Noddle - missing CC information?

Puddylove

Hi all
I'm just curious as to why Noddle includes two of my three credit cards in their information, but omits the third?
The third is a CB MasterCard with a zero balance, but a limit approaching £10k, and I've had it for more than 20 years.

Thanks
P x

Malmo

The card provider may not report to Callcredit (Noddle).

A lender or service provider may report to 1, 2 or all 3 UK Credit Reference Agencies.

There may also be a consent declaration that was in force at the time that prevents that account from being reported, if the credit account is of 20+ years.

Puddylove

Thanks.
I don't want to pay to the other companies, so I don't know if it's on there, but I've managed it well for those 20 years.
Thinking about getting a mortgage so I'm not too sure how much credit reports matter.
P x

Malmo

If you are thinking of applying for a mortgage, your credit profile is very important. For example, one of your first steps will be to apply for a mortgage Agreement / Decision in Principle (AIP / DIP), which indicates the maximum amount you could borrow based on your creditworthiness. Most lenders conduct a soft or hard search of your credit profile at this stage. Which agency is searched depends on the lender and what commercial arrangement the lender has in place with a given agency.

Therefore, in order to be thorough and well prepared, obtain copies of your statutory credit reports from all 3 Credit Reference Agencies (Experian, Equifax, Callcredit/Noddle). The statutory reports cost just £2 each. You need all 3 agencies reports to obtain a full picture of your profile as different lenders use different agencies, as mentioned. It is worth reviewing all 3 reports well ahead of time, to enable you to spot any errors and have them corrected in good time, or any adverse issues such as defaults, CCJs, missed payments, arrears etc that you may not be aware of. Doing this exercise will ensure that the data that lenders use to credit check you is up-to-date, correct & complete. There is no need to sign up for the monthly subscription services - the scores they generate are irrelevant to lenders and not visible to anyone except you and the credit reference agency.

See links below to each agency's statutory report.

Experian Statutory Report

Equifax Statutory Report

Callcredit Statutory Report AKA Noddle

Check that your current, previous and linked addresses are correct, that you're on the electoral register (this is a UK legal requirement anyway), that any financial links / associations derived from joint credit accounts are correct or have them disassociated if incorrect.

Then make sure you provide your reports to a good whole of market mortgage broker. One suggested method to find a broker (as well as using Google), is to follow the steps in this post.

Hazzinho

Doubt the 20 year old account will show with any CRA, you won't have consented to share the account information, it's part of the terms for new accounts but not for 20 year old accounts. You will need to ask the lender to share it.

Puddylove

Thanks, Malmo.
I appreciate your time.

I've managed ny money well so far, but will check that there are no errors on my profile.

The only thing I am uncertain of, is what to do about my credit cards.
I have three - with the following balances/limits;
CB - £0 / £8000
Credit card 2 £0/£14500
Credit card 3 £8000/£12250 (at 0%, paying £250pm).

I am balance transferring between 2 and 3 while paying my debt off, but should I close the CB one?

P x

Puddylove

Thanks, Hazzinho.

Should I do that, or just close it? I've never defaulted on it, or even been late paying...

GingerBob_3

Puddylove wrote: »

Thanks, Hazzinho.

Should I do that, or just close it? I've never defaulted on it, or even been late paying...

I suggest you don't do that. One less card on the CRA reports is one less opportunity for a mistake to blow your ability to obtain credit. Just keep using the card. If I had a card that wasn't reported it would be my main card to use!

PixelPound

Some things to consider - they look at your card debt as a percentage of available credit, closing 1 card will cause that to shoot up (they also consider total amount of debt too, but IIRC its okay if total is below 13K - someone will correct me if I'm wrong on that )

They also consider how much is owned on each card so not have over 50% as thats a negative.

Depends what you want to achieve, as in are you applying for a type of credit?

andyfromotley

Hi puddy,

The simple answer is no one knows. Each credit provider has their own scorecard for their products, (about which they are oddly secretive) some will score you less for having large amounts of unused credit available, some wont.

Read the same for just about every aspect of your finances. But each one individually is unlikely to be a deal breaker. Just run your finances properly, pay your debts and take on as little debt as you need and you will be fine.

Puddylove

I applied for a £2 Experian report - nothing remarkable on there, lots of 0s.
My CB credit card, that was missing from Noddle, is again missing. I'm not sure if that's good or bad - it makes my £8k debt look like a higher percentage of my available credit (my CB one has a nil balance and an £8k limit).
On the other hand, I'm wondering if CB would do an (invisible) 0% balance transfer...:D.
Any thoughts?
P x