Credit scoring

Wild_Rover_4

Having emerged from a period of bad debt which had left my credit score* in tatters I am slowly but surely on the road to recovery. I still have one default (the debt attaching to which was eventually paid in full) which is scheduled to fall of my history in January 2009, my current account is raising a green flag every month and I have now been granted a credit card which will also be paid off on a monthly basis and which I hope will also be recorded.

Does anyone out there know of other sure fire ways to increase your rating aside from the obvious such as having a stable address etc - I'm pleased to report that I have no CCJ's against my name.

Any advice and or help would be appreciated.

*I realise that Martin holds that this does not exist but it certainly seems that there are factors that will cause companies like Equifax or Experian to present a more favourable overal report on an individual when a mortgage is being sought which is what my fiance and I are working and saving toward.

redpoison

i am in a imular situation as you.. experian advised me to write a note to attach to my credit file for the debt in question.. most lenders can read this...

Wild_Rover_4

Yeah I did that but it didn't appear to have much impact, I think as there is no real way for the lender to actually verify what is written at the time your application goes through the sausage machine.

The note itself didn't actually do anything to improve my actual score either. I guess what I'm really wondering if anyone out there has any particualr experience in say taking out a certain type of loan (bar mortgage at this stage!!!!) that has a particularly beneficial effect on your actual score.

redpoison

Your file must be imporved for you to get a credit card.. i was lucky llast year very lucky to get a credit card with capitol one only got a £200 limit but its my only visa am unable to get a debit card with my bank.. Do you know what your score is? Mine is 675 (0-1000) now and its classed as poor

Wild_Rover_4

What credit agency is that with - let me know and I'll find out.

To be fair what helped was that my Dad let me be a named card holder on his card (and the only actual user of the card) and so when I applied for a card in my own name I was able to prove that I'd been paying off a card for the past eight months or so anyway.

It's weird that your bank won't give you a debit card as I'd have thought that that was alot less risky that a credit card.

Broken_hearted

I have a great credit score yet can't get credit anywhere as DH's is shot to pieces. So credit scores are a waste of time.

Wild_Rover_4

Broken_hearted wrote: »

I have a great credit score yet can't get credit anywhere as DH's is shot to pieces. So credit scores are a waste of time.

I think that when they are used unfairly like this they certainly are a waste of time but as someone who three years ago was being refused a Debehams store card because of a bad score, and yet now because of a better score I am able to succesfully apply for a credit card again I have found them to work in my favour.

redpoison

i used experian.. didnt know there is another one?

Wild_Rover_4

Yeah there's Equifax and also Credit expert - there maybe more but I think that these are the main ones.

I've attached links for Equifax and Credit Expert https://www.econsumer.equifax.co.uk/consumer/uk/

https://www.creditexpert.co.uk/MCCLogin.aspx

You're best of checking all of them as the records are often different - hope that this helps.

Helonearth

I have found that sometimes ringing up and speaking to an underwriter can help.

I was initially turned down for a credit card a while back when I just bought my flat and was still registered at my parents address. I think my record was very confusing, so they turned me down.

When they spoke to me and realised I wasn't a disorganised person who didn't know whether she was a homeowner or living with her parents and any of the details but actually someone very sorted, they changed their mind and let me have the card.

Just something that may help. Too often things are just 'credit scored' rather than looked at by a human. Computers are only useful for the simplest of cases.

Milly x

Wild_Rover_4

It's a fair point Milly and I think that if you're situation is genuine a lot of Underwriters are willing to think laterally - my problem is that I have an actual default on my history and though every penny of my debt is now paid off (and has been for 2 years now) it's still there and no matter how much I tried to convince them that this was due to bad luck/bad judegement over four years ago as soon as they saw the default they'd blank me :-(.

As I've said though my score is slowly begining to improve and I'm now in a postion where conventional companies are offering me credit cards...I just hope that it's back to triple A status in 2 years or so when my fiance and I hope to start looking for a mortgage :-).