Moneysavingexpert.com/ Your Credit Rating discussion area

Jamesdusk

Just done another search on moneysupermarket for loans, to be met with a message that reads "according to your credit rating at Equifax, it looks unlikely that you will be offered further credit products" and "There were no loans that matched your profile. This may be because you already have a lot of borrowing, such as loans, credit cards and store cards".

I take it this is pretty bad, but again going off my credit score on Equifax rated 422 and 'Good' (also checked Experian which rates it 992 and 'Excellent') this is only due to the aforementioned financial association with my partner with a poor credit score?

How long after disassociation can I expect the likes of moneysupermarket to take me out the sin bin as well??

Hazzinho

Money supermarket use the other CRA called Callcredit, use their free for life credit report at https://www.noddle.co.uk, you need a credit card to apply, this is to verify you are who you say you are.

Jamesdusk

Just realised- I am on a mortgage with my father, currently interest only, with the outstanding balance £90,000. Even though I do not live there (my father lives there alone, pays the mortgage etc) or pay anything towards it would this be a factor?

ben.23

I am about to apply for a personal loan for about £7800. I have 4 overdrafts and 1 credit card and am often up to the limit on them. Could any-one tell me whether this will affect my ability to get a loan and if so how far from my limit should I stay in order to help i.e. what percentage of my total available overdraft should I ideally use.
I have also noticed on my credit score that bank account balances and details are not updated that often so I don't know if there is a way to get the details refreshed?

msdvk

Can anyone tell me what effect residential status has on credit applications? I am neither a homeowner, tenant or living with parents and sometimes these are the only options on applications. I live with my partner and our children. The house (deeds and mortgage) are in my partner's name only.
I recently applied for a loan and selected 'Other' but it didn't ask for specific details. The loan was refused.
Would there be any benefit (or negative effect) in adding my name to the mortgage? We are looking at remortgaging at the moment anyway - fixed term just ended.
Grateful for any advice.

noizeuk

Good day all,

I recently performed a credit history search via Experian and found that my credit rating is "Excellent", scoring 986.

How can I make this better?

Loan vs Saving (want vs need)

I am considering getting a loan to purchase a used car, however I am hesitant as to whether it will impact my credit history. I have checked Zopa, they seem to be the best rate and repayment amount with the added bonus of repaying early (with no penalty).

Current debt is £500.20 on a Mastercard (c £10.00 interest p/m - 0% expired October, not worth BTing it) which will be paid off by March. However except for the loan and next car insurance splurge, I won't have any debt. Will this reduce my scoring?

Thanks in advance

jelajelavic

Hi, I'm sorry if this has already been covered before but I just have one question. How long do credit reports take to update? I recently paid off a credit card and cancelled the card and the report still shows that I have the card and a balance from a month back or so.

Thanks in advance

MrDebtWarrior

Sorry, ignore this. Managed to find the info I needed.

Thank you.

keeleyjanex

I don't know whether this has been mentioned, however, I currently have a loan out with my bank for my car. However, after looking on here at loans, I thought Sainsburys might be able to offer me a better deal. Went through the application over the phone today, but my application was declined. I listened to the pre-recorded message about checking my credit report, therefore, went to Equi-thingmajig and they basically wouldn't give me a report online and I had to apply through post. Has anyone else been told this? I don't want to faff about too much - although my interest is quite high with the bank whereas Sainsburys could offer 5.2%. Any thoughts?

moneyman2012

I really need some help and advice from somebody in the know.

I foolishly got caught up in the PayDay loan try in 2011 which was a nightmare - pay off 1 with salary and take out another to cover it each month - it was vicious.

Anyway, I finally cracked and simply could not pay the final loan and much to my surprise, I did not hear a peep from Wonga, about it and it almost vanished overnight. No phone calls, no letters, no e-mails. Nothing. I stupidly assumed they had grown a conscience or had simply made that much from me that they werent going to pursue the matter.

3 weeks ago, I received a letter from Moorcroft Debt Recovery saying that I owed £2508! (the unpaid wonga loan was for £1200) however the extra was interest and charges. When i phoned them, i was told they would accept £1250 if i paid NOW but I couldnt afford it so they accepted £20 per month to pay back the 2.5k.

I dont mind paying back the money as I did borrow it but I now have a default on my credit file from a company named Brighthouse for the £2508 showing that I missed 6 months payments and my credit rating has dropped to almost zero.

The upsetting thing is that I have spent the last 2 years being very good, paying everything on time and had just got it to the point where it was just below 500 (good considering I have a CCJ that should never have been made against me). My CCJ is finished in December but it appears now that this Brighthouse thing will kill any chance I have of getting my credit back in one piece.

Does anyone have any advice as to how I can deal with it as I dont think that the account being put in default is fair since no request for payment was made! In theory, I actually only missed 1 payment. HELP!