Credit rating 'improving' credit cards

I have recently finished paying off my 3 year obligations to the appointed receiver having been made bankrupt back in 2010. I have a secure and well paid job.
I wanted to improve my credit rating so I subscribed to Experian to see what the situation was and to my surprise my credit rating was 'Fair'. They pointed me towards taking out a credit agreement with AQUA for an expensive credit card as a vehicle for improving my credit rating. This I did back in June this year and managed my payments well and indeed after 3 months they increased my credit limit dramatically - all good so far woop! woop!.
However two things have happened since taking out this agreement which of great concern to me:
1. My credit rating has gone from 'Fair' to 'Poor'
2. There is no sign of AQUA's credit arrangement on my Experian report
I recently phoned AQUA who told me it was an oversight and they would deal with it at the next opportunity
I would love to know whether any one else has had this experience?
The sceptic in me would say that it is not in AQUA's interest to file this agreement in any great rush or to see my rating improve.
How long should an improvement take?

Replies

  • kingstreetkingstreet Forumite
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    Some lenders only take information from, and supply information to, one CRA.

    Does Aqua "use" Experian, or Equifax or Call Credit?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thanks Kingstreet,

    I honestly don't know but because they were recommended by Experian I can only assume that they must use them?
  • grandplonkergrandplonker Forumite
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    Note that credit searchers can see who lenders are/were. If one had a grudge against Aqua they could reject you on those grounds if they wanted; although I doubt they would. Wonga on some lender's 'banned lists' though.
  • I've heard that lenders actually can't see which companies your credit cards/accounts are with, they just see how many you've got.
    "Can't you have your ***** cut off ?" "It's not as simple as that, Nigel"
    :j
  • rb10rb10 Forumite
    6.3K Posts
    Note that credit searchers can see who lenders are/were. If one had a grudge against Aqua they could reject you on those grounds if they wanted; although I doubt they would. Wonga on some lender's 'banned lists' though.
    Sabbathdei wrote: »
    I've heard that lenders actually can't see which companies your credit cards/accounts are with, they just see how many you've got.

    Sabbathdei is correct, lenders are not able to see the company that your accounts are/were with.

    The only way they could find out is if they request bank statements (only common for mortgage applications) that show a direct debit to a particular lender.
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