Low credit limits & general credit score improvement.

dazzaofdagenham

MovingForwards said:

dazzaofdagenham said:

MovingForwards said:

dazzaofdagenham said:

My wife has a CCJ that will be six years old next week...so will fall off her files
we have been waiting for a year for this to happen, therefore hoping we ( us ) will be become instantly more credit worthily for a remortgage later this month.

can this be true 

She was always "credit worthy" to the right lender, especially if the CCJ had been paid off. 

I recently completed a purchase with a satisfied CCJ and a few defaults.

When we asked about remortgaging with Barclays....they asked about credit and we were quite honest and explained that the CCJ is there... they advised best to wait until it falls off...

That's one lender out of hundreds. You could have spoken with a broker a few years ago.

This was for a remortgage....our existing mortgage deal expired and now on a rate of BOE plus 1.99 which isn’t to sad of a rate of the moment. However wanted to remortgage and borrow for some house improvements.

on a separate note...got a email from equifax saying change to credit file..the CCJ has dropped off a few days early..so ( don’t laugh ) the credit score by equifax didn’t change !!!!

MovingForwards

Still could have spoken with a broker.

Ignore the credit score / rating as it's not seen or used by financial institutions as they have their own internal scoring algorithm.

D3xt3r5L4b

Adamr8965 said:

So i applied for the Aqua advanced card last week and got accepted. I have a starting limit of £1200 on the card.

So will carry on using the card for normal and large purchases, this should give me score a boost.

You’ll probably see it drop...

dazzaofdagenham

MovingForwards said:

Still could have spoken with a broker.

Ignore the credit score / rating as it's not seen or used by financial institutions as they have their own internal scoring algorithm.

I know everyone on here says ignore the credit score, but I always like to keep a eye on these things..may approach a broker this week and see what is available.

Ebe_Scrooge

dazzaofdagenham said:

MovingForwards said:

Still could have spoken with a broker.

Ignore the credit score / rating as it's not seen or used by financial institutions as they have their own internal scoring algorithm.

I know everyone on here says ignore the credit score, but I always like to keep a eye on these things..may approach a broker this week and see what is available.

Put it this way - I work for a bank, in IT, and am currently working on a project to do with our loans systems.  We most certainly do receive data from the CRAs, and feed that into our internal systems to come up with a score.  But that score is based on our own (horribly complicated, I've been doing the analysis!) algorithms, nothing to do with any score produced by someone else.  It's the data contained in your files that's important - and this is where a good broker is worth his weight in gold if you have anything on your file that would tend to set alarm bells ringing.  Some lenders will only deal with customers who have a squeaky-clean file, some will overlook up to 3 late payments in the last 2 years, some will overlook a CCJ if it's more than 4 years old, whatever it may be.