Moneysavingexpert.com/ Your Credit Rating discussion area

scumzisp

scumzisp wrote: »

Hi,

I've been following advices for MSE to improve my credit history and It worked out well for me.

Bit of Back ground.
I had not credit associations earlier and defaulted cap1 for £250 in 2007. I've paid up my default amount in Aug this years and since the on a mission to Improve my credit score. I just have basic cash card account with Bank of scotland.

I got for Vanquis cc as I was declined by barclays initial card and used the card to full extent and paid up all the balance. Then got approved for Vodafone sim-only contract for 12months.

I would like to advice on Next step to improve my credit history.

I want to get a current account.
Should I apply for Bank of scotland current account as I already had cash card account with them and maintained decent balance since a year or should I try with some other bank.
Which back would offer me current account with one default on in credit file.

Got approved for BOS classic current account with no overdraft. I'm happy with no overdraft and just needed current account to improve my credit history.

Wow!! 3 months and 3 credit associations, 1st month - vanquis, 2nd month - vodafone sim only for 12 months and 3rd month - current account.

k9driving

I am so angry.

In brief, I am 57 years old I own my own home and no longer have a mortgage. I have one interest free loan for a car which will be fully paid in January. I have two credit cards, both have always been paid in full every month and there is no debt on either of them. The second card, a clarity card was received a couple of months ago for a trip to the USA, it has been cleared and the balance is zero. I have no other debt. My wife and I have an ISA each for the maximum allowed amount, premium bonds and two regular saving accounts with Santander for the maximum permitted amount. I have never been in debt and most loans that I have had in my life were repaid in full early. I am self employed with a net income of around £2000/ month as well as a work pension of £18000 a year.

Why have I told you all this, because I have tried for a 6.3% loan with Nationwide and was only offered 9.2% and then a 7.5% loan with Santander and only offered 8.9%. Why? Because of my experian rating.

I am absolutely furious, there is nothing I can do about it and I am told the reason is because I have taken this boards advice and shopped around for good deals with savings and holiday credit cards which has effected my credit rating.

So much for being careful all my life!!!!!!!

minxtress

leefire wrote: »

I have had my credit report of them all and check my file is by far the best. Fill in the online forms takes 2 mins add credit card details then cancel by phone bish bosh boosh. Its class. Thought I had bad credit rating however its pretty high but bad postal area. Bummer

Id agree with that ive just signed up for the free trial and its a lot more in depth.
My credit score seems best with experian, does this mean if I can find a lender who only checks experian when considering me for a loan, I stand more of a chance? If so anyone any ideas who use them so i can apply to them first?

minxtress

anyone any ideas?

theduke748

Hi there.

I was wandering if actually applying for a loan, and not taking it out puts a mark on your credit report?

I have just applied for a loan from one company, who has accepted me, but now i want to try with another company as I've just noticed they do a better deal. I don't want to keep trying if it's going to give me a bad credit rating.

Hazzinho

Both searches will show on your file. if you get accepted for the other one no problem but they may possibly be put off by the other search or offer a worse deal than they would have. for all they know you've taken that other loan.

nornhugh

Just got my Expieran credit report after getting turned down for loans and credit. There are only two bad things listed the first is I am not on the electoral roll which I have now recently gone on but not sure how much of an effect this will have on my rating and the second one says due the lenbgh of time I have held credit being not very long that lenders see me as a risk I currently hold two credit cards one I've had for two years just over and the other which is from my bank that I have had for just over a year plus my vodaphone sim only contract which i'll have had for a year in january. I did have another credit card which I held for four years from my bank but closed this off about 3 months am wondering if this was a wise move should I have kept it running even though I very rarely used it?
What can I do to to improve my credit rating is there a short term solution or will I have to wait it out one of the reasons I was looking for a loan was to pay off one of these cards along with money I had borrowed from a close friend to buy my car. Any advise will be greatly appreciated

Hazzinho

Going on electoral roll will make a big difference. It is a good indicator you do actually live at your address.

You will however need to wait a good few months now as multiple applications in a short time is also negative. For all the banks know you've now got a bunch of loans etc that have yet to display on your file.

Cooke

Hi, had a browse about and this seems the best place to try and get an answer.

I have an overdraft with HSBC. (£600). They have requested it to be paid in full by next week. If i dont have it paid they are passing me on to their debt management company. I know this will affect my credit rating... but what i am wondering is would it have any affect on me obtaining a student loan next september?

thanks

Tixy

It shouldn't affect you getting a student loan. But could affect you getting a student bank account and overdraft.
It might be worth trying to negotiate with them instead of reducing your limit in one hit to ask them to reduce it by, say £200 a month over 3months (if you could afford that much). Might be worth going in branch to discuss it as an option.