Moneysavingexpert.com/ Your Credit Rating discussion area

helen28_2

Hi all, not sure if im in the right part lol

just wondered if anyone can help......
I have a credit card bal of £3,400 i recently applied to virgin for a card to balance transfer 0% 15th months.

Before doing this i checked my credit rating it was good with a score of 952 out of 1000, (i nvr miss payments ect)
when i called to find out about my apllication they said it had been declined due to allready having a lot of debt......i'd hardley call 6K alot!! I told them i did a credit check and told them my score, they said they dont base it on scores.

I have my own hse good job so why did they refuse me?

Is there anyone else you think would be good, or will i keep getting refused?

has anyone else had this problem?

thanks for your help

Helen

queen_of_leon

from what i can gather on the various experiences the users on here have had with CRAs...it doesn't seem to matter whether your rating is good or bad. it seems to me that you're either accepted or denied on the whim of the lenders.

for a start ...it's pot luck on which provider uses which CRA and sometimes that information is incomplete or not up to date or just plain wrong!!

we could spend ages sending off forms and fees to each of the CRAs...then spend even longer getting the information corrected ...then just when we think everything is hunky-dory...they turn us down anyway!!!!!!!

arggggghhhhhh! can we ever win??!!!

Giminy

Having taken out a £25k loan with the AA I was notified of a change in my credit report and went to have a look only to find that the AA had enterered the amount of the loan amount as over £42k.
I instantly phoned the AA only to be told that this was normal (they had included all the interest for the full period of the loan). I queried this with them saying that in fact I did not owe them that money now and therefore the figures were incorrect, and if anyone else looked at my credit report they would think I had much more debt than I do. They advised that this was the normal way loans are shown on credit reports.
Having had loans in the past I have never had this.... surely it can't be right as I do not owe the full 42K now?
Please help as I really want to challenge this if it is incorrect.

reevo8

I am not sure how this works as I am fairly sure that as payments are comin off, my amount owing is in fact higher than my repayment figure. I think that to lend you the money they search as the amount, then the amount you owe will go down as the amount you owe when you take the loan out.

If you were to read that you had 2000 owing, you would hate to find out you had still £2400 worth of payments to go.

I beleive it to be the amount owing and not the original loan amount!

STSAVER

Hi all,

I've just registered for free trial with Experian and printed all of the details that they are holding against me (mind I was surprised to see so many old credit accounts showing but from reading on here I guess they'll still be on there until the 6 months have passed as these are now closed).

All of the accounts were showing as satisfactory, with the exception of one credit card which I am late in paying this month.

What I was wondering though is do you have to pay the £5.95 to get your actual credit score or should this be available in some way on the free trial?

Given the amount of the balances on the cards ideally I want to consolidate into a loan and repay that each month close the credit card accounts so knowing the credit score would give me an idea of which loan would be best to apply for.

gaggie

Hi, i recently applied for a b+q credit card and to my surprise was turned down. i thought it was strange but let it go, but last month i applied for a dell computer on buy now pay later and was turned down again. i immediatly turned to experian for a credit score and i got 999 out of 1000 and given an excellent rating. the only thing i can think of is that i have a car loan, caravan loan, and morgage. also i own around 5000 on credit cards. i also have around 4 open credit cards with no outstanding balance, but with around £20,000 if i wanted it. is the fact that i have alot of ways to put myself into debit making this happen?? as i have never defaulted on anything in my life i would love to know why i have been turned down for credit twice, even though my present cards keep putting up my limit as i am a good customer????
Can anyone please shed some light?????
Many thanks Gaggie...

nothingwitty

Checked my Experian account the other day which stated that I am not on the electoral register, even though I voted in the recent London mayoral election! I applied for a card last week and was declined. Now I know why. My credit rating was awful but is now fair-good (I think!). The absence of the critical voter registration probably cost me my application, which was declined. Once again, Experian, the company companies trust to provide honest, up to date and reliable information has failed miserably and once again it is the consumer who has little recall, apart from asking them to correct their lies.

di3004

I know you can also SAR these (request for a subject access request), then by doing this you should receive all and full information on every account you've had, think it may be going back 6 or 7 years, maybe more not too certain about that one, but a friend had advised me of this, maybe worth paying £10 instead of £2 to get a full account and information of what these hold on us, and companies we've used regarding credit.;) Because I am also aware the £2 may not offer much.

I am deciding between Eqiufax or Experian.

Apologies folks if this information has already been added, not had a chance to browse through all the threads yet.

Cheers
Di.
x

Addison07

I recently applied for a loan as I am struggling to pay back my WFTC overpayment at the mo (they wont reduce the £100 a month payment anymore because apparently based on my income/outcome I can afford this much) and was refused. I got my credit report from Credit Expert and was told I have a poor credit rating because I have too many accounts with large balances (it says I have 9 including settled accounts with an o/s balance of £5230 and £3695 available balance) and have had too many credit searches in the past 6 months. Well from the report it says I had 3 in Feb this year and then this one? I didn't think that was that many?? its not like i've been applying every week. All my monthly payments are on time, I have not defaulted on any accounts and I am on the electoral role.

The three searches in Feb however, could they be because I went to web site that promised to "find me a loan to suit me" and then gave my details to 3 different companies who all did searches on me? Is that what they do?

edindie

STSAVER wrote: »

Hi all,

What I was wondering though is do you have to pay the £5.95 to get your actual credit score or should this be available in some way on the free trial?

There is no point paying £6 to get your ‘credit score’ from Experian. All it is is an example score and gives you an indication of the likely score you might get when applying for credit.

The main bonus (and indeed what it was made for) is to give people an indication of what is good and bad on their credit report – you can get all that information on this forum. The actual report you get free when you sign up, so you can see all the information Experian hold about you.