Moneysavingexpert.com/ Your Credit Rating discussion area

frugalpam

xgingerx wrote:

Hi, please see below as requested....

Experian

0 560 Very poor
561 720 Poor
721 880 Fair
881 960 Good
961 1000 Excellent

Equifax
0 299 Very poor
300 349 Poor
350 399 Fair
400 474 Good
475 750 Excellent

Many thanks! Mine's not as bad as I thought it was!

Pam :j

jimm24

I started my own business about a year ago,using my own money and a small remortgage.I have recently run into serious cash flow problems which has affected my repayment of loans.I do not want to go bankrupt nor file for an IVA is there a way to limit the damage to my credit file while I w]await payment(which will be substancial)for my first project,possibly in a couple of months?
Also is there a proven way to repair a credit rating?

jimm24

To add,at the mid point of last year my rating with Expirian was 999! Will it be posssible to explain this "blip" to lender?

JayB

Ive just got my experian credit report for the 1st time this year,( i last had it around septemeber last year) & also got my credit score, not much has changed with my report other than i got a high interest credit card to help rebuild my rating/score (vanquis card - 39% apr i think!!).

I have used this correctly, paying off on time every month etc and they increased my credit to £500 from £250. Having checked my score, it was last year before my card around 300, it is now 999, does this mean I shouldnt have much of a problem getting a loan to pay off an existing loan?

Currently have £6K with barclays at 15.9% which is over 10 years, eventually paying over £12.5k off, i would like to get a bigger loan for less apr and over a shorter period.

Thanks in advance.

fitzmd

got an unusual one for you.

I have recently returned to the UK after living in turkey for 7 years. On my return I had problems finding work and was living on my savings. Suddenly got VERY sick in December and had major emergency surgery in jan. I am now on Income Support and unable to work until June/July.

I want to get a Career Development Loan so that I can resurrect my career and get work ASAP but am worried that I no longer exist on UK scoring records due to my long absence overseas.

I have had no UK plastic, bank accts, or loans etc in over 7 years and have been off the electoral roll since 1999!!

Since the CDL providers use the credit agencies for the loan am I going to get knocked back? After all, I am under tthe impression that their records only go back 6 years or so.....I REALLY need to do this training....

Thanx

Mark

OscarRubenstien

I have recently been turned down for a loan and on the letter they sent it recommended I check my credit report with experian, equifax and callcredit. I've read the article on how to get my credit report for free from each of these organisations which is great, my question is if i want to carry on a subscription, which of the services being offered (creditexpert - experian, creditwatch - equifax, mycallcredit - callcredit) would people recommend? are they all pretty much the same, in which case i should go for the cheapest, or is there a big difference between them?

thanks

Stayathomewife

Im hoping someone may be able to answer a few questions for me. I checked my credit rating last night and found the following.

Credit score 495/1000 (very poor) when I checked my credit Accounts, the 3 credit cards I paid off between 4-5 years ago (at the time I asked them to close the accounts,) are still not showing settled and between them they make it look like I have nearly another 9K in available credit.

One of them shows the last 5 months of payments being late, (Avon, family problerm at the time got away from me) but this was 5 years ago. The other two had been clear payments right up until I settled them in full.

Hubbies Credit rating is fine in such as it shows the Mortgage hiccup only and no accounts/credit in his sole name.

I have now sent Experian an email correcting the info, asking the companies involved to be contacted for confirmation. In the meantime I have also sent a Note of Correction explaining the situation.

The problem is that due to personal circs, Im now having to do some serious refinancing and I think the incorrect information is why I have only been offered 11.9% APR on a secured loan. ( the first and only application through LOAN.CO.UK, GOD I wished Id found this site first).

I currently work part time but have been signed off sick on and off over the last 4 years for more than half of that period ( due to stress and depression, work related and now panic attacks, hubby unable to work, through an inherited medical condition, we never claimed anything for him, he just stayed at home as a house hubby bringing up our 3 kids, and another story entirely!) I have finally listened to my family and friends and intend to resign at the end of this week.

I need to clear our overdraft, pay off a staff loan before I leave ( 4 weeks notice period) and pay off an existing secured loan (5K). ( I know I shouldnt have any, ahhh). I would also be paying off an unsecured loan we took out last year with A&L also 5K( APR also 11.9%)

Question: how long does it take for my records to show the Note of correction, can I ask the loan company to revisit my credit rating and even thought we have signed the agreement, is it likely that they would reduce the interest rate?

I would threaten to cancel the loan and reapply for a unsecure loan for the 18K elsewhere , but with me only working part time AT THE MOMENT and needing to sort out my finanaces as quickly as possible, so resign. I am worried that my rating would still be seen as weak and Id be turned down and then have no funds available when my notice period runs out in a month.

Anyone know 1: how long I need to wait before Experian update their records, and will I be able to see the correction on my records using the free 30 day period?

2:is it still too risky for me to cancel the secured loan and reapply for an unsecured loan ?( my mortgage and an existing 5K secured loan amount to less than 45% of my house value). The 18K would then be the only other debt other than thr mortgage, Im on £1,400 per month with WTC etc.

