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Help please... on an Experian credit report
BartyBoy
Posts: 407 Forumite
Hi all
I am having some enquiries/issues about my Experian credit report, so just wonder if I can get some advice here...
I joined a 30-day trial with Experian 3 weeks ago. The reason behind it is because I was applying for a personal loan but then I got rejected by the lender. The lender sent me a letter to inform me the unsuccessful application and also explained the decision was made based on the information provided by Experian.
Once I started the Experian trial, I requested for a full credit report. The first thing I could see was my credit score, I had 968 out of 999, it seemed very high and very good to me. Then I went through every part of the report. I had 4 positive factors and 2 warnings/negative factors saying the number of credit accounts was high, and the amount of unsecured credit was high.
The report also showed I have settled several different credit cards in the past, and I have never missed a payment or made a late payment.
Anyway, the Experian website referred me to the Co-operative Bank for a loan based on the status of my current credit report. But I still got rejected by the Co-op Bank. So my final straw was to apply for a loan with Post Office as I have already had a credit card account with them, but it was unsuccessful too.
Today I go back to my credit report on the Experian website, I now have THREE negative factors on my report. And my score has dropped to 942 out of 999. The new negative factor says there is a high amount of searches on me. So I click the alert link and I can see there are 14 previous searches on me. I go through all these searches, 7 of them are done by insurance companies/brokers, 3 of them are done by the lenders/banks, and the remaining 4 are done by me and Experian. I am totally confused and lost here.
My questions are:
1. When I scored 968 out of 999 from Experian, what does it really mean to me?
The Experian website explains with this score, ''Most lenders would view this score as ‘very low risk’ and would consider that very few people whose credit reports achieved this score would be likely to experience serious repayment problems if a credit application was granted."
2. When Experian claims the number of my credit accounts is high, I only have 1 active credit card and 2 suspended cards. Is it really a high number to have 3 credit cards (again I can no longer access to 2 of them)?
3. Why would my credit report contain searches from insurance companies/brokers? What are these searches to do with my credit history? Especially when 7 out of 14 searches are requested by these people.
4. I have a joint mortgage with a friend. On my report, it shows the full amount of the outstanding mortgage, instead of 50%. Is that correct? As it seems I have applied for the whole mortgage myself, but I can never be able to afford and pay off that amount of debt on my own. :huh:
Any suggestions and advice are very much appreciated. Many thanks!
I am having some enquiries/issues about my Experian credit report, so just wonder if I can get some advice here...
I joined a 30-day trial with Experian 3 weeks ago. The reason behind it is because I was applying for a personal loan but then I got rejected by the lender. The lender sent me a letter to inform me the unsuccessful application and also explained the decision was made based on the information provided by Experian.
Once I started the Experian trial, I requested for a full credit report. The first thing I could see was my credit score, I had 968 out of 999, it seemed very high and very good to me. Then I went through every part of the report. I had 4 positive factors and 2 warnings/negative factors saying the number of credit accounts was high, and the amount of unsecured credit was high.
The report also showed I have settled several different credit cards in the past, and I have never missed a payment or made a late payment.
Anyway, the Experian website referred me to the Co-operative Bank for a loan based on the status of my current credit report. But I still got rejected by the Co-op Bank. So my final straw was to apply for a loan with Post Office as I have already had a credit card account with them, but it was unsuccessful too.
Today I go back to my credit report on the Experian website, I now have THREE negative factors on my report. And my score has dropped to 942 out of 999. The new negative factor says there is a high amount of searches on me. So I click the alert link and I can see there are 14 previous searches on me. I go through all these searches, 7 of them are done by insurance companies/brokers, 3 of them are done by the lenders/banks, and the remaining 4 are done by me and Experian. I am totally confused and lost here.
My questions are:
1. When I scored 968 out of 999 from Experian, what does it really mean to me?
The Experian website explains with this score, ''Most lenders would view this score as ‘very low risk’ and would consider that very few people whose credit reports achieved this score would be likely to experience serious repayment problems if a credit application was granted."
2. When Experian claims the number of my credit accounts is high, I only have 1 active credit card and 2 suspended cards. Is it really a high number to have 3 credit cards (again I can no longer access to 2 of them)?
3. Why would my credit report contain searches from insurance companies/brokers? What are these searches to do with my credit history? Especially when 7 out of 14 searches are requested by these people.
