Harry1804 Forumite Posts: 7
Name Dropper First Post
edited 11 July at 1:50AM in Credit file & ratings
cancelled now


  • CliveOfIndia
    CliveOfIndia Forumite Posts: 782
    500 Posts Name Dropper
    Mr. Lewis won't respond, he hasn't been part of this forum for years.
    The credit reference agencies do not score you - well, they do, but it's utterly meaningless.  What does matter is the internal score generated by each individual lender.
    Sadly, goodwill doesn't come into it.  A lender deals in cold hard facts, and if the fact that you have defaults and ARs recorded against you means that you fail their internal credit scoring algorithms, then there's little that either you or they can do about it.
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,680
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 10 July at 4:16PM

    This is a public forum, which Martin does not often, these days (if ever) frequent, unfortunately.

    You say you have at least one default, so that will naturally be a warning to other lenders that you have had credit problems in the past, and usually any default will make obtaining main stream credit very hard, if not impossible for at least 6 years.

    It`s not the score, that is a meaningless number only you see, its your credit history that counts.

    Potential lenders score you using their own scoring technique, nothing to do with any of the CRA`s at all.

    Unfortunately that is the system we all have to live by, there is no human override in most cases, sometimes a bank will look again at a lending decision, but most of the time you will just get a generic "check your credit files" response.
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  • born_again
    born_again Forumite Posts: 11,743
    10,000 Posts Fourth Anniversary Name Dropper
    Harry1804 said:
    Dear Mr Lewis
    I have received your newsletter for many years and appreciate all the advice it has to offer.  I want to ask about the Credit Score system used by companies before accepting/offering a loan or account.
    I fell foul of transferring the balance on my credit card from one to another at 0% and running out of eligible transfers a couple of years back.  I am now on a repayment scheme for the default cards.  My bank balance is healthy, I do not use the overdraft facility and I pay my existing credit cards off in full each month.
    I tried to transfer my bank account to earn the £150 incentive and was refused even though my bank has a record of never being overdrawn.  Likewise, I now pay £300 on a PCP and wanted to change cars to a more climate-friendly vehicle and was refused despite the amount of PCP being the same as I am now paying.
    I hear what you say about the credit score agencies but is it not time that a person can override what the computer at the agency is reporting?  It is just so frustrating that I have the income to have an almost normal life with an agency picking up my default, and I would certainly not borrow what I cannot repay, "computer says no".  (I have four years to wait before the Six-Year Fix is in place.)  I know that I only have myself to blame but a bit of goodwill and understanding will encourage a more positive approach to life and will help lift the anxiety and depression that faces many.
    Many thanks
     ML does not view these forums.

    All the CRA's do is report the facts, Sadly the line "I would certainly not borrow what I cannot repay" is something that history shows is not strictly true as you did default, & now on a repayment plan.
    6 years is a agreement the FCA set up with lenders to protect them, from people simply getting further & further in debt.

    If you have a healthy bank balance, can you not pay the debt off faster? 
    While it will still show for the 6 years, it will show as being settled. 
    You may then find that some lenders will "Let a human look at your application"

    Goodwill & understanding goes out of the window where debts are concerned. As that would be classed as unreasonable/unaffordable lending. Especially when people want more credit, while on a payment plan on a defaulted debt.
    So you can understand that, even a human reviewing a case like this will say no to further lending until debt is cleared.

    Life in the slow lane
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