Damage Limitation

Off_Grid_Regerts

Hi,

I’m trying to figure out which scenario is going to cause me the least problems / harm to my credit reference files.

1. My current, and only credit card is due to be discontinued on the 6th of June (Jaja are withdrawing their own branded cards from the market).

If I don’t find a replacement by the end of business on the 6th, I’ll be without a credit card :

Will that harm my credit reference file etc, and am I effectively flushing 14 years (Jaja took over from the Post Office / Bank of Ireland) of spotless credit score down the toilet?

2. Since I joined credit club last month, my circumstances have changed, and I’ve updated my profile info accordingly (I work freelance, which has really picked up as of May. In September it’s due to change again, as I’ll take on a year long contract - when I’ll update my profile again).

This has meant that I’ve been pre-approved for credit cards I previously would have been declined.

However, whilst that Experian data is up to date, and valid, it stated that the monthly file updates (that are used for a hard check) won’t actually get updated until the 23rd of June.

Pre-approval means that in most cases one breezes through an application, and the credit card provider doesn’t do a hard check, but as MSE states, that’s not a cast iron guarantee, and the provider might do a hard check…

And in this case, the existing, outdated files would cause me to be declined.

So, which is the least bad option?

1.  Let my existing credit card die, and go without a credit card until my files are correctly updated on the 23rd of June (or even choose not to get another credit card until after I start my year long contract in September, and have updated my profile to reflect that)?
   
   
2. Apply for a pre-approved credit card, and worst case scenario; they reference my outdated files, and reject the application.

Any guidance, and advice greatly appreciated.

Off_Grid_Regerts

(For some reason, the forum has labelled both points #1, but my draft has them labelled #1 & #2.  I’m not sure how to edit the post).

sourcrates

Off_Grid_Regerts said:

(For some reason, the forum has labelled both points #1, but my draft has them labelled #1 & #2.  I’m not sure how to edit the post).

Right click on little cog wheel, top right of post, first option is edit.

MorningcoffeeIV

Off_Grid_Regerts said:

If I don’t find a replacement by the end of business on the 6th, I’ll be without a credit card :

Will that harm my credit reference file etc, and am I effectively flushing 14 years (Jaja took over from the Post Office / Bank of Ireland) of spotless credit score down the toilet?

No. All that will happen is that your account will show as closed. You have no 'spotless credit score', just credit history, which goes back 6 years, not 14.

Lenders see real time updates, not monthly updates.

Apply for another card whenever you want. Now would be a good time, while the other is still open, and then plan to get another one or two over the coming months, so you're not reliant on a single card.

Off_Grid_Regerts

sourcrates said:

Off_Grid_Regerts said:

(For some reason, the forum has labelled both points #1, but my draft has them labelled #1 & #2.  I’m not sure how to edit the post).

Right click on little cog wheel, top right of post, first option is edit.

As a Newbie, it seems I don’t have access to those tools yet, but I’ve contacted the moderators, and they have kindly edited my post to correct it.

Thanks for your response, I’ll keep an eye out for those tools, when I have access.

Off_Grid_Regerts

MorningcoffeeIV said:

Off_Grid_Regerts said:

If I don’t find a replacement by the end of business on the 6th, I’ll be without a credit card :

Will that harm my credit reference file etc, and am I effectively flushing 14 years (Jaja took over from the Post Office / Bank of Ireland) of spotless credit score down the toilet?

No. All that will happen is that your account will show as closed. You have no 'spotless credit score', just credit history, which goes back 6 years, not 14.

Lenders see real time updates, not monthly updates.

Apply for another card whenever you want. Now would be a good time, while the other is still open, and then plan to get another one or two over the coming months, so you're not reliant on a single card.

Thanks, that’s good to know (I didn’t realise they only went back 6 years - I thought it was a permanent record of your entire history).

If lenders see real time updates, why did MoneySavingExpert alert me that the files that Experian updates monthly (the ones referenced in a hard search) won’t be updated until the 23rd of June?

The data that MSE uses, in conjunction with Experian was updated instantly, which was why I was pre-approved for cards that I would have been declined a couple of months ago.

So you’re saying it’s safe for me to go ahead and apply for a pre-approved card, and that even if they end up doing a hard search, they’ll be using my current info, and not the files from the previous month?


Cheers!

MorningcoffeeIV

Off_Grid_Regerts said:

MorningcoffeeIV said:

Off_Grid_Regerts said:

If I don’t find a replacement by the end of business on the 6th, I’ll be without a credit card :

Will that harm my credit reference file etc, and am I effectively flushing 14 years (Jaja took over from the Post Office / Bank of Ireland) of spotless credit score down the toilet?

No. All that will happen is that your account will show as closed. You have no 'spotless credit score', just credit history, which goes back 6 years, not 14.

Lenders see real time updates, not monthly updates.

Apply for another card whenever you want. Now would be a good time, while the other is still open, and then plan to get another one or two over the coming months, so you're not reliant on a single card.

If lenders see real time updates, why did MoneySavingExpert alert me that the files that Experian updates monthly (the ones referenced in a hard search) won’t be updated until the 23rd of June?

Because the free reports update monthly. 

Lenders will see the most up to date data on your files - ie whatever has been reported.

Off_Grid_Regerts

MorningcoffeeIV said:

Off_Grid_Regerts said:

MorningcoffeeIV said:

Off_Grid_Regerts said:

If I don’t find a replacement by the end of business on the 6th, I’ll be without a credit card :

Will that harm my credit reference file etc, and am I effectively flushing 14 years (Jaja took over from the Post Office / Bank of Ireland) of spotless credit score down the toilet?

No. All that will happen is that your account will show as closed. You have no 'spotless credit score', just credit history, which goes back 6 years, not 14.

Lenders see real time updates, not monthly updates.

Apply for another card whenever you want. Now would be a good time, while the other is still open, and then plan to get another one or two over the coming months, so you're not reliant on a single card.

If lenders see real time updates, why did MoneySavingExpert alert me that the files that Experian updates monthly (the ones referenced in a hard search) won’t be updated until the 23rd of June?

Because the free reports update monthly. 

Lenders will see the most up to date data on your files - ie whatever has been reported.

Ah, got it.

Cheers!