Moneysavingexpert.com/ Your Credit Rating discussion area

Gumption_Brash

Cashew wrote: »

On my credit report it says how much of the credit available to me I am using in a precentage.

If I got this credit card and did not use it wouldnt that mean I would have more credit available to me and the % I am using would then be lower?

Or do they not look at this value?

I will look into the prepay. Would be good to not be able to go over my limit.

Yes, it would mean the % you are using would be lower, however the % you have available or have used has no bearing. The fact that you have a % of any available credit can be seen as troublesome by lenders - regardless of how much or how little credit you are using.

In essence you should consider why you want a credit card. If its because you want money to spend (by being in debt - but hey its fun while it lasts) or to build credit.

If you want to blow some money, get the credit card.

If you want to build a credit history (the safe way), get a pre-paid card. Really its almost the same as a credit card in credit score terms. Plus its safer. After this year I will definitely be getting a pre-pay, all I did with my previous credit card was spend the money then pay off the balance anyway...pointless having one.

That said, (if you are aiming to build credit history) a high rate card such as Capital One (36 odd %) then you will find it results in a slightly better history - but only in the long run, once you have had it for a year and closed it.

Hope it helps...

dragon2121

I was looking at my credit report with credit expert and used their 'lower your bills' tool to look at loans, put in some data and they gave me a list of providers , APR etc matched to my credit file. Next thing I know I have QDL (quick decision loans) harrassing me on phone and email from them saying thankyou for loan application and an email from credit expert saying they have passed details onto a loan broker!!

This is outrageous, at no point did I apply or want people calling me. This really is bad of credit expert, presumable trying to make a quick buck as a referall fee to a loan broker etc. Anyone else had experience of this?

Gumption_Brash

Yep, I tried out a few options and then suddenly it says 'thank you for your application' followed by an e-mail from the company saying a rep will contact me in the next few days.

- Bar stewards

As far as I know it doesn't effect anything important, oh yes, except that my name and contact details are now with just how many loan companies?

Seriously considering reporting them...

moneymouth77

Quickloansinfo wrote: »

what's the easiest and most effective way of improving one's credit score...

It depends on the person, I'd contact someone like Experian or Credit Report. They will offer you not only your credit rating, but also ways to lower it. Lloyds TSB have a service like that too... I'd go with that sort of thing. Hope that helps!

Royal01

Hi,

Sorry if this is going to be a bit long...but I have a few questions!

Firstly, can anyone tell me if adding a notice of explanation to your credit file, explaining why you fell into difficulties does any good? Or is it basically a waste of time?

Also, if you believe a default is incorrect, do you have to write to the company concerned and just 'hope' they remove it? What do you do if they refuse? I do have defaults , but have 2 that I have absolutely no idea what they are for.

Also, Barclaycard appear to have registered more than one default on my history for the same account...are they allowed to do this? I assumed that they were only supposed to register the first default (I m not aware of having defaulted on any of my debts twice!).

And lastly! I have read that getting something like a high APR credit card and paying it off in full each month can help repair your file...I am just wondering how true this is, as I have religiously paid my other agreements (ie: mobile, internet etc) for the last year and it has done nothing to help my file!

Would appreciate any help on the above!

Thanks

jsampson101

any one know where the best place to get a credit check is?

moneymouth77

jsampson101 wrote: »

any one know where the best place to get a credit check is?

Check back on this forum mate, there are loads and loads of good suggestions!

cheqmate06

I have been going through Annualcreditreport to see my credit file and am querying a few things. All is well apart from two loans which were both cleared in full in March 2008. I cleared a third in the same month which shows satfisfied but these two show status unknown, I would like this to show settled for even peace of mind but was wondering if this will affect any future credit or am i just better leaving it the way it is?

Thanks
Cheqmate06

alexintyne

Hello everyone at Martin's Moneysavers.

I have read the article about credit ratings and am still a little unsure about my specific problem.

I was living in shared Student accommodation last year (2007/8) and some of my flatmates had not paid their gas and electricity bills. I had given a forwarding address (my dad's) for my deposit, but they hadn't. As a result my landlord forwarded the bills to my Dad. He has done an Experian credit check and apparently this has affected his credit.

From what he explained, and from reading the article I am still unsure how this has happened and what the impact is on him (in fact as far as I remember it was the landlord who sent the bills to my Dad and not the electricity company)

But for the sake of argument let's say it was the electricity company who sent those letters, what does it mean for him, and can it be changed?

Many thanks,

Alex

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