Credit Rating Past - Still Affected

olaufolive · 20 July 2018 at 1:18AM

Hi there

I am now a 30 year old with a 999 Credit Rating :j:j:j:j:j:j:j

Never thought this day would happen ever.

However I was once a 21 year old with a CCJ, tens of thousands in debt and stuck in a payday loan cycle. I did turn my life around and that's good.

I haven't owed anything for a while and for the last year have been in Australia which I think really helped my rating. Just left it alone. My CCJ has now been removed from my file and I am FINALLY free. I had nothing.

However I applied for a 0% credit card now I'm back and I got rejected on the basis of my credit rating?!! :eek:

Understandably very disappointed as it's been logged on my credit file as rejected and taken my score down to 989 (it used to be about 3 so I am now obsessed with it).

Why is my new credit rating not allowing me to apply for/gain credit?

I don't need the credit card so it's OK, I was just a bit shocked to not get it. I was hoping to get mortgage by the end of the year?

Earn a salary in the high tens and have a bank of savings.

tastyhog · 20 July 2018 at 2:13AM

your 'score' is meaningless, you can have a high score and little to no recent activity showing you can manage credit well, which is just as bad as having a file with loads of missed payments and defaults.

with such a high 'score' it sounds like you're at the bottom of the credit ladder again with little to nothing for lenders to base their lending decisions on, like if you were just turning 18.

were you applying for a card from a company / group you've defaulted on in the past? because they keep internal records long after they drop off your credit report.

BoGoF · 20 July 2018 at 6:28AM

A prime example of why credit reference scores are completely pointless. Your 'rating' means nothing toany lender.

If you want to start building some history you need to start at the bottom, possibly with a sub prime card. Check the MSE eligibility calculator.

[Deleted User] · 20 July 2018 at 7:23AM

Congratulations on the fake number and rating.

It just goes to show that it means absolutely nothing. I may even bookmark this thread to use in the future

Why did you apply for a credit card if you didn’t need it?

You were rejected as you have no credit HISTORY.

Use and eligibility checker to see what you’re actually eligible for - likely a subprime card such as Aqua or Vanquis.

By the way - rejections don’t show on your files just the search.

nic_c · 20 July 2018 at 8:05AM

The rejection was because of no/little past credit. Your CCJ has fallen off, but assuming you've not been using credit, everything else has fallen off too? So lenders have no idea whether you are a risk or not, whether your "score" was 999 or 3, its the same effect (people mistakenly think a "999" is some sort of magic golden ticket).

As you are wanting a mortgage later, then you need a credit history. So far you have one application now (it does not show as a rejected, just an application), don't apply for any more until you have done some eligibility checks.

As has been said, go for a subprime card, some have pre-application eligibility calcs that only do soft searches (the application was a hard search). Apply for one that says you are eligible, and use it only for every day spending and pay in full and never exceed the credit limit (likely to only be a couple of hundred pounds) or use for cash withdrawals.

It will build your history and show responsible with credit (ignore how your "score" reacts to application or use) and plan for when you want to get a mortgage. You may want to upgrade to a better card in a year, but don't apply for anything in the few months before your mortgage application.

DCFC79 · 20 July 2018 at 8:13AM

olaufolive wrote: »

Hi there

I am now a 30 year old with a 999 Credit Rating :j:j:j:j:j:j:j

Never thought this day would happen ever.

However I was once a 21 year old with a CCJ, tens of thousands in debt and stuck in a payday loan cycle. I did turn my life around and that's good.

I haven't owed anything for a while and for the last year have been in Australia which I think really helped my rating. Just left it alone. My CCJ has now been removed from my file and I am FINALLY free. I had nothing.

However I applied for a 0% credit card now I'm back and I got rejected on the basis of my credit rating?!! :eek:

Understandably very disappointed as it's been logged on my credit file as rejected and taken my score down to 989 (it used to be about 3 so I am now obsessed with it).

Why is my new credit rating not allowing me to apply for/gain credit?