4. I have a joint mortgage with a friend. On my report, it shows the full amount of the outstanding mortgage, instead of 50%. Is that correct? As it seems I have applied for the whole mortgage myself, but I can never be able to afford and pay off that amount of debt on my own. :huh:
Any suggestions and advice are very much appreciated. Many thanks!
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Comments
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1. When I scored 968 out of 999 from Experian, what does it really mean to me?
The Experian website explains with this score, ''Most lenders would view this score as ‘very low risk’ and would consider that very few people whose credit reports achieved this score would be likely to experience serious repayment problems if a credit application was granted."
It means nothing at all - it is a pretty irrelevant figure as has been proved in your unsuccessful loan applications. It might as well be an indication of what the weather could be as opposed to whether you'll be accepted.
2. When Experian claims the number of my credit accounts is high, I only have 1 active credit card and 2 suspended cards. Is it really a high number to have 3 credit cards (again I can no longer access to 2 of them)?
You later advise that you have a mortgage - that's also a credit account, as are any overdrafts that may or may not appear on there.3. Why would my credit report contain searches from insurance companies/brokers? What are these searches to do with my credit history? Especially when 7 out of 14 searches are requested by these people.
They carry out the searches as part of your quote but they are NOT counted as credit searches. Your loan searches are classed as credit searches, and three within a short period of time would raise concern.4. I have a joint mortgage with a friend. On my report, it shows the full amount of the outstanding mortgage, instead of 50%. Is that correct? As it seems I have applied for the whole mortgage myself, but I can never be able to afford and pay off that amount of debt on my own. :huh:
...which explains their concern over your high amount of credit used
Any suggestions and advice are very much appreciated. Many thanks![/QUOTE]0 -
...which explains their concern over your high amount of credit used
Thanks for your feedback first of all.
Regarding the mortgage figure, if it causes concern to lenders, shouldn't my report only show the actual share part of this mortgage (50%) to reflect the real financial status of mine instead?0 -
Please do not waste your money or time on Experian, Equifax or Noddle scores. They do not reflect how a lender will assess you.
That seems as the case too :T
And if so, shouldn't the lenders stop using Experian, Equifax or Noddle as an excuse to reject applications? I would rather to have a straightforward answer than an irrelevant excuse.0 -
Thanks for your feedback first of all.
Regarding the mortgage figure, if it causes concern to lenders, shouldn't my report only show the actual share part of this mortgage (50%) to reflect the real financial status of mine instead?
I'm not entirely sure as the only mortgage I have been involved in ended up being in the other person's name. But I assume that even though it is a joint mortgage, you are still liable for the whole debt as what if the other party couldn't pay their half?
How long have you had the mortgage?
To answer an earlier question, having three credit cards isn't an issue in itself - many of us have many more - I have 6 for example for differing reasons. Do you have any cards on there that you've had in the past that you closed?0 -
...But I assume that even though it is a joint mortgage, you are still liable for the whole debt as what if the other party couldn't pay their half?
How long have you had the mortgage?
...Do you have any cards on there that you've had in the past that you closed?
That sounds like once I have a mortgage, especially with a joint one which would be a lot bigger than a single named one, I can't apply for any loans or credit cards...
I have had the current mortgage for 9 years in next month.
I had 5 credit cards in the past, they are all settled and closed.0 -
That sounds like once I have a mortgage, especially with a joint one which would be a lot bigger than a single named one, I can't apply for any loans or credit cards...
I have had the current mortgage for 9 years in next month.
I had 5 credit cards in the past, they are all settled and closed.
Well you can certainly pay lip service to the flawed advice Experian are offering. The searches issue though is one to be wary of.
What is your salary and how much were the loans for?0 -
Salary 32K, loan 10K.
Ok, since these searches show on your Experian report I doubt it is something affected by anything on your Equifax report, but worth also looking at that.
I can only assume the mortgage is causing the LENDERS to score you negatively when you are attempting to take out one third of your annual salary in credit on top of the credit limit available on your credit card and the mortgage.0 -
...attempting to take out one third of your annual salary in credit on top of the credit limit available on your credit card and the mortgage.
My aim for a 10K loan is to pay off my 2 credit cards, one of them has already been suspended and I need to settle the balance before the 0% APR ends next month...
While the credit report is not relevant to my loan application, shall I try one more time to apply for a loan with a different lender now?0
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