How to obtain credit reports

mandy6979

I applied for a credit report from Experian and received it today. All looks well and got score of 0 for all accounts held now or previously, since I always pay on time. I have 2 credit cards active at the moment totalling £599 and they will both be paid off and closed at the end of this month, which will only leave me a car loan and mortgage to pay. I have previously had other credit cards which have all been paid off and ''settled''.

I noticed that people who have posted on here spoke about a credit score. Some have scores of 700, 800 or so. I didn't get a final score with mine. Is that with another company?

I just applied out of curiousity because in the new year i want to apply for a new credit card and pay off my bank loan and move it to a 0% card and pay it off quicker than the 3 and a half years that are left to pay. Just hope that i can get a new credit card which will give me £7,500 credit limit so that i can transfer it.

Any suggestions?

exel1966

mandy6979 wrote:

I noticed that people who have posted on here spoke about a credit score. Some have scores of 700, 800 or so. I didn't get a final score with mine. Is that with another company?

In real terms there is no such thing as a credit score. As all financial institutions have differing lending criteria you cannot compare one company with another, therefore you cannot have a "real score"
The "credit score" used by Equifax and Experian are nothing more than a marketing gimmick to relieve you of a fiver (or whatever it costs nowadays).
Just because you have a "credit score" of XXX it does not determine whether any financial institution will give you credit or not.

Please read this : - http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650,

mrbigd

At last got my Experian Report and have a few questions:-

I have 3 of my current lenders who are showing "questmark" in my status history.

Example:-

Barclaycard reads like this

Status History 000questmark00000000

This account and all the others have no behind payments, so what is the reason that the status is showing as this and will it affect my credit worthyness.


When do searches disappear from my report?

Does any account thats settled disappear after 6 years automatically from settlement date?

Would appreciate any help you can provide.

Thanks
D

mrbigd

Anyone!

Thanks
D

YorkshireBoy

mrbigd wrote:

...so what is the reason that the status is showing as this and will it affect my credit worthyness.

Why not ring Experian on their freephone number and ask?

When do searches disappear from my report?

12 months from the date they were made.

Does any account thats settled disappear after 6 years automatically from settlement date?

They should do, but sometimes they don't (according to reports on here).

GB219940

Anyone know why my bank (and overdraft) don't appear on my report from experian? I have been rejected for credit but all my credit cards are paid on time...my bank is often over it's limit though but not being on the report, can this affect decisions?

Couple of other questions...

- Anyone know approx what % of income can I have in CC debt without being rejected for already having too much credit (currently have about 11k on 3 cards with a 24k income...only want a new cc to transfer this to interest free)

- How do the companies know if you tell the truth about income on applications?

- I am closing my barclays account (after 10 years) and have opened a new natwest account. will it be to my detriment that i have now been with my bank for 0 years? Is it in fact worth keeping the Barclays one open just to declare that i have been with my bank for 10yrs +?

YorkshireBoy

GB219940 wrote:

Anyone know why my bank (and overdraft) don't appear on my report from experian? I have been rejected for credit but all my credit cards are paid on time...my bank is often over it's limit though but not being on the report, can this affect decisions?

Many banks choose not to report positive account conduct to the credit reference agencies (CRA's). Only if you exceed your overdraft limit continuously (for a period of one month or more), will they consider reporting the account to the CRA's.

- Anyone know approx what % of income can I have in CC debt without being rejected for already having too much credit (currently have about 11k on 3 cards with a 24k income...only want a new cc to transfer this to interest free)

I've had debt well over 100% of salary and still got accepted for a new card. However, I tick all the other boxes - salary, age, home-owner, long time with bank, long time with employer, etc. You say you have £11K debt...how much available credit do you have?

- How do the companies know if you tell the truth about income on applications?

Don't even go there!!!! They subscribe to fraud agencies, and report the data you supply on your applications - such as salary, time with bank, time with employer, etc. Never, ever, lie on an application form.

- I am closing my barclays account (after 10 years) and have opened a new natwest account. will it be to my detriment that i have now been with my bank for 0 years? Is it in fact worth keeping the Barclays one open just to declare that i have been with my bank for 10yrs +?

Don't close the Barclays account - 10 years will give you extra 'points' when a provider 'scores' you. You'll always have to give the card providers these old acount details when you apply, but you can give different details when it comes to setting up a direct debit later.

GB219940

Ok thanks for the advice - very useful.

to answer your question - available credit is £12k credit cards so I'm using almost all of what I have available. Don't know whether that changes anything.

I have been with my employer for 18 months in total but over 2 periods (this one being only 4 so far) what should I report in applications? I presume once you hit 2 years it is more favorable...?

YorkshireBoy

GB219940 wrote:

to answer your question - available credit is £12k credit cards so I'm using almost all of what I have available. Don't know whether that changes anything.

This has been discussed many times on the stoozing website forums, and even featured in a credit scoring article there. Personally, as a stoozer I don't care if I'm using all my available credit - after all, that's the whole idea!

However, if yours is real debt, what this says to me is someone's given you £12K of credit - and you've (virtually) blown the lot. Also, a new provider will think that you'll just carry on, ie if they give you another £5K, then in a few months time you'll owe £15K.

Having only 50-75% of your credit used at any one time, says to the lender that you're in control - but there's a chance that they can make some money out of you at the end of any 0% introductory period they give you.

On the whole, I'd say you still stand a chance of acceptance elsewhere since your debt/income ratio is only 50% - or thereabouts. Whether you get large enough limits to enable you to clear any of your existing cards entirely (and close them) is another matter.

I have been with my employer for 18 months in total but over 2 periods (this one being only 4 so far) what should I report in applications? I presume once you hit 2 years it is more favorable...?

Like I said before, never lie on an application form. The answer is 4 months! But yes, once you get to the 2-5 year category things will improve - in my experience.

brendang_2

hi guys and gals,i have just looked at my credit report via garlik.com and it says my score is 674 and that i have a 2 star rating due to the fact that i apparently have no accounts or searches on my file,can anyone advise me on wether i can apply for a credit card with such a score and if so which one(s),thanks