Applying for 0% cards - have I inadvertently wrecked my credit rating?

sghughes42

I was looking to apply for a new 0% card as my existing deal is coming to and end. The best option looked like Fluid as I've already got a Tesco card and had a Halifax card before that so would be unlikely to be accepted again.

I went though their pre-application process but was told I didn't qualify. I then went on to the MSE checker and was told it couldn't find any records for me.

I've never had a credit problem in the past but I wonder if a choice I made about 6 months back may have come to haunt me...

I was made redundant late last year. Got a new job no problem but too far from the house that I own to commute. My fiancee is moving to the UK to join me very shortly so it seemed more sensible to rent something short-term then look to buy once we were settled and could choose together, while renting out the house I own.

Could the reason I'm being refused be because I'm now applying as a tenant rather than as a home owner?

If so, would it make any difference to talk to the companies over the phone and explain that I do own a house, or would that not make any difference to them?

Alternatively, as I still own the house in Stockport, could I apply using that address and once I get the card change the address, or would they do a new credit search based on my new address and terminate the card?

Is there anything else I could do to boost my credit score to have a chance of getting one of these deals? In many ways you'd have thought I'd be a better risk now than before as the new job came with a fairly hefty payrise and I had no trouble getting 0% cards before...

unimaginative_user_name

My husband and I have never been home owners and have never had problems getting credit cards. Are you on the electoral at your new place? That's pretty important when applying for credit.

guesswho2000

sghughes42 wrote: »

Alternatively, as I still own the house in Stockport, could I apply using that address and once I get the card change the address, or would they do a new credit search based on my new address and terminate the card?

Whatever you do, don't do ^this^. They ask where you live, not [STRIKE]whether you own a home[/STRIKE] the address of a house you own - organisations like National Hunter track the data you put on applications behind the scenes, and would possibly flag this inconsistency! This would hit your creditworthiness more than anything to date.

Not to mention that it's technically fraud

sghughes42

unimaginative_user_name wrote: »

My husband and I have never been home owners and have never had problems getting credit cards. Are you on the electoral at your new place? That's pretty important when applying for credit.

I don't know - how long does it take to get put on the electoral register? I was sent forms not long after I moved in as there were elections due. I filled in and returned the forms but didn't get any acknowledgement and also didn't get a voting card for the election now I come to think about it.

Looking on the local council website it suggests the register is only updated once a year in December, does that mean I have to wait until then before my details will be added and I can apply for credit?

sghughes42

guesswho2000 wrote: »

Whatever you do, don't do ^this^. They ask where you live, not [STRIKE]whether you own a home[/STRIKE] the address of a house you own - organisations like National Hunter track the data you put on applications behind the scenes, and would possibly flag this inconsistency! This would hit your creditworthiness more than anything to date.

Not to mention that it's technically fraud

OK, I wasn't aware of that so I definitely won't be doing that! Was always hoping to get it on my new address, just wondered if that was an option if I couldn't. Now I know it isn't I'll try and work out what is wrong with this address...

guesswho2000

sghughes42 wrote: »

OK, I wasn't aware of that so I definitely won't be doing that! Was always hoping to get it on my new address, just wondered if that was an option if I couldn't. Now I know it isn't I'll try and work out what is wrong with this address...

It won't be the address (as all CRA data is based on the individual, unless there's an error - usually resulting from similar names), but from your other response, almost certain it'll be electoral roll data - not being on the roll with knock most applications down, it's the primary means of electronic verification.

Not sure about your district, but mine updates the roll monthly until around October (annual canvas time). The canvas data is applied in December.

However, all is not lost - when I moved, Eq & Ex updated quickly (I moved in April last year), but Callcredit (Noddle) didn't for some reason. My district council sent me a letter of confirmation that I was on the ER, which I sent as proof to CC, they then added me - I assume Ex/Eq would do the same.

sghughes42

OK, thanks, I've emailed the council to ask if they have processed my form and if not when they think it will be done.

I checked on Noodle and it couldn't verify me so I suspect that this is the problem.

Any idea who Fluid use for their credit checks?

sghughes42

I've signed up for an Equifax trial and as suspected the local council have failed to put me on the electoral register...

Does anyone know how long this usually takes to percolate through to my credit files once they update it? I've contacted them and hopefully they will be putting me on soon.

I'm hoping to apply for a remortgage on my other house to pay for some work - is this likely to mess up the chances of being accepted, or will they also credit search on the address of the house I own?

Lastly, my credit report is still showing a link to a house I moved out of about 11 years ago. Is this normal?

sghughes42

Daft question, but how long does it take your records to be updated? I went through the list of all accounts showing on my file a week ago, updating my address - and in the case of the ones I'd closed ages ago but were still showing as active, asking why they were still active.

My Tesco credit card updated on Equifax almost straight away. Nothing else has changed in a week.

Also, I've had confirmation now from the local council that I am on the electoral register but again this isn't showing on my file.

Surprised these things take so long in this day and age - should be all automatic surely?

InsideInsurance

From you telling your bank to do something and it showing on the CRAs it can be anything from a couple of weeks to 3 months depending on where your instructions are in relation to the reporting cycle and the speed of their actions. Most banks only provide a monthly update to the CRAs but it takes some time for them to extract and prepare all the data.

As to appearing on the register, there is an annual closed period around the Autumn refresh where all new applications are held for a few months before being processed and then you have the normal month or two updating cycle. I moved in mid August and registered almost straight away but it didnt show up on the CRA file until mid Jan

sghughes42

So, Banks and other credit providers place a lot of emphasis on the reports these credit reference agencies produce, but they make no effort to ensure the information is current and correct and that updates are applied in a timely manner?

Pretty poor show if you ask me and not exactly fair on consumers...