Moneysavingexpert.com/ Your Credit Rating discussion area

jonathan_1983

I applied for a mortgage via my mortgage advisor and was declined. The reason given was credit score was too low.

I did a check last month using Equifax and my score was 514 and rated in the excellent category (albeit at the lower end of the excellent scale)

I have one bank account, one loan paid off with no missed payments and one current loan with no missed payments. My phone bill also appears on the report and again shows no missed payments since I took it out 3 years ago. Everything is green basically including the electoral roll etc.

The mortgage advisor explained that for a first time buyer, lenders are looking at 700+ ratings. I find this very frustrating as the loan amount is well within what they could lend me and feel I am getting punished for been brought up to budget well and not take endless out credit cards etc.

The mortgage advisor has appealed but I cannot see anything changing. What can I do in the short term if the appeal is unsuccessful? I do not want to rack up endless credit searches. From reading a few comments on here, the Nationwide appear to be fairly strict according to some people. My current loan however is with the Nationwide.

Can anyone suggest lenders who use Equifax and/or who are not as strict with their credit scoring? Or any further advice?

Many thanks.

coxy81

I've just been told I've got myself back in to the 'excellent' credit scores again (I don't know how I got out of them in the first place having never missed apayment etc)

I'm now looking to stop paying out to 5 companies and just get 1 loan. Is it best to apply for joint loans with my wife or should I go it alone?

Also, who are the best lenders in the market for this sort of thing?

Paul150

I am just about to finish an IVA. Foolishly I got myself into further debt whilst the IVA was in place, but luckily I got a PPI payout and settled the accounts.

All of the debts I paid off were to debt agencies and varied between 50-70% of the balance. I paid those off at the beginning of December.

My question is, how long will it take for those debts to be removed from my credit file?

Weeleesie

I only have 2 items appearing on my credit report - credit card and gas bill. I'm really trying to get my credit score up a bit so I have a better chance at getting a mortgage. What else could show up so that I can prove I make regular payments etc? Also why don't phone bills etc show up?

I've been turned down for store cards and phone contracts before, so am a bit wary about taking the risk with those in case I get rejected again and it makes my score worse!

astra2012_2

Hi,
I had a personal loan with Santander. The remainder of the debt was passed to moorecroft which I pay £100 a month to. The balance now is £488 which I plan to pay this month. Will this improve my credit score and does this show as a default on my credit file? I was hoping ta apply soon for a loan for £7000. What are my best options?????

Thanks Dave.:money:

Hazzinho

You will have defaulted so you will struggle to get a loan. Until the default drops off in 6 years from the default date you will be looked at as a high risk to lenders. check your credit files, get the £2 reports from experian and equifax and the free one from noddle to view the state of your file.

Supafly-Reen

Hi

Last year I took out a 12 month loan with pounds2pocket. I did this as I applied for a loan but was turned down. I have a bad credit rating but not due to being in debt, this is due to being new to obtaining credit so Experian gave my details to them.

I went on a few review websites and all the people posting reviews were singing the praises of pounds2pocket and how wonderful they were.....only now do I realise they had never posted before and have not posted since :rotfl:there's a lesson!

I now have 4 payments left and there is no sign of the loan on my credit file. I called them and asked and they said it can take a while, but should it really take 8 months.....
I have made all payments on time and it annoys me, I feel mislead, I'm sure they wouldn't wait 8 months to update my file if I had missed payments.

After reading some of the posts here I'm wondering if the details could be with Equifax rather than Experian, who I use, but they got my details via Experian so that wouldn't make sense.

I now have a Capital One card and a mail order on my file along with my bank account which are having a positive but slow effect as there new and revolving, but I don’t need credit at the moment so that’s fine.

I have learned my lesson so this is just a warning to others, just be weary when the biggest selling point of the loan is the "this will improve your credit rating" line.....it may not!

Living_proof

Evening all,

I did an Equifax credit check today expecting to have a glowing report, as I pay everything on time and have never defaulted. I was horrified just to have 521 as a score and wonder whether having a joint mortgage with my husband (separated 12 years, during which time I have repeatedly paid the mortgage which is tiny anyway) and an address association with my daughter whose mobile phone is in my name but she pays the bill - I paid her phone for many years but now she is in her twenties she pays, but the tariff I can get is much better than she can have as a new customer. Making sense?

Maybe I just don't use enough credit to be creditworthy. What do you think?

[Deleted User]

Please can someone help as I am sick with worry? Sorry if this is the wrong thread but it seems you people know all there is to know about the credit reference agencies and their workings.

I am currently overwhelmed by debt (owing around £55,ooo in unsecured credit card debt). By robbing Peter to pay Paul I can just scrape the minimum repayments each month but it is a constant headache as I have absolutely no way of finding even a minute amount of money should an emergency occur. However I have NEVER missed a repayment. My credit rating is very bad because i am obviously totally overstretched. I WILL deal with this though and have no intention of going down the bankruptcy or other route to get the debts written off. I have nothing against people who take this option but the reason I don't/can't is my partner/

He is the exact opposite of me, frugal to the point of miserly. He has savings and has never owed a penny in his life. He knows absolutely nothing about my predicament and will NEVER do so. My query relates to him really. He is talking about having a modest extension built on our home (which is owned outright and in his name) and for this would need a small loan/mortgage. He is an exemplary customer for his bank etc and should have no problems getting it (and I think also for interest free credit for a car he is needing to replace his well-used and old one). None of our accounts etc are in joint names and our surnames are different. However we do live at the same address and have done for many years and are on the electoral roll etc.

Is there any way that he might be refused credit because of me, and would a search by the credit reference agencies show information about me on HIS credit file please? Do all inhabitants of the property show up? I am listed as partner on his car insurance although it is in his name and he pays it. I have my own motor insurance (paid for by me) with him as named driver. I know on my credit file there is no record of him but I have never made an application for any loans/credit cards etc in several years so don't really know.

Thanks for your patience in reading this. Any advice will be so welcome. I can't sleep with worry. I've exhausted every ruse to stop him going ahead and setting the wheels in motion for the building work and of course by not being able to tell him why it is causing such discord between us.

Thank you

P,S I pay the elctricity bill and phone/broadband at this address if that makes a difference. I pay these by DD andthey are always paid on time.

Hazzinho

As long as you have no joint accounts he won't know or be affected. You should tell him now as it sounds like you will miss payments soon. Once you default the DCA's will start trying to get hold of you. Go on the debt free board for some good advice.