Why am I being refused (credit report..)

DaveLy

I purchased a "checkmyfile" report in July 2006 and just now (June 2007)

The number to the right is out of 1000.

01-06-2007 Experian 393
01-06-2007 Callcredit 775
01-06-2007 Equifax 792

07-07-2006 Experian 393
07-07-2006 Callcredit 703
07-07-2006 Equifax 792

My experian report has nothing wrong except 0 searches recorded... despite the fact I've applied for a good 8 loans/credit cards in the past year and been refused for all.

I've never missed a payment in my life (2 years+ history), I have a perfectly clean record basically and I have a good paying job. I am 22 years old and living in a not so great area for 2 years.
Why then is my Experian rating so awfully low, experian is one most loan companies use I believe - thus I'm being turned down everywhere I go.

Any advice would be great!

- David

Emmzi

Obvious questionsfirst.

Are you on the electoral role?

Have you been in current job for 6+ months?

Do you have a history of job-hopping or unemployment?

Do you have a history of house-hopping?

Is the loan purpose legal?

Are credit limits requested reasonable in proportion to your wage?

It could be as simple as you haven't had credit before...

DaveLy

Obvious questionsfirst.

Are you on the electoral role?
yes, 2 years at current house.

Have you been in current job for 6+ months?
2 years

Do you have a history of job-hopping or unemployment?
no

Do you have a history of house-hopping?
2 years, 3 months, 20 years

Is the loan purpose legal?
yes, to consolidate cc debt (4k) and buy a car

Are credit limits requested reasonable in proportion to your wage?
25k/year salary, requested 5k loan

Experian_company_representative

You should be aware that the checkmyfile service does not have access to your full Experian credit report, just the publicly available information like electoral roll and court judgments. As a result, any score this service provides based on your Experian credit report will be somewhat meaningless.

I suggest you contact Experian direct if you want to check what information is held on your Experian report. Members of Experian's CreditExpert service can also order a score based on that information, which is also out of 1000 - but bear in mind that these scores are only a guide and that you have no central credit score. When you apply for credit each lender can score your application quite differently.

Emmzi

I concur. Looks ok to me, but try a free report from

http://www.annualcreditreport.co.uk/

nomoneytoday

Credit scores mean zip. Each bank has its own score card and those are top secret...

Experian_company_representative

Emmzi wrote: »

I concur. Looks ok to me, but try a free report from

http://www.annualcreditreport.co.uk/

The annualcreditreport service gets data from the smallest CRA Callcredit. Most lenders use Experian or Equifax.

DaveLy

the barclaycard loan has an APR 6.2% at the mo, i've had a CC with them for 2 years and always pay more and always on time.

My friend said he would act as a guarantor for me (owns 2 houses, excellent credit history), is this possible with barclaycard loan services do you know?

Bagpuss1973

Hi DaveLy

Are you financially associated to someone else who has bad credit? IE family member with the same name, other half or ex-other half.

Plus 8 searches may look a bit bad as you have been turned down for them all - might be making you look a bit desperate for the money.

Have you checked your credit report to ensure there are no accounts on it with bad paying etc that are not actually you?

Goodluck

Bagpuss:)

tom188

almost nobody uses these scores, and nobody uses them on their own. they are a cynical profit generating product from the cras which are used to prey on the insecure, and tell you nothing you cant work out on your own thinking about your payment history and looking at your credit file.

Key criteria you actually need to consider and which are not taken into account in these "scores" are
Affordability - how much do you owe, how much disposable income do you have?
Stability - how long have you been in your job/same address?

Also
How many applications have you made? Many - bad.
How much credit history do you have? Little - bad.
Have you missed payments on this credit? Some -bad.

etc...

I am aware of a forum member who was given a score of 999 from experian whilst having over 100k of unsecured credit to their name - this shows the nonsense of the scores - a perfect credit history, but who in their right mind is going to lend to them when there debt is several multiples of their annual salary?

jomish

I am in a similar situation. I am ready to apply for a mortgage but just checked my credit files. My score at equifax is excellent but experian very poor with no major logic. Worse the explanations seem to direct me to getting financial help when I don't have any financial problems whatsoever!