What happened to our credit rating???!!!

Baking_Mad

My husband and I have always had a great credit score and always paid credit card bills and loans by direct debit and on time.

In the last few months we tried to get a couple of things on 0% interest (namely a new mattress) and were refused. We couldn’t understand why but didn’t do anything about it.

Now, next month we are due to do a balance transfer on one of our two credit cards. I’ve just been through eligibility checker and it came back with 0% success for ALL companies except for Capital One 6 month deal for those with poor credit.

We are shocked and have no idea what happened to have caused this.

Any advice would be much appreciated as we are terribly worried now

Willing2Learn

Have you checked your CRA data files for accuracy? Check with all three CRAs.

And your score is not important as lenders neither see it nor use it. They score you using the data held in your credit file(s), added to the data you submit in a credit application.

Baking_Mad

Thank you very much for this.

So what are the three CRA please?

Equifax? And what others? Is it possible to check our file online?

Willing2Learn

You can get access to the CRA data files via the following sites:

Equifax = Clearscore
Experian = MSE Credit Club
TransUnion = Noddle

Just remember, when you look at the above linked sites you will get a score (this can be ignored), and you will have access to your full credit report. Go through the data in each credit report line-by-line to look for accuracy.

Are you both on the Electoral Register?

[Deleted User]

Check your reports for any late payment markers, defaults etc.

Also who was applying for credit?

Since you can only apply for credit cards in a single name I would check that persons files first

Ignore the scores and ratings as they’re not real - never have been and never will be.

Baking_Mad

Could only check the first two. Noodle doesn’t seem to find us... no idea why. We thought we were on Electoral Roll but just did it again just in case.

Clear score report states that there are no issues and everything we do is right with no pointers given to improve the score at all. That said both Experian and equifax scores are low so still no further forward with finding out what the problem is.

[Deleted User]

Don't look at either the scores or the advice. None of it is relevant.

Check that the data is correct. Eg are all the accounts listed yours, financial associates, ER, late payments, defaults.

Then consider your total limits, balances and income. Is there anything that would worry lenders?

Baking_Mad

All credit applications have always been in my husbands name. I’ve only checked reports in his name and all seems ok except no one wants to offer us balance transfer
Should I be checking my name too even though I’ve not applied for credit?

wiseonesomeofthetime

all seems ok except no one wants to offer us balance transfer

How high is your credit utilisation?

Credit used / credit limits aggregate

[Deleted User]

What’s your current credit limits? And balanace? And salaries?

Baking_Mad

Credit card 1 with Virgin:

Balance £9157 Limit £10200 (this is the one with 0% ending in February and we desperately need to do balance transfer)

Credit Card 2 with Barclays:

Balance £5118 Limit £10000