Moneysavingexpert.com/ Your Credit Rating discussion area

boyleyuk

J3nesis wrote: »

I recently got turned down for a loan with Natwest and a Barclaycard (I know, I know, stupid to apply for two things at once). When I phoned to ask why, of course they wouldn't tell me the details but simply told me I'd failed a credit check.

I'm 23. I have never defaulted on any payments or bills of any sort, I've never missed or made a late payment. I've never had a loan, apart from the government student loan and an agreed overdraft (which I did go into in my student years). I have a credit card that I make more than the minimum payment on every month on time.

So why have I failed the check?? I did wonder if it's to do with my address. I've been in my current flat for about 4 months, I'm on the electoral roll here and my bank registered address is here, so that's hunky-dory. However at my previous flat, where I was for 18 months, I wasn't on the electoral register (I didn't know what it was) and I kept my bank address registered at my parents' house. Before that flat I lived with my parents.

When applying for credit and they ask for previous addresses, should I give my previous flat or my parents' house since that's where my bank statements went? Could that be the reason I was declined?

Since the credit crunch hit all lenders have tightened there lending belts, i would imagine that based on the details you have provided 4months doesn't show security to a lender. if you have 2 applicants with the same income details etc but 1 has lived in their flat for 5 years and the other 4 months they are likely to chose the 5 year tenant because theres a bit more security, this does have an affect on your credit score.

I'm sure that is the reason for your decline

Tiggy10

Hi there,

Checked my credit file today. I took out a blue sky prepaid credit card in march whereby i top it up and they take a small fee to go towards boosting my credit. however its shwing on my account as 2 missed payments, when i always keep it topped up. so now its showing as not good when i am paying for it to improve me.

what can i do about this?

Tixy

Is your monthly fee supposed to be deducted from the funds on the card or from your own bank account?
Do they send a statement or have a log in so you can look at the account? has the £5 (or whatever) fee been deducted every month? if there are months it wasn't take does your account show that there was sufficent on the account each month?

If it does the first thing is to contact blue sky and dispute the entries and see what they say.

allnightuk

just a quick one got me experian credit report the other day and under account information all my partners details where on as well now she not got a few late payments and stuff nowt major but mine its near perfect so what im asking is will here information affect my credit

Tiggy10

Tixy wrote: »

Is your monthly fee supposed to be deducted from the funds on the card or from your own bank account?
Do they send a statement or have a log in so you can look at the account? has the £5 (or whatever) fee been deducted every month? if there are months it wasn't take does your account show that there was sufficent on the account each month?

If it does the first thing is to contact blue sky and dispute the entries and see what they say.

Hi, the fee of 4.99 is supposed to come off my card. i first topped it up with 50 pounds and left the money on there purely for the fees.

I contacted blue sky to which their best response was to refund the two months fees despite me stating i did not want this as i knew i owed this. I simply wanted my credit rating to show these had been paid properly. However i have since had no response!!

webdel1

Hi, I was wondering if anybody could help me. I have abour 5000 spread over 3 credit cards all upto the limits. I am paying top interest on all off them its costing me about 150-200 a month just to meet the minimum payments which is obviuosly getting me nowhere. I applied for a few loans to pay off this debt which would leave me with 1 monthly payment a month but kept getting refused. I joined experian to check my credit file to find my score was excellent at 997, but my available credit was only 1000 hence why i was most likely getting refused any more credit. Despite me stating on my applications for loans and new 0% interest balance transfer credit cards i still keep getting refused. Has anybody got any advice on how I can consolidate these credit cards with 1 monthly paymeny that actually reduced the debt.
Thanks

benhenn

hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

Sharonq

I have current account with Halifax and an overdraft which is paid off each month, I have a credit card with them, currently no interest (was special offer) but about to go to interest. Unfortunately, I now have £6,000 on this card mostly due to having to bail out my 2 daughters (one student, one abroad) who both have very low incomes. I am in full time employment, same job for 9 years, I earn £34,000 a year. Last year I separated from my husband and now rent a property. I have no other debt. I wanted a personal loan from Halifax to pay off credit card, rang them, explained this and they said they could see from my credit report that i would be declined. I checked my credit report and the only negative thing on there was that just before I paid off my mortgage last year I missed 2 payments (due to situation with husband) this was the 2 months before I paid off mortgage in full. Prior to this I had never missed a payment. How can I sort this out? I will be crippled by credit card repayment once it starts getting interest put on? should I check out a consolidation loan with someone else?

MrsTinks

Unfortunately those 2 missed payments will probably cost you dear. What does surprise me is that they discussed your credit report at all... Did they actually do a search or are they looking at their own internal details only? Quickest way if you're not sure is to ask them if they did a credit search. If they didn't then it's worth trying someone else to see if they would give you a loan.
As time passes then the missed payments will count for less - sadly creditors don't much care if the reason for missing payments is genuine or not...

Sharonq

Thanks. When I spoke to them they said that they couldn't see what it was causing the reason that i would be declined, but just from the details in front of them. I checked my own credit report and saw the 2 missed payments. I didn't go any further with the halifax as i didn't want it to show on my credit report that I'd been declined credit. what i don't understand is that they felt it was ok earlier this year to offer me a credit card with a £6,500 limit! why didn't the 2 missed payments affect this?