Moneysavingexpert.com/ Your Credit Rating discussion area

BLT_2

sabrina19 wrote: »

Summer 2009 i done something silly and took out a personal loan for £1000 from HFC Bank aka Beneficial Finance. I am sure that i signed an agreement stating that id be paying a maximum of £190 interest for a repayment period of 1 year (which is not the case :mad:) I had a number of problems with them regarding repayments, which lasted about 5 months! The problem was, that they ha taken my account details for DD payments inmcorrectly. Prior to taking out this loan, my credit score was fair......now, i cannot gain credit from anywhere!!

I can only think, that due to the DD issues that occurred, (missed/late payments in their eyes) my score has dropped thus making obtaining credit extremely difficult.

If this is the case, seeing that the problems were on HFC's part, is there any way that any defaults or loss of points can be reverted?

thank you

The simple fact is that the responsibility for payments lies with the borrower and not the lender. You would have a hard time convincing the company to admit culpability and the hard facts are that the payments were late.

I note that you state that you cannot get credit from anywhere, which implies that you have been submitting applications, this in itself may have set your credit rating into a downward spiral as multiple applications will reduce your rating.

I further note that you assume your score has dropped, have you checked it? Provided you have not been with experian before you can at least get a credit report free, (although you have to be sure you cancel it before the 30 days period) - this will advice you of what is on your record.

You can of course get a notice of correction on your record, however having placed one of those myself if only to hasten Experian in updating my record I have to say that they are damn well hidden and I suspect companies take little notice of them

sabrina19

THANK YOU BLT!!!!


I note that you state that you cannot get credit from anywhere, which implies that you have been submitting applications, this in itself may have set your credit rating into a downward spiral as multiple applications will reduce your rating.
Stupidley, i had only realised this 2 days ago. I have decided to just clear the debts within the next 2 months and not apply for any prducts requiring direct debits until next year at the least.

Is there anything that i could do in the meantime to improve my credit score?

Thank you!!

BLT_2

sabrina19 wrote: »

THANK YOU BLT!!!!


I note that you state that you cannot get credit from anywhere, which implies that you have been submitting applications, this in itself may have set your credit rating into a downward spiral as multiple applications will reduce your rating.
Stupidley, i had only realised this 2 days ago. I have decided to just clear the debts within the next 2 months and not apply for any prducts requiring direct debits until next year at the least.

Is there anything that i could do in the meantime to improve my credit score?

Thank you!!

Unfortunately other than ensuring you are on the electoral register, which will add points to your score it is very much a case of waiting for the searches to drop off of your record.

If you do wait until next year this will create the desired effect, searches on experian are broken down into 'number in last 3 months' and 'number in last 12 months' - your score should therefore increase as time goes by.

The biggest issue you will have are the defaults, however in time these should slip off of the radar as well.

Please note that the experian score is an indicator only. Do not take it as gospel as all lenders use their own criteria

DebtFree2011_2

I've seen a few posts on here with people saying they have a credit score of 999. I'm sure I read elsewhere that 999 is a score they give when they don't have enough info, and that a score of 999 is not a good score at all? Is this correct?

patricia2612

Can anyone help me?!

I have quite a bad Credit Score. Basically I had Bank overdrafts, Store Cards etc, however I have almost paid them all off now.

I am worried that this will affect me buying a house in the future as I have had county court judgement letters as a result of the debts.

How do I clear my name basically and get it back to normal once I have completely paid them all off?

I would really appreciate your help.

Thank you

BLT_2

patricia2612 wrote: »

Can anyone help me?!

I have quite a bad Credit Score. Basically I had Bank overdrafts, Store Cards etc, however I have almost paid them all off now.

I am worried that this will affect me buying a house in the future as I have had county court judgement letters as a result of the debts.

How do I clear my name basically and get it back to normal once I have completely paid them all off?

I would really appreciate your help.

Thank you

There is no way of clearing your name other than letting the flow of time take its course. Those CCJs will remain your record for 6 years and make obtaining credit difficult

Its just a case of behaving sensibly and building up a decent credit record over the course of time

Fergie76

Posted this in another, but no one has answered yet.

Hi all, I'm new the forum, so I am not sure if this is the right place to post this?

I'm looking for some advice regarding Credit Ratings.

Most of the time when I apply for credit, I am either refused or get the higher interest rate deals (lucky me).

I pay all my bills on time every month and have no outstanding accounts. When I was younger, I did get in a bit of bother, but I have paid them all back and they were over 6 years ago, so longer appear on my credit file. I don't overly apply for credit, I think I have had one search in the last year (new phone contract, which was approved).

However, I think it is my wife's credit rating that is killing mine. She has run up a bit of a bad rating, although we are working on it. Reading a different part of this site I found this:

• Marriage doesn't hurt, joint finances do.
  Simply marrying or living with someone with a bad credit score shouldn't impact your finances, as third-party data (ie, someone else's info) doesn't appear on your file.
  Yet if you're 'financially linked' to someone on any product, it can have an impact. Even just a joint bills account for flat sharers can mean you are co-scored. If one partner has a poor history, keep your finances rigidly separate, and it should maintain access to good credit for the other.
  In fact, there are only two common products that can infer financial linking: mortgages and joint bank accounts. As a note, there's no such thing as a ‘joint' credit card. Technically, it's one person's account and the other just has access to it. It is technically possible that joint utility bills could be reported on credit files, though current practice is not to do so.
  If you split up with someone you've joint finances with, once the accounts are separated or no longer active, always write to the credit reference agencies and ask for a notice of 'disassociation', to stop their credit history affecting yours in future.

We don't have joint bank accounts or have any joint bills or credit agreements. Although we have had in the past. On checking my credit file under 'Financial Associates' there are two entry's for my wife, one dating back to 2001 and the other 2005.

My question is, while we are getting my wife's credit rating back in order, how do we dis-associate ourselves (can we?), so I can get the better credit deals, if required (I'm looking at buying a new car on finance, but know I'll either be refused or ripped off, with higher interest rates).

I also forgot mention I don't have an excessive amount of credit accounts and I work full time and am on a decent wage.

Thanks in advance.

I have been doing a little searching myself, and from what I can gather there is no way of disassociating myself from my wife, unless we split up, is this correct? And therefore her Credit File will continue to have an adverse effect on mine, until we get hers sorted?

notomonkeys

fergie76,
On yr credit file u say there are 2 associations 2001,2005

are the items that these refer to still current? i.e. still active?
if they are and have been in bother then chances are they will affect your own credit rating sorry( remember since there is linkage your wifes credit rating takes into account ALL her credit activities if the linkage is still Active) .
if they are inactive and have been for over 6yrs then i believe u can have these struck out-i could b wrong tho. maybe someone else can help further.

g'luck

Fergie76

notomonkeys wrote: »

fergie76,
On yr credit file u say there are 2 associations 2001,2005

are the items that these refer to still current? i.e. still active?
if they are and have been in bother then chances are they will affect your own credit rating sorry( remember since there is linkage your wifes credit rating takes into account ALL her credit activities if the linkage is still Active) .
if they are inactive and have been for over 6yrs then i believe u can have these struck out-i could b wrong tho. maybe someone else can help further.

g'luck

My wife and I have no current active joint accounts/agreements. I have contacted Equifax and Experian to see what the say, so fingers crossed.

I have also sent prove it letters to the people chasing my wife, so hopefully we can get hers sorted soon, as she doesn't actually owe that much.

Davverplatt

Hi,

If I have a good Rating with Experian and my Wife has an Excellent rating - what is the best way to apply for a loan - Joint? or in her name only?

Thanks

Dave