Moneysavingexpert.com/ Your Credit Rating discussion area

Quasar

MickT,

It may also be worth bearing in mind for the future, that the more credit checks are done on you, the lower your credit rating will be and therefore the harder to get credit.

This is because all credit checks go on your rating, and when quite a few show up the lending company can reasonably think that you have applied for credit on all those instances and been rejected, which does not look good.

Hope the above makes sense!!

Wetdog

Hi (sorry if this is in the wrong forum)

I'm trying to improve my credit rating, I had a bit of a 'blip' a while ago resulting in CCJ's etc ....

After almost 7 years I'm free of the debt and have spare cash every month.

I managed to get a credit card the other month (not that I want, or need one. It was a 'I wonder if I can get one' type of thing)

I then checked my credit rating and not surprisingly it was VERY low. I was wondering what would be the best way to improve it ? (pay for everything by cash, pay for bits on the c/card but pay off the balance before it's due or fill the car up with petrol & pay the £5 per month minimum payment for a year ?)

Cheers
Wetdog

Fudagee

If any of you have read my previous post about applying for a loan with Liverpool Victoria (see here: http://forums.moneysavingexpert.com/showthread.html?t=91282), you'll know that I was rejected for a loan with them.

I however wrote for clarification on the rejection reason and also contesting their decision which was reversed and they have since ok'd my application.

My question is will me credit rating be affected as I was originally rejected and since accepted for a loan?

Fudge

classicbs_2

Hello, sorry if this is in the wrong forum but I could not find a seperate area to ask this question about credit rating.

Basically NTL think that I owe them £80 ponds. I won't go into details but I don't owe them money and have ignored them for a while. I recently got a phone call from CapQuest who have bought the loan of them. I am not going to pay them either and I am not worried about them catching up with me.

What will happen to my Credit Rating if I just continue to ignore them? Given that I am innocent, I can't really be bothered to go to the hassle of resolving this issue, but will my credit rating be affected because I may sort it out if it will.

Thanks

YorkshireBoy

classicbs wrote:

What will happen to my Credit Rating if I just continue to ignore them? Given that I am innocent, I can't really be bothered to go to the hassle of resolving this issue, but will my credit rating be affected because I may sort it out if it will.

The short answer is yes, your credit rating will be affected!

I would have thought that if they've "sold" the debt to another organisation, then they've already marked your credit file with a "default" - and this will seriously affect your chances of obtaining credit in the future. You can check your files by ordering your £2 statutory reports from https://www.experian.co.uk & https://www.equifax.co.uk.

This issue will not go away. You need to work with NTL/whoever to get it resolved.

ioscorpio

For those of you that pay to sign up to Experian for the year, you can get free online access or 4 reports sent to you per year when you sign up to A&L Identity Protection Plan for £49.99 a year.
I know some banks and credit card companies are providing this Identity Protection service for free, but I don't know if that includes access to your Experian credit files.

dawsonio

Hi, Just viewed my report with Experian, Got an imaculate credit repayments history, 3 CC total £5,000 got a £5k car loan all repayments met and i only have a Fair credit score 785/1000. Now i checked and i am not on the electoral role so im gonna register for that. My Question is does the electoral role make that much of a difference?

Chris_Dyer

In spite of receiving a 'blemish free' credit report from Equifax, I was turned down by Capital One for a Platinum card. I had applied to Barclaycard (based on your advice) in parallel and received a £3000 limit credit card in days.

So, what's going on? I'm guessing that, as I've always paid my MBNA card in full and on time, Capital One don't see me as the sort of customer that is going to make them any profit!!

Alan_C_3

Following your advise, I applied for an A&L current account earlier this year. I was rejected as I am not on the electoral role. Being a local parish councillor, I have a copy of the electoral role - and there I am as clear as daylight.
Last week I applied for an A&L loan, again on your advise as the best buy. Again I was turned down as I am not on the electoral roll.
I decided to follow this up and rang A&L to query. They said they used Experian and according to their records I wasn't on it. So I rang Experian to find out why.
I would appear that my house was originally two cottage which were knocked into one. Experian had me on under the other cottage name, which, to my knowledge, hasn't been used for many years. They advised me to contact my local council, which I did. They told me that they send out a copy of the electoral role every time it is issued to all credit agencies and that Experian were obviously not updating theirs.
I have now written to Experian asking them to explain why they haven't updated their records and advising them that they are operating illegally under the rules of the data protection act - I await their reply.

Watson

Out of interest, is it known how Experian's credit score description (Very Poor, Poor, Fair, and so on) is arrived at?

My own credit score is 859, which on their scale of 1 to 1000 equals, fairly obviously, 85.9%. They describe that figure as "higher than 50% of UK consumers applying for credit". And yet the band I'm in is only "Fair".

Now I don't suppose that credit companies and banks pay much attention to the label; surely they just go by the figure? But nonetheless, I feel slightly put out to be no more than Fair.

Not an earthshattering matter, I realise, but it made me wonder.

Watson