Moneysavingexpert.com/ Your Credit Rating discussion area

woodymeg

Could i just ask a quick question, would my credit (not good) history affect my daughters abililty to get credit.

SelmaFox

Be careful signing up to a free trial, they will automatically extend that trial to a full blown contract

*Kat*

Ugh, equifax isn't taking my Visa Electron card..?

Sorry, Please check your credit card details again as your credit card data is not being approved. Please ensure that you are using a credit card in your own name which is billed to your current address. Please correct any mistakes then submit again.


Anyone else experience this?

woodymeg

woodymeg wrote: »

Could i just ask a quick question, would my credit (not good) history affect my daughters abililty to get credit.

anyone got any ideas to my question :cool:

*Kat*

Nevermind, finally got it to go through, then it says "We have your information and you’re nearly finished in setting up your service. All we need now is to ask you some final questions. Call us on 0844 335 0550 (Calls will be charged at 5p per min) to complete your purchase today!"?? What are they going to ask me? :S

miabristow

I have obtained my credit report and scoring which pu me int he fair catergory. It states I am 'fair' due to having a number of credit agreements with high balances but all other comments re electoral roll and adverse are positive as I have maintained all my payments and on time.
I have today applied for a personal loan to debt consolidate all my loans and credit cards into one monthly payment and been declined due to my credit score!
If I apply with another Lender, I will have another search placed on my file which will reduce my score - not sure what I can do....

Any ideas???

BLT_2

miabristow wrote: »

I have obtained my credit report and scoring which pu me int he fair catergory. It states I am 'fair' due to having a number of credit agreements with high balances but all other comments re electoral roll and adverse are positive as I have maintained all my payments and on time.
I have today applied for a personal loan to debt consolidate all my loans and credit cards into one monthly payment and been declined due to my credit score!
If I apply with another Lender, I will have another search placed on my file which will reduce my score - not sure what I can do....

Any ideas???

You can stop wasting your money on meaningless credit scores, the companies use their own internal scoring criteria, experians credit score is as pointless as attacking a Tank armed with a bow and arrow.

Notwithstanding this, if you have a number of outstanding loans and credit cards with high balances you have very little chance of getting a consolidation loan. When calculating your total debt companies take your existing debt, add it to the amount you want to borrow and then see that as your future committments.

Eg. You have 20k in loans and credit cards, you want to borrow 20k for consolidation - Company sees your committments as 40k, they have no guarantee you will actually consolidate.

penny_farthing

I'm not sure if i'm in the right thread but was looking advice on the issue below.
I have gotten into a fair amount of debt.

Existing Unsecured loan: 4,500 (about 25 out of 60 months remaining)
Credit Cards: 6,000 approx (all being charged interest)
Overdraft: 1,500

I have only ever missed one or two credit card payments (of which where just paid late) It was never a cashflow issue just a stupidity issue! due to the large balances i have only been paying the minimum payments recently which is basically all interest so the balance isn't reducing.
My income after tax is approx 1,200 per month.
My outgoings are - servicing the above debt - approx £380 (approx half of which is interest)
Other essential expenses - approx £180
Disposal Income (includes living exps etc) - approx £640

Now I have recently applied for a Credit Card for a balance transfer of at least some of the credit card debt so i could try and pay off the debt when there is no interest being charged but got refused. I didn't think my credit rating was that bad - but the missed payments must be still having effect. How long will it take to improve my credit rating sufficiently to try and get out of this hole?

Has anyone any other ideas what I could do to pay off the debt. I really want to get it all paid off and not be charged so much interest. I'm committed to doing this. I don't want to affect my credit rating forever by taking some deal of a dodgy financial company to write off some debt etc.

All thoughts would be recieved greatfully! Thanks

weekendcriminal

SelmaFox wrote: »

Be careful signing up to a free trial, they will automatically extend that trial to a full blown contract

Call credit did this to me without even sending me my activation code in the post.

Hosanna_2

However, increased saving does not always correspond to increased investment. If savings are stashed in a mattress or otherwise not deposited into a financial intermediary like a bank there is no chance for those savings to be recycled as investment by business. This means that saving may increase without increasing investment, possibly causing a short-fall of demand a pile-up of inventories, a cut-back of production, employment, and income, and thus a recession rather than to economic growth. In the short term, if saving falls below investment, it can lead to a growth of aggregate demand and an economic boom.