Moneysavingexpert.com/ Your Credit Rating discussion area

edindie

gaggie wrote: »

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...

Companies often use the amount of credit you have available in their scorecard, so the £20k of untaken up credit may well be the reason.

bathgatebuyer

Just checked my credit score with Credit Expert and note that it's gone down by 30 points in 4 months, despite payments being made to all my accounts on time over those 4 months with no missed or late payments or anything in that time. The only thing I can think that has happened is that some 'good' accounts from 6 and a bit years ago have rolled off the other end of the account and the impact of the 'bad' accounts from my unemployed spell 3 years ago is having a bigger impact.

Not chuffed though as I had thought that the religious monitoring of my accounts and ensuring that everything is paid on time every month would have an impact.

Will be interesting to see how this impacts upon my ability to get a decent deal when my mortgage comes off it's fixed rate in April - by that time I'll probably have a regressed score in the 300s again!

For interest, I was at 640 in Feb and now at 618.

inmypocketnottheirs

bathgatebuyer wrote: »

For interest, I was at 640 in Feb and now at 618.

Means absolutely nothing. Just the CRA's way of scamming you out of some money by getting you to pay for a worthless credit score.

Every lender has different criteria, and they use their own internal methods for scoring. All they will look at is the information on your credit file, account history, late payments etc. Lenders do not have access the the score you are referring to.

Don't waste your money on it!

m.colak

Has anybody ever used checkmyfile as a credit reference. I have got an account and it costs me £15 a quarter however it gets its information from all the major credit reference agencies and therefore you see what information is held on you by which credit agency. Plus you get credit scores according to which credit agency file you are looking at.

cindywatts

Hi, if anyone can offer me some advice I'd be really grateful!

I recently applied for a £10000 loan to pay for a wedding through my bank (Alliance and Leicester). I was turned down and not completely surprised as I thought I may have a bit of a rubbish credit rating. I then went to Experian and got my file. I was surprised (happily) that there is really nothing on the file that would appear problematic.

I went back to my bank and appealed the decision, also lowering the amount asked for. I was again turned down. In their "we're really sorry but..." letter they state - "Please be assured that we are not aware of any information registered with a credit reference agency to suggest that you are not credit worthy".

What does this mean? It suggest that is really is just pot luck! Do I just not tick the right boxes for them? I am now anxious about applying elsewhere and being turned down, but really do need the loan. What should I do next? Any help would be appreciated.

evilpikachu2000

Anyone got any advice. I've got a loan with egg with £14,500 left on it. I noticed ASDA offered a loan with a cheaper amount so I applied for £14,500 and got refused. I checked my credit rating and I got a score of 990 from experian and 435 from equifax. Why is it rejecting me for it? It doesn't seem to make sense!

inmypocketnottheirs

evilpikachu2000 wrote: »

Anyone got any advice. I've got a loan with egg with £14,500 left on it. I noticed ASDA offered a loan with a cheaper amount so I applied for £14,500 and got refused. I checked my credit rating and I got a score of 990 from experian and 435 from equifax. Why is it rejecting me for it? It doesn't seem to make sense!

The credit ratings you refer to from Experian and Equifax are awaste of time and money. They mean absolutekly nothing at all.

Each lender uses their own criteria to assess your situation and then offer you products accordingly. Asda may have rejected your application because you already have the Egg loan outstanding. They look at your affordability to repay based on exisitng commitments.

HTH

Conscientia

I applied for a Career Development Loan this week and was refused on the grounds that my credit score wasn't good enough. This shocked me as I have NEVER been in debt (excluding my student loan; and I haven't started the repayments as I have only recently graduated and I'm hoping to go onto do my MSc in September). I went in store to discuss this with an advisor but alas they do not deal with CDL's in store, nor do ANY of their staff have any idea how they work. I discussed possible reasons why my credit limit may be low and the advisor just kept asking me the same questions (despite me giving the same answer each time) - the only good thing I was told was that I could get my credit report from CreditExpert.co.uk - so I signed up to the 30 trial, received my PIN today and logged in.

I apparently have a student credit card with Natwest, despite the fact that they wrote to me after my first year to cancel it because I wasn't using it... the credit card has a limit of £350 - but has never been used, therefore my repayments have been listed as satisfactory. But when I put in the application over the phone I told the member of staff that I didn't have any credit cards (because I didn't believe that I did...) - is it possible this may have affected my credit score?

Also, I looked at recent searches and seen that Barclays had done a credit search (as they would when applying for a loan) but listed at the time at current address is "0 years, 0 months" - when I told the member of staff that I had lived at my current address for close to 12 years.

I'm really confused by how I could be rejected on the basis of a poor credit score when I have no debts?

If anyone is able to help me decipher this - then please PM me. Thanks.

Dunx67

Hi folks,

I applied for a mobile phone contract the other day and was turned down. I checked with Experian and to my horror found that they had listed 5 consecutive months of non payment from March to July for a car loan which was paid up to date in Feb. In addition I also found the figures for my next car load showed a balance above the initial loan amount, despite it being payed up to date. I am mortified, I have never missed a payment on anything in my life, have no debts other than my car loan and mortgage. I am getting divorced and need a new mortgage and am now worried that the problems with this file will mean I can't get a mortgage.

I have written to the two organisations concerned and spoken to one on the phone. Fault is admitted on the 5 missed payments but they say it will take 60 days to rectify my credit file. Does it really take this long and do I have to put my life on hold until they sort out their mistake? Is there anything else I can do?

Help please!!!!

Without_a_paddle_3

I have checked my credit rating with Credit Expert (Experian) and according to them I am 999, with no late payments or defaults showing.

I have two credit cards, one with a balance of £11,000 outstanding and another £3,200 outstanding. Both of these I pay either the minimum or above on.
I have a three year balloon payment car loan also.

I have just arranged a remortgage at the end of the two year fixed rate (January 2009 with the halifax)

Now I am looking for £5,000 loan for holiday payments and tried the Nationwide on line and was declined. My "wonderful" bank (Nat West) is not interested either, after taking three weeks to decide!.

I am sure that I probably know the answer, but if my credit rating is so good, how come I have been declined? Too much debt could it be? I earn enough to cover the payments.

I don't want to go down the route of a secured loan, but I am running out of options (Holiday payment must be made by 4th october)

TIA