Shocking Credit Report

bretts

I applied for mortgage back in first week of april but i had not got my credit report. I just got my pin from experian and logged in to find that I had two reports that I could download

1 was on the day I applied my mortgage and one today

What is shocking is that on that particular day when I applied for my mortgage my credit report said fair with a score of 867 and in a month its good with 899.

I really don't know why was my score so less, I have never ever defaulted on any payments to be made, and its green all the way from top to bottom, but in the credit report it said its due to two reason

* not registered on electoral roll (my bad as I got lazy and I wanted to buy my own place soon but I have since then registered)
* no settled loans, well I never took any loans till date as I was self sufficient with my finance so never bothered to take any, how can this be seen as a negative. Dint quite understand.

I also want to know if anyone has been through this and does it effect my credit score to generate my report again and again although I wouldnt be doing it now anymore as I have seen what I wanted to see.

Bretts

ACG

forget the score its useless. It means sod all.

Look further down when it lists companies you have credit agreements with. If its all green your fine, if it has any orange or red then its not so good.

But get registered on the elctoral roll and you will be fine presuming its all green.

bretts

ACG wrote: »

forget the score its useless. It means sod all.

Look further down when it lists companies you have credit agreements with. If its all green your fine, if it has any orange or red then its not so good.

But get registered on the elctoral roll and you will be fine presuming its all green.

Hi

Thanks for your reply, Its all green everywhere down to the bottom except the electoral roll which I have take care of now.

How long does it usually take for the information to appear any idea?

ACG

Not long, maybe a month at the most.

Was your application for the mortgage declined? Who was it with? What sort of deposit are you putting down percentage wise?

bretts

Hi

No my mortgage was not refused but I was asked to get my credit report by MA just to be sure and experian never sent me the pin and I was coming to a month of the free usage so I decided to cancel it as I anyways did not get the pin, but then they said they can extend it for a further month and sent me the pin and that is when I just checked again to see what does it look like really.

bouicca21

Some friends of mine had to move into rental while works were done on their house. They too had a shocking credit report - so bad that they ended up having to pay their rent for the whole period in advance. It's a real lesson in absurdity - their credit rating was low because they had no mortgage (it was paid off), no credit cards and no debts. That they had substantial savings cut no ice.

sandsni

From what I can gather, people who have low or no debt get low credit scores because they're no good to the credit companies (since they make their money on the interest). So those of us who have paid our credit cards in full every month and lived within our means get cr*ppy credit ratings! Makes no sense to a normal person, but that's how they see it. Glad it didn't stop you getting your mortgage :-)