Cifas marker

Anonymous127

Yh i get that however the fraud happened nearly 6 years ago and has never continued so id never do it again... this has been like a prison sentence literally torture.. when can i apply for bank accounts and a credit card? The moment cifas take it off? 

DullGreyGuy

Anonymous127 said:

Yh i get that however the fraud happened nearly 6 years ago and has never continued so id never do it again... this has been like a prison sentence literally torture.. when can i apply for bank accounts and a credit card? The moment cifas take it off? 

I'd play it safe and leave it a month after however you've admitted you've already been apply and so those companies may have made internal records which they may keep for 6 months or whatever and so they should be off your list of potential companies to approach. 

eskbanker

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Anonymous127 said:

Could i also ask why the cifas marker for misuse of facility dont show up on experian equifax or transunion

My understanding is that CIFAS data and credit agency data are effectively two entirely separate data sets, so a soft credit search wouldn't encounter a CIFAS misuse marker and it wouldn't show on credit files as such.  Prospective lenders will perform both a credit check and, separately, a CIFAS check when considering an application.

Anonymous127

Wait a month for even a bank account? I thought once cifas remove the marker it updates instantly? So can i also apply for a credit card once the marker comes off? And also if the capital one only did a soft check how does the marker get seen on a soft check to lenders? 

Anonymous127

eskbanker said:

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Anonymous127 said:

Could i also ask why the cifas marker for misuse of facility dont show up on experian equifax or transunion

My understanding is that CIFAS data and credit agency data are effectively two entirely separate data sets, so a soft credit search wouldn't encounter a CIFAS misuse marker and it wouldn't show on credit files as such.  Prospective lenders will perform both a credit check and, separately, a CIFAS check when considering an application.

So why when i did a soft check on capital one did it say credit score too low if its rated at 688? Also once the marker goes will i definitely be able to get a bank account with the high street banks apart from lloyds? 

cymruchris

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Are there any credit files live on your current reports? Do you have a contract mobile phone still going? I'm guessing all accounts and credit cards were closed at the time?

If you've not had a 'live' account since 2016 - it may be the lack of recent positive credit history that's causing capital one (and likely any other card company) to auto-decline on a soft check. 

You may have to start with a basic bank account once the marker is removed, then let that register to your credit files for a few months, and take it from there.

I don't think you'll get any credit card on the day the marker is removed as you lack recent positive history.

eskbanker

Anonymous127 said:

eskbanker said:

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Anonymous127 said:

Could i also ask why the cifas marker for misuse of facility dont show up on experian equifax or transunion

My understanding is that CIFAS data and credit agency data are effectively two entirely separate data sets, so a soft credit search wouldn't encounter a CIFAS misuse marker and it wouldn't show on credit files as such.  Prospective lenders will perform both a credit check and, separately, a CIFAS check when considering an application.

So why when i did a soft check on capital one did it say credit score too low if its rated at 688?

Credit scores are made-up numbers that can't be relied on, but if they actually used the words "credit score too low" then they were probably referring to their own proprietary internal credit scoring mechanism, rather than the ones generated by credit rating agencies.

Anonymous127 said:
Also once the marker goes will i definitely be able to get a bank account with the high street banks apart from lloyds? 

As pointed out upthread by someone else, you should be able to get a basic account.

Anonymous127

cymruchris said:

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Are there any credit files live on your current reports? Do you have a contract mobile phone still going? I'm guessing all accounts and credit cards were closed at the time?

If you've not had a 'live' account since 2016 - it may be the lack of recent positive credit history that's causing capital one (and likely any other card company) to auto-decline on a soft check. 

You may have to start with a basic bank account once the marker is removed, then let that register to your credit files for a few months, and take it from there.

I don't think you'll get any credit card on the day the marker is removed as you lack recent positive history.

That makes sense but when the day it comes off can I not open a normal current account? Or would i need to open a basic bank account and when would i be able to get a credit card? 

cymruchris

Anonymous127 said:

cymruchris said:

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Are there any credit files live on your current reports? Do you have a contract mobile phone still going? I'm guessing all accounts and credit cards were closed at the time?

If you've not had a 'live' account since 2016 - it may be the lack of recent positive credit history that's causing capital one (and likely any other card company) to auto-decline on a soft check. 

You may have to start with a basic bank account once the marker is removed, then let that register to your credit files for a few months, and take it from there.

I don't think you'll get any credit card on the day the marker is removed as you lack recent positive history.

That makes sense but when the day it comes off can I not open a normal current account? Or would i need to open a basic bank account and when would i be able to get a credit card? 

No I don't think you'll get a normal current account on day 1. I think you'll only qualify for the basic account as you have no recent history that the banks can look at. You're like a blank sheet of paper. It will take time (lots of it) to rebuild your history, but it can be done.

Start with the basic bank account (as I said) - wait maybe 6 months of it reporting to your credit files, make sure you're on the electoral roll, you may then find you can get a sim-only contract for your mobile, this again will report to your credit files, and then maybe 6-12 months down the line you might find better luck in getting a regular current account or your first credit card. 

There's no black and white answer, it'll depend on your financial behaviour over that initial year once the marker is removed.

Anonymous127

cymruchris said:

Anonymous127 said:

cymruchris said:

Anonymous127 said:

Ok thank you Farfetch does that mean on the capital one soft search they would have picked up the cifas marker and hence said score is too low? Also once the marker drops of can i apply for a credit card? 

Are there any credit files live on your current reports? Do you have a contract mobile phone still going? I'm guessing all accounts and credit cards were closed at the time?

If you've not had a 'live' account since 2016 - it may be the lack of recent positive credit history that's causing capital one (and likely any other card company) to auto-decline on a soft check. 

You may have to start with a basic bank account once the marker is removed, then let that register to your credit files for a few months, and take it from there.

I don't think you'll get any credit card on the day the marker is removed as you lack recent positive history.

That makes sense but when the day it comes off can I not open a normal current account? Or would i need to open a basic bank account and when would i be able to get a credit card? 

No I don't think you'll get a normal current account on day 1. I think you'll only qualify for the basic account as you have no recent history that the banks can look at. You're like a blank sheet of paper. It will take time (lots of it) to rebuild your history, but it can be done.

Start with the basic bank account (as I said) - wait maybe 6 months of it reporting to your credit files, make sure you're on the electoral roll, you may then find you can get a sim-only contract for your mobile, this again will report to your credit files, and then maybe 6-12 months down the line you might find better luck in getting a regular current account or your first credit card. 

There's no black and white answer, it'll depend on your financial behaviour over that initial year once the marker is removed.

Ok thats fine how will i apply for a basic bank account? Is that hard to do with barclays, natwest, santander or someone and would they not ask why i want a basic bank account?