Moneysavingexpert.com/ Your Credit Rating discussion area

outdoorcat

I want to apply for a loan for £6000 but with my present income I think it is unlikely I'll get it. I have been advised by friends to apply for 2 smaller loans instead but as this puts the interest rates up I would much rather do it in one go. What worries me is that if I apply for the full amount and get refused this will affect my credit rating. Is this true ?

immoral_angeluk

outdoorcat wrote: »

I want to apply for a loan for £6000 but with my present income I think it is unlikely I'll get it. I have been advised by friends to apply for 2 smaller loans instead but as this puts the interest rates up I would much rather do it in one go. What worries me is that if I apply for the full amount and get refused this will affect my credit rating. Is this true ?

Declines don't appear on your credit rating, just the searches, but the creditors will be able to guess if it was a decline as you won't have that open account on your file...

Superstarsaver

I've just been told by my banker that overpaying on my credit card (i.e. ending up with a debit) actually decreases my credit rating, and I actually got a credit card to build it to begin with!

collinsadrian

I spent the best part of 2 months last year clearing a linked address from my experian report. Today I was refused a small loan (by Lloyds TSB) because of 'Something on my Credit Report'. I have just checked my experian report and everything is in order. Lloyds will not tell me why or what the problem is. I have even spoken with my bank manager.

How can I get more information about this matter. Im at the end of my tether. I am being declined for credit when, as far as I can tell, there is nothing wrong. No one wants to help get this sorted out. I just dont know which way to turn.

Please Help!!!

roseo92

Hi, i just applied for a phone contract with vodafone only to be refused due to failing their credit test.

I have only just turned 18 and have one bank account but no direct debits etc. No debts or accounts whatsoever.
However vodafone have stated that it may be due to my address and not me. What can i do about this as this is not my fault at all?
Thanks.

usedandabused

tbh credit rating is really subjective to an individual institution, and given these econmic climes, we're all going to struggle to get credit. the only companies that are more than willing to lend, are credit cards and loan companies that can charge extortionate amount in interest rates of the sub primers.


one credit report i have seen with experian shows my rating as excellent, and i know its not, and i have a default and find it extremely difficult to obtain credit.

puddlepuss

collinsadrian wrote: »

I spent the best part of 2 months last year clearing a linked address from my experian report. Today I was refused a small loan (by Lloyds TSB) because of 'Something on my Credit Report'. I have just checked my experian report and everything is in order. Lloyds will not tell me why or what the problem is. I have even spoken with my bank manager.

How can I get more information about this matter. Im at the end of my tether. I am being declined for credit when, as far as I can tell, there is nothing wrong. No one wants to help get this sorted out. I just dont know which way to turn.

Please Help!!!

I think Lloyds TSB use all three CRA's. Have you checked if they only searched your Experian report? Could be there's something on one of the others that is causing them to decline you? I just got refused a fairly big loan by Tesco's bank...they previously used Experian but have recently switched to using Equifax instead. Caught me out really as I knew my EXP report was excellent & my EQFX report was only fair!! However, after a bit of checking I discovered that the Co-op Bank only use Experian so tried them...I got the loan I wanted at their lowest rate! Though it seemed to work for me, finding out which CRA's lenders use CAN help but it's not always a 'dead cert' that you'll get a loan. I know it would cost a little but maybe you could look at 'Checkmyfile.com' as they check all three CRA's for your report? Hope this helps a bit. Good luck.

Kernick

Hi, I had a loan agreed in February for £10,000 for a car, I was fortunate enough come into some money before the due date for cancelling the loan, so I cancelled. I have now applied for another loan for home improvements and have been turned down twice. Nothing else has changed in my circumstances so it must have been the cancellation that is proving the problem.
Any ideas of what I can do?

Johnnii

In the previous searches section of my Experian credit reports it has a few entry from when i used the site creditexpert.co.uk to basically check my report. Does this have any affect on anything like applying for a loan,credit score etc?

puddlepuss

Johnnii wrote: »

In the previous searches section of my Experian credit reports it has a few entry from when i used the site creditexpert.co.uk to basically check my report. Does this have any affect on anything like applying for a loan,credit score etc?

Hi, I too regularly check my Experian credit reference file. I also do the same with Equifax & Call Credit. They all record an entry every time you renew/update your report, however these entries are only viewable by you & not anyone searching your file for lending purposes, credit worthiness etc. Somewhere on each CR agencies' website will be information to this effect. I personally have about 8 recorded entries on both my Experian & Equifax files covering the last few weeks, all due to me updating my reports repeatedly while I waited for separate loan & credit card applications to be approved. I was checking to see which CRA each lender used to check my file. You might like to check out this web page on the MSE site: 'Credit Reference Agencies - Who uses who? moneysavingexpert.com/cards/credit-reference (Sorry, won't let me do links yet!). It shows a table of lenders etc & which CRA's they are likely to use. Incidently, the table shows that Barclaycard use Experian when in fact they now use Equifax, as I discovered recently! Also, for anyone who is thinking of applying for a loan from Tesco Banking should know that they too have recently switched from using Experian to Equifax. Hope all this helps!!