One idea was to do up the house (hence the extra 4K on the secured loan) and then sell it,take the equity and rent while we planned our next move. Teenage kids are really onboard and helping with ideas.

I have found out in the last week that as a family with 3 kids under 16 ,we would have been better off with me leaving the first time I was signed off, and going onto Incapicity benefit for a few months and then Id have been phyically/mentally able to get another job /business etc( hence the user name, lol)

This means that we now know that we can cover all bills and I have time to get well again , then instead of having to sell up , I can go get another job/retain or we could even start our own business, (LOL). i would have had to return to full time work in a year anyway, due to eldest turning 18. ( That would have caused another set of problems ) O_0.

On a side note and just to complicate matters even further , I have found a local, very good conservatory company currently offering fully installed conservatory at half price, a one year payment history, then 0% interest free credit for 5 years AND. They would be willing to add plastering the whole house, laying flooring throughout and doing a couple of electrical jobs to the bill and I could apply for the 0% credit offer, covering all the extra work.

Therefore I could pay off my staff loan and A&L loan, in effect switching them for a interest free loan over the same period and paydown/reduce the level of the main loan to 10K.

This does depend on it being a true half priced conservatory and that the quote covering the extra work is in line with the other quotes I am currently getting for the work required.

Given my current credit rating I know if I applying at this moment in time, the Computer would say NO to any 0% interest deal,(LOL). But what is my chances if I get my credit records corrected?

I have no active credit cards and other than one late mortgage payment in January (explained in the Note of correction) and now fully paid uptodate . we have been really good paying everything on time over the last 4 to 5 years, we have never had a CCJ.

The only other thing my credit record does pick up on, is our two remortgages over the last 5 years (end of intro offers, last done 6/04 as we stayed with Halifax last year and took one of their tracker offers rather than go through the hassle of a full remortgage.)

Any underwriter with half a brain would spot we'd taken out a few other secured loans (at high APRs due to the above) over this period and then when remortgaged, added them to the main mortgage ( dread to think how much extra we've paid in early redemption charges)

sorry if this ends up confusing anyone, and any help/advice would be so Appreciated. a really really big Thanks

Stayathomewife

WOW really really long, sorry about that

BlueStringPudding

Hello,

Six months ago I applied for a £25k personal loan to see (a) if I'd be eligible and (b) what the interest rate would be (knowing I'd want the money at a later date). I was accepted and this was all fine and I didn't sign the papers and simply allowed the offer to expire (I'd told the company this is what I'd do and they were happy with that)

Since then nothing has changed in my financial circumstances, but when I applied for a £25k this week (now I'm ready and do need the money - we're buying a narrowboat to live on and have put an offer in on the perfect one) I was turned down. I have a copy of my 3 credit references from last month and I can't see anything wrong on them.

But!!! I have found out that my landlady of a year ago (my partner and I live in rented accomodation and moved from there in Jan 2006 to our current rented accomodation) is now going through court proceedings due to credit card and benefit fraud. Could her financial trouble be affecting my credit rating, as she was presumably registered at living at our old address (her post used to be sent there and we had to keep it to one side for her to collect)?

How can I find out if this is the case, and how can I ensure that my name and my partner's name are disassociated with her dodgy reputation? Your advice would be much appreciated as we can't risk putting a holding deposit on the boat till I can secure the finance for the full amount. We don't want to be tarnished with her bad credit references for the next 6 years!:mad:

zhi

olav wrote: »

I have had the same experience! When accepting their conditions you agree on paying every time you see your report but it doesn't mention how much this costs. Not sure if this can be viewed as a scam, but at least this is very dishonest as far as the FREE TRIAL is concerned. So, everyone be warned.
Olav

olav wrote: »

Originally Posted by babbajam
Hi just thought I'd warn everyone about Experian's free 30day trial Credit report. I signed up for this and viewed my details without any problems until I saw my BANK STATEMENT ...??

There were several payments of £4.99 with Creditexpert's name as the reference.

I contacted them and they said I had viewed my "Credit SCORE" which costs me £4.99 each time I view it.

Apparantly, there is a box that you tick to say you agree to pay this fee but I have since found out that certain Windows Operating Systems (XP) will tick this box for you so you can proceed withut warning!!

I think it's a bit of a SCAM to be honest and you should be clearly notified shame on you Experian
Olav

I have experienced the same problem... I cancelled my free trial membership 2 days after I first registered with creditExpert and received their confirmation on the second day saying there won't be any charges to my account.

I did notice there was an option to add Credit Score for £4.99 and I never checked the box beside "Please add my National Credit Score to my Experian credit report for £4.99*."

I have to say there was really a Credit Score included in the Credit Report but I clearly remembered I did not ask for it. There was a navigation bar on top of the Credit Report and I tried to click on the Credit Score menu. There was no warning or confirmation message at all.

So be very careful when you deal with tricky CreditExpert.

I am waiting for their reply to my complain. If not satisfied I might take the complain further if I have time.