Promo marker

Rosenhaus

I have a 0% money transfer but I don't see a promo marker on the entry on the credit report.

How will other lenders know that the reason I am carrying a balance and making minimum payments is because its at 0% for 30 months and not that I'm struggling with debt?

Sparx

They don't - credit agencies can't predict the future or your intention.

It's a debt nonetheless, which is all the consideration other lenders need to know about.

PixelPound

They don't, so you need to pay more. Either do a fixed amount DD above the minimum or do an additional SO for a £1 to ensure more than the min is paid each month.

GingerBob_3

nic_c wrote: »

They don't, so you need to pay more. Either do a fixed amount DD above the minimum or do an additional SO for a £1 to ensure more than the min is paid each month.

Is this right? My understanding is that promo rates are flagged as such. They should be, because otherwise they are liable to give a distorted picture of someone's credit status. Take my own situation; I currently have about £5k on a 0%, no fee BT. I could pay it off immediately from my savings, but there's no point since I'd lose interest (current 3% with BOS) on those savings.

Ben8282

The promo rate should be flagged as such. On an Experian credit report there should be a Y in the appropriate place. Contact lender and ask them to correct the incorrect reporting.
The missing marker will create the impression that this is an interest bearing balance,

Candyapple

Which CRA were you checking?

I can see the promo markers in Noddle and Experian, but my Clearscore one just shows the headings: spending, payment and balance.

Rosenhaus

Ben8282:

The promo rate should be flagged as such. On an Experian credit report there should be a Y in the appropriate place.

Thanks, that's the impression I had from reading various posts on the Credit Card Forum.

Candyapple:

Which CRA were you checking?

Sorry should have said in original post, it was ClearScore I had looked at.

I will obtain Experian and Equifax Reports and see if it is flagged or not.

thanks for all the replies.

KoshB5

Lenders will be able to see the account types you have (not who they are with), balances and payment history along with markers about late paments / defaults, special promotions and minimum payments. I've replied in another thread on the types of information used to score somebody. [Credit Card Utilization - Credit Rating Effect]

Utilising 0% deals will be factoried into debt to ratio / payment history / affordability scoring.

Clearscore have an agreement with Equifax it is likely they have just chosen not to show all the details available to them.