I don't need the credit card so it's OK, I was just a bit shocked to not get it. I was hoping to get mortgage by the end of the year?

Earn a salary in the high tens and have a bank of savings.

You sure the rejection is listed on the report, it will show that a search was carried out. Use your savings then.

You can be rejected for a number of reasons but your credit score isnt 1 of them.

jimbo26 · 20 July 2018 at 8:55AM

If anyone needs confirmation about how meaningless the 'score' is here it is, point them to this post.

OP - Don't obsess over the made up score, as you can see it has absolutely no bearing on what cards you will be accepted for. In the eyes of a credit provider you have no history, therefore a big risk. Get a card from someone like Vanquis, Aqua etc. and start building a history of managing debt. Make sure you set up a DD so never miss a payment, and make sure you pay off in full to avoid the high interest charges.

Take out a phone contract, or SIM only monthly contract.

Slowly but surely your history will build and show potential lenders you are responsible when it comes to managing debt.

gionnetto · 20 July 2018 at 9:29AM

olaufolive wrote: »

Hi there
However I was once a 21 year old with a CCJ, tens of thousands in debt and stuck in a payday loan cycle. I did turn my life around and that's good.

I haven't owed anything for a while and for the last year have been in Australia which I think really helped my rating. Just left it alone. My CCJ has now been removed from my file and I am FINALLY free. I had nothing.

First off, congratulations on turning your life around! It isn't an easy task and I'm glad you did it! :beer:

As for the rest:
1) check all your credit reports (with all CRAs, not just Experian... Equifax can be troublesome) to ensure all information is correct;
2) get on the Electoral Roll if you haven't already;
3) use eligibility calculators before even thinking about applying;
4) once you've figured what 0% card has the best match with you (as in: the most likely to get, NOT the one you fancy right now), figure out what CRA they check
5) doublecheck the report from that CRA to ensure accuracy
6) if eligibility is still 70-80%, get an utility in your name, or get a better job (sometimes they don't give your credit, even with an excellent score, if your income isn't au pair with their standards)

Finally, good luck and be positive. You'll get what you want, eventually. It might just take time! :rotfl:

Superscrooge · 20 July 2018 at 9:10PM

olaufolive wrote: »

Hi there

I am now a 30 year old with a 999 Credit Rating :j:j:j:j:j:j:j

As you will see from the below threads your 999 credit rating counts for diddly squat.

https://forums.moneysavingexpert.com/showthread.php?t=5549193&highlight=999+refused
https://forums.moneysavingexpert.com/showthread.php?t=3035712&highlight=999+refused
https://forums.moneysavingexpert.com/showthread.php?t=2961630&highlight=999+refused
https://forums.moneysavingexpert.com/showthread.php?t=282561&highlight=999+refused
https://forums.moneysavingexpert.com/showthread.php?t=2802338&highlight=999+refused

olaufolive · 23 July 2018 at 3:40AM

Hi all,

Thank you for the replies, appreciated and interesting to know.

I have a credit card currently, with a low limit which has been paid off and I've had years. Am spending minimal amounts on this.

I also had two other high interest cards last year which I paid off in full before leaving the country. Would this not count? I did clear them before the CCJ was removed.

Accounts have all been closed.

Have had a mobile phone contract for years.

So I do technically have credit and debt - but savings to cover/entirely manageable.

Am I better off continuing to sensibly spend on my credit card?

Would like to get a mortgage by the end of the year which I'm guessing isn't realistic?

I will be moving back into an excellent job with 'Director' title (though had that before, earn over 70k, will have a company car. I also had a company as I was contracting and submitted my company accounts just now and paid off the full tax bill etc. Does this count? Guessing not even if I was sole trader.

[Deleted User] · 23 July 2018 at 3:50AM

What exactly shows on each of your three credit files?

Not the scores, but the accounts, especially open ones. Unused and closed accounts will have little impact in terms of demonstrating good credit management.

Credit Rating Past - Still Affected

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