Moneysavingexpert.com/ Your Credit Rating discussion area

ryan22

Hi new to this an don't know much about this stuff.

I am employed but have been off sick for 6months and have been on sick pay and I am going back to work very soon.

I just want to know if anyone knows if the banks will give me a loan taking into consideration that they will know I haven't been on full wage but will be very soon and that I have only ever had 2 small finance loans on 2 motorcycles before.

Any help?

rck

I'm not entirely sure this is the best place but i'm seeking some advice with regards loans/credit cards.

My fiancee and I are both working full-time and have a baby boy on the way in the New Year. We are currently living with parents but would like to move into our own place, renting, sooner rather than later. To speed up the process and avoid the stress of moving in the late stages of pregnancy, I'd like a loan/credit card to pay for a deposit, furnish the new place etc.

I'm not sure what the best course of action would be; to make a balance transfer to my current account (Virgin/Barclaycard) or simply take out a personal loan.

I have a fair to good score (experian 761, equifax 410) as I have never really had credit in the past other than my mobile phone contract. I recently took out a basic Capital One card in order to build up my score.

We are looking for about £2-3000 but not sure what would be the best option.

Thanks in advance for any responses or help, and erm, Hello, Nice to meet you all!

Tomman

Hello everyone - i've never been on a forum before so hopefully it will be worth my while and someone can help me, and i thank you for this...


in brief. my partner and i are after a loan and i ve spent all day looking.
we've gone for 12,000 towards a canal boat and can just about afford one with our savings..

came onto MSE and found Derbyshire had the best rate at 5.8% so typed my info in to see if i would be accepted, and it was. !!! woo hooo

EXCEPT - then i thought i would see if we could rent somewhere and still have a loan, put in some amended details and hey presto, Denied...
fair enough, so went and changed my details back to the actual ones and by the time i had done that, they now had not made a decision on our loan, said they d get back to me in two daysa, but worst of all the rate had gone up to 7.9%!!!!!!!!!!!!!!!!!!!
cant believe it....

have i really managed to change my present score by simply looking at what a different future may hold for us??!?!?!?!

surely this isnt legal, (well, i m sure they can do what they want, but still)

spoke to nationwide they obvisouly dont want to change anything, but say i can appeal it if they accept the new offer at 7.9%..
seems like a waste of time..

can anyone advise - do we see this through and appeal until we get our 5.8% again (they are supposed to be sending all our conversations from today so will recieve them on friday apparently) OR do i just bite it and go get another loan from someone at 6% ??? OR just leave it for a week and get back to them asking for a loan again quoting 5.8%?



so basically i m down by 2.1% for just enquiring what my situation would be if i lived in a different house paying rent...
i realise now that i ve made a mistake but surely it can be undone and maybe there is a law on my side ( i was thinking distance selling or some equivalent)
i do know that i never actually accepted the offer so they can change what the hell they like.

Those B's!!!!!!!!!!


still, trying to be happy..

thanks everyone


Tom

notomonkeys

EXCEPT - then i thought i would see if we could rent somewhere and still have a loan, put in some amended details and hey presto, Denied...

You weren't clear what you 'amended' in your post but i'm guessing you changed some info and left other info unchanged.

Possibly the fact that you amended some details and left others the same has triggered alarm bells. especially if it is through the same agent.
The credit scoring system is quite strict -all applications are compared against previous applications by the same applicant, if you go changing something vital then they might just consider you to be more of a risk (i'm just guessing that this would be an automated procedure) hence when you got your last offer this may be what has been taken into account.

Having said that, it isn't unusual for lenders to tempt you with one rate, then actually offer you a higher rate..

A note of caution though-too many applications at the same time would also give cause for concern and may even scare lenders off.

PS. I'm sure most lenders have a clause stating that giving false infromation may result in blah blah blah etc. (usually in the small print)


Personally I would settle for the current offer. it seems quite reasonable given the current credit climate.

shahalam

Thanks for information

robedha1

Just a quick query. According to Experian my credit rating is good but I was recently refused credit in PC World. Could this be because my bank accounts are registered at my parents address? I wouldn't have thought it would make a difference but maybe it does, Any ideas?

lister11

I don't get this.....anyone care to take a moment and help clarify my ignorance.

So, Credit expert list my score as 999 (i understand this is worth zip).
They also list my only credit as my Mobile contract which is paid on time in full every month for years.

And that is it. Not one thing more.
I've an overdraft (which i'm always in). A student loan. I recently (within 5 months) paid off a finance deal for £700 (in full with no issues) and a pay day loan 2 months ago (again in full). Plus, a new last month, credit card with an £800 limit that i'm £170 into but will pay in full.

None listed.
it shows this....
Here's a summary of your most up to date credit report.
Check it and your score regularly to keep updated on the status of your credit.
Number of credit accounts (including those settled)1
Amount of available credit (excluding mortgages) £0
% of your total credit being used (excluding mortgages) 0%
Amount of outstanding debt (excluding mortgages) £0
Number of accounts overdue 0
Number of missed or late repayments in the last year 0

Then, I go too Noddle and sign up for free. It lists me as a bad lending risk. It does however list my finance deal, phone and pay day loan all paid in full. It also lists a default (paid in full in 2007) that was defaulted on 31/12/2006 so should be about to disappear this december (right?).

So, why does noddle, a freebe attached to the 3rd company in the list, appear to be more accurate than the big dog and why was i denied a finiance option of £1000 a few months ago.

Coincidently, all the searches i have are from car insurance search engines and 1 pay day loan. I'm registered on the electoral roll at my address and in full time employment.

It would appear that on the surface i'm prime for a loan....but apparently not!

dannysmummy

Hi everyone,

I have just accessed my Experian Credit report. It shows two defaulted accounts for my old Halifax loan and credit card accounts which I got myself in a bit of a mess with a couple of years ago. I understand they will both stay on my credit score for six years from the default, so 2015 and 2016
I have a payment plan set up for both via the credit collection agencies the two debts are with. What I wanted to ask was if it is worth using any money I have left over at the end of the month to pay extra off these debts or should I just stick to the payment plans as the defaults will be on my credit report whether I manage to pay them off in 1 year or 2 years?

Thanks in advance.

glowplug

I had incorrect information on my credit file. Namely the lack of electoral roll info. I wrote to all 3 (experian, equifax and callcredit) enclosing a letter from my local district council confirming I was on it and so far only Callcredit has updated their records and responded within a reasonable period of time.

The rest are totally useless and dragging their feet and considering they are responsible for my information and thus what direction my quality of life goes in I think they behave shockingly.

I do hope someone from Equifax and Experian ( the latter of which I have a Creditexpert subscription to which will soon be ceasing...useless !!!!!!s) is reading this and takes note.

notomonkeys

Hi,

What a lot of creditfile sites forget to mention is that even though the default drops off, if the account is still 'live' i.e. arrangements to pay, your default may drop off but the following credit history will still remain.

eg. if you default in 2005 and make arrangements to pay and close the account in 2010, then even if the default doesn't show in 2012 the account details will still be available until at least 2016 showing an arrangement to pay .

I'm sure someone can correct me on this if i'm wrong but this is my understanding.

I would always opt to pay back quicker if i can afford it.