Moneysavingexpert.com/ Your Credit Rating discussion area

mossy

mossy wrote:

I have old credit accounts (catalogues/credit cards) most of which I have closed a few years ago. Most of those are showing as settled....does that mean the same as closed?

Also warning....stupid question coming up....I have an account showing as settled last date was 6/3/00 does that mean it will come off my records March this year??? (I think it does but wanted to check).

thanks in advance

Okay so I appear to be talking to myself whats new lol :rotfl: I've answered my own questions but have come up with a new one.

I was reading on the equifax site that credit searches can stay on your records for up to 2 years...I thought footprints like that lasted for six months (possibly 1 year). Does anyone know or does it vary?

EDIT:

I guess if Equifax have put on their site that search footprints can last for 2 years then that must be the case...at least for them perhaps not for the other agencies.

I've noticed searches that are a year old still on my files but nothing longer than that....if would be very helpful to know what other people have experienced. (thinking of stoozing sometime in the future if I can get my head around it but don't want loads of searches on my records.) Thanks

FirstClassMale

I do hope this has not been mentioned in the previous twelve pages, I checked a few but no reference to it.

Last night I signed up for the Experian report with every intention of cancelling my subs immediately I had seen it. The confirmation email did not come through and two hours later it hadn't either. I have now retreived the email from my spam folder and it tells me that my "pin number" will be mailed to me within the next few days after which I can access my account. Are they trying to make the whole process so long and drawn out that we don't bother to cancel subscription or just pay the £2 standard fee and wait for the report by snialmail. somehow I just thought this way it was quicker.

FirstClassMale

I'm sorry. I have just re read Martin's full article and it does say that they might send me a passcode. I just had not expected this to be by post.

:confused

hondagirl

After I graduated I was left with a student loan of about 18K, which I was paying off on a drip fed minimal basis until one day I wanted to start my own business and borrow a bit more money. So, STUPIDLY, I consolidated this all in one graduate loan from the bank, at 7.9% APR. Yes, you guessed it, a much bigger interest rate and about 10K of it still to pay off at present (this is a while later). So after ordering my credit report from Experian and being told confidently my credit rating was good, I wanted to start shopping around for lower rates and get this darned thing paid off quicker. However, I fell at the first hurdle of application, being turned down without explanation. Im just wondering how this happens: how do you get a 'good' credit report, but still get turned down point blank for loans? I know there are permeatations but I thought the majority are covered in your credit report? Please can anyone help as Im now afraid to apply for other loans, get turned down and then screw up my apparently 'good' credit rating?!? :mad: :eek:

Cleverchap

A quick question, if no one minds me asking. (and if its been asked before, please accept my apologies)

I recently went to checkmyfile.co.uk and ordered all 3 credit reporting agency reports for around 19 pounds. Naturally i'd expect different items to appear on different reports.

Will these companies ever talk to each other one day and share this information to have one cohesive database?

Just curious

cheers
crispy

Experian_company_representative

You will not get your full Experian credit report through Checkmyfile.com - you should go directly to each agency for your full reports. YOu can get each one for £2, or less with free trials of monitoring services.

bery_451

once i click on submit button does my credit score go down straight away at the time of submitting?


which loan companies do a real time check hence give a instant decision?

tango

bery_451 wrote:

once i click on submit button does my credit score go down straight away at the time of submitting?


which loan companies do a real time check hence give a instant decision?

If you mean,when you apply for a loan does your credit score go down ,it won't necessarily 'lower your credit score' but making multiple applications will.It depends on the company regarding 'real time checks',most make a search when you agree to this in the application process,so in this respect you could say most do a 'real time check',there and then, but they can come back later with some other reason to refuse an application

Bash

do you know how long it takes for a company who accepts you for a loan to record it as such on your credit file ?

I bought some furniture on 'buy now pay later' months ago but theres no record of it on my credit file for some reason.

dollymouse_2

an online application will submit a credit search straight away but if accepted this is usually only 'accepted in principle'. Behind the scenes the company will make further checks and may need to see proof of income etc if at anytime any info arises that means you are not eligible then they are able to refuse credit.

A credit search should appear within a month but is usually straight away and this will remain on your credit file for a number of years. Multiple searches ie applying for lots of credit in a short space of time will effect your credit rating. When a search is made the decision accept/decline will be shown.