Moneysavingexpert.com/ Your Credit Rating discussion area

rdt1980

Hi,

I have a settled bank loan that is due to clear this year. I was wondering about my credit score after this happens. When it's cleared do I then have to build my credit rating up for a year with a high interest card or similar or so before I can apply for a loan, or will I have 'good' credit when it's gone. I pay all of my bills etc on time with no defaults. Just a bit confused....

Many thanks

MorrisonsEmployee

Some advice please - I am in the process of rebuilding my credit rating and after being declined previously have recently got a 24 month mobile contract [£35pm], Vanquis Visa Credit Card & £150 Very account limit - I have no use for the Very account but just wanted it to improve my rating - If this account goes unused will it still report to the credit agencies?!

mury

eh eh, Don't forget that mortgage is secured debt unlike overdraft or credit cards ...!!!

jesmin45

I have just got my report from experian, I had a default in july 07 from a loan took out for my ex partner in 1999. Since around 2005 I have been paying £20 a month. will this default stay on my report until it is paid up?

Catmonster

it does stay on your credit report until paid off and then sits there for 6 years which will still be seen by future lenders. Try and get it paid off ASAP.

alliya01

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notomonkeys

Jesmin,

Count 6yrs from the date of the original default.
Catmonster is not quite correct stating that the default stays until you have paid everything off.:) Imagine this scenario--- a loan taken out over 10yrs with a default in 1st year(could happen to anyone and has) if the default stayed on the credit file it would take 15 years to clear the default from the records even if you brought the account into the black in the 2nd yr- this would be quite unfair. Hence the 6yr rule which applies to all.

Defaults can only be served once on any single account, therefore it only dates to the the original default notice.

Hope this helps make it clearer

jaffa

Can anyone point me in the right direction please.
My Mum recently applied for 10 month interest free credit to pay for some furniture with a local retailer and her application was rejected.

The finance company (Creation) won't give a reason for refusing credit and referred us to Equifax.
Checked her credit report on Equifax and all looks good - everything settled or up to date.

Where does she go from here to find out why her application has been refused?
I can think of perhaps two reasons - one is that she has a current finance agreement with Creation (it is up to date and has approx four months to run) or the other could be her age (80)

But if no-one will tell you - how do you know what the problem is??

JD78

Hello am new on here and have a question about my credit rating. I recently got a credit report from Equifax as I was getting refused for credit and could'nt understand why as I have been paying everything on time.

I have been seperated for 2 years, moved out the house which I shared with my wife and 2 children and now stay in rented accomodation. I am currently still on the mortgage, but in the process of getting my name removed and going through divorce.

My wife her partner and my children stay in the property and I plan to sign the house over. During the period that I have not lived there, there has been a number of missed payments on the mortgage which has really affected my credit rating and it has shot down to 220. Once I get my name off the mortgage is it possible to get this off my credit report or will I have to rebuild my credit rating?

Not sure what to do!!!!!

I would be grateful if somebody could HELP


Thanks John

kari150

Mortgage question, can anyone help??

Do any of you lovely people out there happen to know which mortgage lenders/underwriters will execute their credit searches using 'live' data and not data purchased on a monthly basis??