there seems to be a correlation with it and the results Moneysupermarket are providing...

Honestly dont know then, what about speaking to your bank face to face as they know your finances btter than anyone else. Rule of thumb is if your own bank wont lend to you then no 1 will.

DevilPigeon

DCFC79 wrote: »

Honestly dont know then, what about speaking to your bank face to face as they know your finances btter than anyone else. Rule of thumb is if your own bank wont lend to you then no 1 will.

And there lies the catch-22 - I'm deliberately using the online quotes (eg moneysupermarket, nationwide etc) to give me an idea of how other lenders view my credit files, without it impacting further on my credit files...

My fear is I apply to my bank (or anyone else), I get declined, it hurts my credit files...

I know at some point I'll need to bite the bullet, but until such time as indicative quotes come back with a high likelihood of acceptance I'm rather apprehensive in doing so...

DCFC79

DevilPigeon wrote: »

And there lies the catch-22 - I'm deliberately using the online quotes (eg moneysupermarket, nationwide etc) to give me an idea of how other lenders view my credit files, without it impacting further on my credit files...

My fear is I apply to my bank (or anyone else), I get declined, it hurts my credit files...

I know at some point I'll need to bite the bullet, but until such time as indicative quotes come back with a high likelihood of acceptance I'm rather apprehensive in doing so...

You could try nationwides soft search to get an idea of what you could expect to get, not sure if what it comes back with is guaranteed to be the rate you would get if you went ahead with the application but im sure its been covered on the forums.

Hazzinho

I think money supermarket use callcredit data so your file with them might not be as good.

DevilPigeon

I've got a credit card quote from Nationwide, offering £3.5k at 15.9%, and from what I've read on the forum this seems to be indicative of a pass. Ideally though I'd like ~£5k, I think what I need it for £3.5k means stretching it to its limit.

I'm fairly sure I'll be looking for a card rather than a loan, but I'm just curious why the likes of Moneysupermarket's quote tool etc see me as a bad risk..?

DevilPigeon

Hazzinho wrote: »

I think money supermarket use callcredit data so your file with them might not be as good.

The credit card tool initially seems to use Call Credit, but the loan tool says 'Searching Equifax for your credit profile' (or words to that effect)

Out of the 3, I'd say my Equifax report looks the best...

neverdespairgirl

DevilPigeon wrote: »

I've spent a good few weeks sorting out my credit files, and they're all looking as good as they ever have (previously been in an IVA and the knock-on effects of that...)

DevilPigeon wrote: »

I'm currently thinking about either a small loan or a new credit card, idea is to pay off my existing Vanquis card plus fund a second hand car. I'm swaying towards a credit card currently, but initially I was thinking of a loan.

I'd really try to think about that again.

Previously in an IVA means that, at some time in the past, you've taken on debt which you've been unable to pay, and have landed in serious trouble because of it.

Now you're looking to take out more debt, in order to clear a Vanquis credit card - and that's one high interest debt to have taken on. Not just that, but to buy a car, too.

DevilPigeon

neverdespairgirl wrote: »

I'd really try to think about that again.

Previously in an IVA means that, at some time in the past, you've taken on debt which you've been unable to pay, and have landed in serious trouble because of it.

Now you're looking to take out more debt, in order to clear a Vanquis credit card - and that's one high interest debt to have taken on. Not just that, but to buy a car, too.

Yes, in the past. But circumstances - and people - can and do change. I'm not proud of past mistakes, but I'm much more wary of money now than I used to be, and take no decision lightly.