Idiot me - applied in a rush

matttye

JakeGreen wrote: »

From my own experience I've found that credit records can take up to 8 weeks to update. You'd really need to see your Experian and Equifax reports too.

To answer your other question. Conservative advice would say a clear six months before you should apply again. I'd say a clear 3 months from your last credit search to when you should apply again. Let's say 3 months and one week just to be sure.

Do one application for a 'bad credit' card and see what happens.

If you have ANY negative things on your credit file, even late payments it's best to not waste searches on your credit file trying to get credit from mainstream lenders.

My sister is very well off, has a mortgage, phone contract and CC. When she applied for the Santander 123 card recently she got one third of the credit limit I have. While there may be other reasons, she has two late payments from 2 years ago on her CC because she didn't pay by direct debit.

Good luck,

Thanks Guess I'll leave it about half a year or more then. Experian seems to think my seven month old mobile contract is a negative as it's still 'fresh credit' so I guess if that ages a little before I apply again that might assist.

I don't actually need to borrow money right now so I don't mind waiting, I just need to improve my creditworthiness for when I apply for a mortgage.

212 wrote: »

Hardly anyone searches Noddle (Call Credit) for *actual* credit applications though. My report is full of pre-application searches (Barclaycard) plus identity verification from travel agents/money exchange places and then pages of car insurance quotes - not one credit application search.

So whatever your file says there, it's unlikely to have made a difference because the chances are the lenders wouldn't have searched it.

If you're concerned about what they hold, try running a Barclaycard pre-application check. Or a moneysupermarket check (https://www.moneysupermarket.com/credit-cards/search/?goal=CC_CREDITBUILDER) - both should scan call credit (Barclaycard certainly do). So see what results Barclaycard give you. They're often wrong, but if they're 'bad' then it's an indication Noddle probably isn't 100% correct.

As for your declines, it's not quite 4 years since your AP marker, possibly a little too soon to apply? Seems strange given how things have improved for you. Try your own bank, if they've given you a O/D before they may give you a credit card. Pop in/phone up with your existing details and ask.

As for searches, generally seems to be the ones in the last 6 months lenders worry about. I've had tonnes in the last year, but waited just over 6 months from the last search and had no problem opening 3 new current accounts.

I actually applied for an 'excellent chance' credit card off the back of the Barclaycard recommendations as I wasn't eligible for a Barclaycard itself. I'll have a look at the Moneysupermarket one but won't make any more applications for the time being.

I can try speaking to my bank but I don't know if they'll be able to give an indication of whether I'm likely to be accepted before they actually go through the credit check; I want to avoid any more credit checks for the time being.

Gordon_Hose wrote: »

No lender has to give you a card though.

Defaults have a huge effect for pretty much their whole life, accompanied that with late payments you're not an attractive option for lenders.

Even if you didn't have late payments a default is pretty much a deal breaker for most. I had defaults and no one would touch me until they dropped off, even the bad credit card companies.

I appreciate that, it just seems a little unlikely that a bad credit provider would decline people for defaults when it specifically says defaults are not a deal breaker. I'm not saying it's impossible, just unlikely.

Gordon_Hose

You'll never know why they declined you though. You're assuming it's for this that and the other, but they may not want you as a customer.

You've already been rejected for two bad credit credit cards, I think that alone should speak volumes.

Experian_company_representative

We are not a lender but many lenders use Experian data and tools to help them decide, so the guide score we give you is indicative.

This Q&A might help you. It's certainly worth doing what you can to find out the reason for your most recent refusal. However, I think it's fair to say that a credit history rated by our guide score as 'fair' would probably not satisfy most lenders.

As others have said, the credit search footprints on your reports tell you exactly which agency each lender used.

James Jones

212

Your own bank have internal data on you. They probably will run a credit search, but they have their data plus a feed they get every month from the CRAs - so will have already formed a rating of you. Unless something comes back dramatically different (e.g. you've racked up £2,000 of debt since their last monthly feed) then you should get it fine if their internal indicator says so. Two searches shouldn't cause a problem, if that's all you've done.

If they've previously given you a £1,500 O/D (if I read it right, since the AP marker & defaults?) then I'd be surprised if they didn't give you a credit card if you've ran everything else well.

matttye

Gordon_Hose wrote: »

You'll never know why they declined you though. You're assuming it's for this that and the other, but they may not want you as a customer.

You've already been rejected for two bad credit credit cards, I think that alone should speak volumes.

Speak volumes about WHAT though is what I'm trying to get to the bottom of.

One company says:

"We specialise in giving credit cards for people with bad credit who are:
Self-employed and find it difficult to prove a regular income
Working part-time or on a low income
At a new address or not on the electoral roll
Affected by a bad credit history, including County Court Judgments (CCJs)"

Maybe, like I said in my original post, my history is not bad enough for such a card.

Experian_company_representative wrote: »

We are not a lender but many lenders use Experian data and tools to help them decide, so the guide score we give you is indicative.

This Q&A might help you. It's certainly worth doing what you can to find out the reason for your most recent refusal. However, I think it's fair to say that a credit history rated by our guide score as 'fair' would probably not satisfy most lenders.

As others have said, the credit search footprints on your reports tell you exactly which agency each lender used.

James Jones

I wasn't criticising Experian as a whole as I find the company and the data it provides very useful.

I think any kind of score in the absence of information about how much I earn is not going to be very accurate, however.

212 wrote: »

Your own bank have internal data on you. They probably will run a credit search, but they have their data plus a feed they get every month from the CRAs - so will have already formed a rating of you. Unless something comes back dramatically different (e.g. you've racked up £2,000 of debt since their last monthly feed) then you should get it fine if their internal indicator says so. Two searches shouldn't cause a problem, if that's all you've done.

If they've previously given you a £1,500 O/D (if I read it right, since the AP marker & defaults?) then I'd be surprised if they didn't give you a credit card if you've ran everything else well.

Very true! I should have applied to my own bank first I think. Yes I've had a £1,500 overdraft with my bank since defaults. I used it all to buy my first car and promptly paid it back. My bank actually gave me the overdraft while my previous bank was falsely reporting late payments for a year and a half.

I don't know how true it is, I just read that it is harder to get accepted for a mortgage, followed by a loan, followed by a credit card and finally an overdraft - in that order.

Gordon_Hose

I doubt you'll ever find out what. Even people with perfect credit get refused. It's not just you.

helloob

Posting on this thread re Creditexpert not disputing what they send but be aware that you can't cancel your membership via email or letter unless recorded delivery they have just taken funds from my account despite cancelling it last September and will not give refund as I did not cancel over the phone ....

Dr_Cuckoo3

helloob wrote: »

be aware that you can't cancel your membership via email or letter unless recorded delivery they have just taken funds from my account despite cancelling it last September and will not give refund as I did not cancel over the phone ....

Well , you could complain to the Financial Ombudsman

http://www.creditreporthelp.experian.co.uk/static/ycrhc/333da04cbd064ae3bd1617fcacb09fdb.html

or you could just let Experian keep your money (and moan about it on forums from time to time)


If you cancelled in September then that is about £90 of your money you have given away freely

matttye

Another potential issue is that my reports still think I have a £500 overdraft with Lloyds, which isn't the case. I cancelled it.

I'm just going to let my accounts settle down and get up to date before I do anything else. I'll leave it about six months I think.

matttye

I applied for a third card against my better judgement and got accepted.

Will make sure I use it properly