Credit Score Question - Please help

sruffs

Hello,

I applied for a loan through my bank yesterday. I was very surprised to find that it was immediately declined. I've always had good credit.
I then got an Equifax report which said my credit was just within the good bracket but there may be things on my score to put lenders off. I checked the credit score and found only one thing. Last summer I didn't pay a very small catalogue balance for 3 months because I completely forgot about it. Once I remembered I paid the balance in full.
I have always had good credit, I have a mortgage, a loan and credit cards and apart from this one slip I haven't ever missed payments.
I read on this site that these things stay on your report for 6 years but does it really mean that I won't be able to get another loan or change my mortgage for 6 years from the default date?

Is there anything I can do to rectify this or do I have just to wait?

Any advice would be greatly appreciated.

Thanks

Sam

fermi

Have they recorded a default? Or just late payments?

The_Boss

Credit scores provided by Experian, Equifax are NOT a good indication of whether you will qualify for credit from lenders.

sruffs

It looks like they have just recorded late payments. The first two are yellow, the third is red but when you hover them mouse over them it just says 1 payment late, 2 payments late and 3 payments late.
I'm not sure if there is another way to tell if they are logged as a default.

sruffs

The_Boss wrote: »

Credit scores provided by Experian, Equifax are NOT a good indication of whether you will qualify for credit from lenders.

Thanks, if that's the case how do I know who to go to to apply for a loan without getting rejected and making my credit worse?

The_Boss

sruffs wrote: »

Thanks, if that's the case how do I know who to go to to apply for a loan without getting rejected and making my credit worse?

From the data on your report, not the worthless score.

StuC75

CRA's Credit Score are rather meaningless, but coupled with the recent decline does indicate something is not well.. Are all your other commitments showing on there? or any accounts not present?

As for where to go, often the companies you are currently established with may be able to look beyond this \ involve underwriters \ human decisions in the what is decided..

simeyb

You may have been declined simply on affordability. I don't know your circumstances of course, but if the credit report, although suggesting you've paid everything on time, except for the catalogue blip, also says you're maxed out on your cards, or have several accounts all with balances on them, then the lender may have decided that to lend you more would not be responsible (there are responsible lenders out there!) - remember too that the lender will have considered all the information from your application too, not just the credit report, and decided that due perhaps to your income level, or purpose of loan, that it fell outside the risk criteria - esp if its a sensitive to risk lender like Nationwide for example who expect you to be Jesus and heavenly!

The_Boss

What is your salary?
How long have you been with your current employer?
How much did you apply for in the loan?
What is the combined credit limit on all your cards compared to credit currently used?

Note that the first three questions would not have fed into the Equifax score as they do not have this data.

sruffs

The_Boss wrote: »

From the data on your report, not the worthless score.

Sorry I think I mislead in my original post , my original post talks about the credit score but then I meant I got the detail from the Equifax report showing that I missed 3 payments in a row to a catalogue last year. That is the only thing that is yellow/red on my credit report and seems to be what is stopping me from now getting credit.

The_Boss

sruffs wrote: »

Sorry I think I mislead in my original post , my original post talks about the credit score but then I meant I got the detail from the Equifax report showing that I missed 3 payments in a row to a catalogue last year. That is the only thing that is yellow/red on my credit report and seems to be what is stopping me from now getting credit.

Mine was also misleading since lenders use the data in your application in conjunction with the data on your credit file.

Answering the questions a couple of posts before could shed some light.