query regarding credit rating :(

mpaton2005

Hi,

I currently have 2 loans and a credit card - however one loan isn't showing on my credit rating for some reason (Experion)

I was wanting to apply for another loan to consolidate my credit card and the smaller loan payment - and a close family member will be paying the higher value loan - effectively reducing me to just one loan of £160 a month over 4 years. That would be all my bad debt, gone - I earn approximately £1,350 a month after tax.

I have had a mortgage offer accepted with Halifax for £288 a month - so my total "debt" would be £450 a month which leaves with me £900 living expenses which I think is reasonable.

However!!

I got a shock today when I looked at my rating, it is a disgraceful 311 on Experion - I've had credit for about 5 years and have payed everything to schedule and settled some accounts early. All my current credits are level 0 status (no missed)

I look on my searches and I have had quite a number recently with regard to mortgages (for some reason the Halifax searched twice on the same day) and a Northern Rock which was for a previous house I went for but was Gazumped after my application!

I applied for some personal loans recently also which I decided not to take, which is showing also as searches.

Is there anything I can do to help this? I am in a comfortable position debt wise and I am trying to make it even better on myself by consolidating higher APR debt into an amortized loan with a finite lifespan. From what it looks like to me these searches are causing the problem and not my payment history. From what I can see:


* Reasonable income compared to outgoings
* Excellent repayment history
* No defaults
* No CCJs
* Good history of credit from various lenders
* Wanting to reduce the unsecured credit I have into one single amortized account which will give me even more disposable income at the end of the month...

... would be positive to a lender!


I feel very harshly done by at the moment and worried that the Halifax might turn round and retract their offer of a mortgage just because of stupid searches wrecking my rating

What can I do?

Martin

Malestrom

mpaton2005 wrote:

I applied for some personal loans recently also which I decided not to take, which is showing also as searches.

Is there anything I can do to help this?

Well, stop applying for credit until the searches are removed from your credit records (6 months). Also, check you credit records with the other two credit agencies, Equifax and CallCredit, which may enlighten you.

Highland_Doll

Malestrom wrote:

Well, stop applying for credit until the searches are removed from your credit records (6 months). Also, check you credit records with the other two credit agencies, Equifax and Call Credit, which may enlighten you.

Just to let you know, credit searches stay on your credit files for 12 months now. This change occured quite a while ago, and applies to all the three major credit reference agencies. Experian, Equifax and Call Credit. So, you will have to wait 12 months from the date a search is registered for it to disappear. A pain in the !!!!!! if you ask me! 6 months was more than ample in my opinion!