Advice Needed About Credit Report

southernscouser

Experian report arrived today!

Wow, never realised how much credit I've had over the last 6 years!

A couple of problems though if anyone can shed any light!

HFC Bank PLC Fixed Term Deffered Payment
Started 20/01/03 Balance £0 Settled 21/01/04
Monthly payment £45 over 48 months
Status history 000000000000
In the last 13 months of account activity, the number of status 1-2 is 0 and the number of status 3+ is 0

The problem is the bolded bit Fixed Term Deffered Payment. Now I think/hope all this meant was that when I bought a PC it had 12 months interest free and at the end of that 12 months if you didn't pay for it all there and then they back charge you 12 months interest! Just slightly worries me as I know I paid up and everything! Just the word deffered! Is this right or is this a bad blotch on my record?


Second thing is

There are 3 credit card accounts that haven't been settled although I'm pretty sure I did.

Morgan Stanley, Balance £0, Credit Limit £2,200, started on the 11/06/03

MBNA, Balance £0, Credit Limit £1,000, started on the 24/11/03

MBNA again, , Balance £0, Credit Limit £6,600, started on the 11/06/03

That would suggest to potential lenders that I've got another £9,600 credit which I actually don't and could harm my applications couldn't it?

file_wizzard

Fixed Term Deferred Payment your quite right, this is just an account type and nothing to worry about.

Also all credit card accounts are left "dormant" rather than fully closed for 6-12 months after you have "cancelled" them, this is to allow for any reoccurring payments you have set up against the card.

If these are all now unused then I would suggest you contact the lenders and ask them to fully close the accounts, as any which remain reporting either "U" for unused, or "0" with a £0 balance and a credit limit against it will indeed effect your overall score when a prospective lender assesses your total potential available credit.

southernscouser

Thanks for that file_wizard. I'll get on to them first thing in the morning.

I can't even remember the cards so they must be older than a year!

Is it quite common that they aren't always settled or should I be worried about something?

YorkshireBoy

southernscouser wrote:

Is it quite common that they aren't always settled or should I be worried about something?

I've (inadvertently) kept a tidy credit history report over the years. From looking at my report recently, I see that when I hadn't used my ATS/Euromaster (tyres & exhausts) "buy now pay in 4 months" card for 2 years they automatically marked the account settled, ie, even though it still shows a credit limit of £1,500, this line of credit is no longer open to me.

I'm not sure what credit card providers do as a rule, but I'd advise always asking them to close and mark settled when you've no intention of using them again, eg when the 0% ends. Just make sure you've no CPA's (continuous payment authorities - eg annual RAC membership etc) on the cards.

southernscouser

Just spoken to Morgan Stanley and MBNA and the reason they weren't marked settled was because THEY owed me money! :rotfl:

A whole 14p between the 3 of them! Should have charged them £25 per month that they owed me it!

file_wizzard

southernscouser wrote:

Just spoken to Morgan Stanley and MBNA and the reason they weren't marked settled was because THEY owed me money! :rotfl:

A whole 14p between the 3 of them! Should have charged them £25 per month that they owed me it!

lol.............well make sure you spend it wisely !

southernscouser

Does anyone have any ideas what I should do with it?

High interest account? Invest in shares? Black or red on roulette! :rotfl:

IN_LIKE_EVERYONE_ELSE!

Lend it to me at 0% for nine months, for my stooooooooooooozzzzzzzzzzzeeeeeee pot.

southernscouser

IN_LIKE_EVERYONE_ELSE! wrote:

Lend it to me at 0% for nine months, for my stooooooooooooozzzzzzzzzzzeeeeeee pot.

OK, but I must advise you that I charge a 2% or £5 minimum balance transfer fee!