How To Interpret My Credit Reports?

Malmo

My view is that it wouldn't harm a mortgage application to have the card included, so as to show good account conduct. At worst, it will have a neutral impact, at best, a positive impact.

TCA

Malmo wrote: »

My view is that it wouldn't harm a mortgage application to have the card included, so as to show good account conduct. At worst, it will have a neutral impact, at best, a positive impact.

Thanks Malmo. Has anyone had any experience of how to go about this kind of thing? Does it require contact with the bank from me or would the CRA's do this on my behalf?

TCA

With regard to the inclusion of my old credit card on my credit reports, someone at RBS has now tracked down the correct individual/department to deal with.

They are saying that the reason for the card's omission is because when the account was opened (c.1990), there was no regulatory requirement to report credit cards to the credit reference agencies. Fair enough.

So they can switch the account on to report but say it's not possible to backdate any data. It would only report going forwards. Therefore it will take time for a 'good credit history' to accrue on the account. There may even be a short term detrimental effect on my credit file as it could be looked at as new lending, even though the opening date would be provided to the CRAs.

Anybody got any views on whether to proceed or not? It's probably unlikely (although not impossible) that I'd make a mortgage application in the next 6 months. My credit reports are pretty good without the credit card's inclusion, so is it worth getting the data released if there's no retrospective benefit (of no default) and presumably taking on what might be regarded as more credit?

Any tips appreciated.

kingstreet

Leave well alone.

TCA

kingstreet wrote: »

Leave well alone.

Thanks. Care to expand on why?

My initial thinking was that having an additional record of 25 years good credit behaviour would have a positive effect. So that wouldn't be inferred (even without backdated data) if the age of the card was reported, plus current good usage?

Or does all that get overlooked and it's treated like a new application for credit?

kingstreet

What you are doing is, by your own admission, going to have limited benefit and may in the short-term be detrimental.

This level of micro-management just isn't necessary and I blame the media and the likes of Experian for promulgating this idea of what you need to do to get a mortgage.

You may be surprised to hear those who take no notice of this stuff get a mortgage every day of the week.

TCA

kingstreet wrote: »

What you are doing is, by your own admission, going to have limited benefit and may in the short-term be detrimental.

Not so much my admission but what RBS are telling me. I'm trying to verify what they said and don't have any first-hand knowledge of whether a 'good' credit report is any different to an 'excellent' credit report. But from what you've said in previous posts, it sounds like the only thing to worry about are arrears, defaults etc.... If adding this credit card (despite it being 25 years old with no defaults) wouldn't demonstrate good long-term credit behaviour or have a substantially positive influence long-term, even after a short-term detrimental effect, then I'll take your advice and leave well alone. Thanks.

kingstreet

Exactamundo.