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  • brookerbabyisababy
    The effect of a manual payment, when a direct debit is active on your account, varies between lenders. Which credit card(s) did you have in mind?
    Originally posted by Moggles
    barclaycard
  • Moggles
    Barclaycard
    Originally posted by brookerbabyisababy
    I've answered this question for you on your other thread

    http://forums.moneysavingexpert.com/showthread.html?p=13295197&posted=1#post13295197
    People who don't know their rights, don't actually have those rights.
  • workshy1980
    Perhaps someone can help me, I obviously missed something re credit scoring. After a slightly dodgy history of missed payments and a default, I am back on financial track. For nearly 2 yrs, I have paid everything on time and in full. Three months ago, I ordered my credit score from Experian and it came back as 754. Today, I got a new score and it was 740. Why on earth has it dropped?! I have not applied for any credit and there are no oddities. The only thing that has changed is Vanquis increased my credit limit from 250 to 500 but as I pay it off in full every month, why would this negatively affect me?
  • eli12
    Can my debt affect someone else?
    I have been experiencing financial difficulties for the last 6 months or so and know my credit rating is low. I have a Nationwide Flexaccount jointly with another person who has a perfect credit history. I have never defaulted or had any problems with this particular account, but can my credit card problems (with other banks) detrimentally affect my joint account partner?
  • topprez
    Credit Score Improvement Help
    I recently graduated from University. However from my early years i have 4 defaulted account showing on my credit report where payments were missed and repayments were not kept up to date. Three of the four payments will be removed from my account next year as they will have been defaulted for six years.

    I am now in a position to pay these debts and looking to improve my score. Ii am wondering how soon after payment will my credit score improve and will it be a big increase.
  • sazzle86
    Rejected for credit
    Around 6 months ago I applied for loans however got declined.

    I have 3 missed payments showing on my credit file from a current account that I had a small overdraft in and forgot about which I felt was a bit unfair as being an overdraft there was no payment plan in place to miss payments on...

    I also realised that I wasn't on the electoral register which I have now been on since then...

    I am aware that making too many applications and getting declined will have an adverse effect on my credit rating but I am in a situation where I need to apply for a loan...

    I currently have 4 credit cards which I will be consolodating with this loan and closing...

    Do you think I have left enough time to apply for credit again? I have checked my rating which is currently 'fair' at 860... :confused:
  • elfreako
    Too many credit cheacks not good
    It's all well and good getting credit checks done but every time you do it is logged and is not a positive sign for lenders who will lend to you. The first thing they do is look at how many times you have been checked and who by, this will indicate bad credit if it's done too often in a short time frame. Try to avoid this.

    The best thing you can do to build up credit is get a common credit card e.g. barclaycard and always make sure you spend around 50 on it every month. Pay this of on time and you will have a good credit score.

    Also make sure you do participate in elections and are on the electrol roll. Another thing lenders will look at, don't ask me why.

    Building up credit is best thing I had done as many mortgage lenders have a fast track and to qualify you need a sqeeky clean credit history.
  • Moggles
    I obviously missed something re credit scoring. After a slightly dodgy history of missed payments and a default, I am back on financial track. For nearly 2 yrs, I have paid everything on time and in full. Three months ago, I ordered my credit score from Experian and it came back as 754. Today, I got a new score and it was 740. Why on earth has it dropped?! I have not applied for any credit and there are no oddities. The only thing that has changed is Vanquis increased my credit limit from 250 to 500, but as I pay it off in full every month, why would this negatively affect me?
    Originally posted by workshy1980
    Judging from the posts on here, it's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when the figures take a dive. Equally, some posters are put off building a credit history at all, because of low scores.

    Credit reports, when ordered directly from Experian and Equifax, are valuable. After all, this is the information lenders search when you apply for credit. Additional services like credit scores are a nice little earner for the credit reference agencies, but of little practical value to credit card applicants and certainly not worth paying extra for. I wouldn't let these numbers distract you from tackling the things that really matter

    Remember credit reference agencies are there to provide your credit history, but the actual methodology (and the process of scoring itself) is done by their clients, the lenders. None of us - including the CRAs - knows what criteria are used by individual companies. Lenders do not disclose this information. It's not uncommon for MSEs to post different scores from the three CRAs or various scores from the same agency a few weeks apart. I suspect that the lenders' scores, had we access to them, would be different from each other as well!
    People who don't know their rights, don't actually have those rights.
  • NickX
    Also make sure you do participate in elections and are on the electrol roll.
    Originally posted by elfreako
    Urm, agreed that being on the electoral role is crucial to getting a decent line of credit, but participating in elections is information that the Credit Card companies have no access to. Why would this make a difference anyway ?
  • brookerbabyisababy
    It's all well and good getting credit checks done but every time you do it is logged and is not a positive sign for lenders who will lend to you. The first thing they do is look at how many times you have been checked and who by, this will indicate bad credit if it's done too often in a short time frame. Try to avoid this.

    The best thing you can do to build up credit is get a common credit card e.g. barclaycard and always make sure you spend around 50 on it every month. Pay this of on time and you will have a good credit score.

    Also make sure you do participate in elections and are on the electrol roll. Another thing lenders will look at, don't ask me why.

    Building up credit is best thing I had done as many mortgage lenders have a fast track and to qualify you need a sqeeky clean credit history.
    Originally posted by elfreako
    Why 50? Can't you just spend 5?
  • Moggles
    I have been experiencing financial difficulties for the last 6 months or so and know my credit rating is low. I have a Nationwide Flexaccount jointly with another person who has a perfect credit history. I have never defaulted or had any problems with this particular account, but can my credit card problems (with other banks) detrimentally affect my joint account partner?
    Originally posted by eli12
    Yes. If you share a financial product with someone else, such as a joint bank account, then you are financially linked and the management of your own affairs could have a knock-on effect on their credit rating.

    The answer is to operate separate a/cs. Once your a/cs are separated, write to the credit reference agencies and ask for a notice of disassociation, to stop your credit history affecting theirs in future and vice versa
    People who don't know their rights, don't actually have those rights.
  • Moggles
    It's all well and good getting credit checks done but every time you do it is logged and is not a positive sign for lenders who will lend to you. The first thing they do is look at how many times you have been checked and who by, this will indicate bad credit if it's done too often in a short time frame.
    Originally posted by elfreako
    Checking your own credit file is not classed as a credit check and has no effect whatsoever on your credit rating
    People who don't know their rights, don't actually have those rights.
  • Moggles
    Make sure you do participate in elections and are on the electoral roll. Another thing lenders will look at, don't ask me why.
    Originally posted by elfreako
    Whether or not you vote is of no consequence. It is important to register your details on the electoral roll though. This is because the electoral register is used to check your identity electronically. If your details are missing, some providers will ask you to send proof of ID by post - that's if you're lucky. Others routinely reject applicants whose ID cannot be verified electronically via the register.
    People who don't know their rights, don't actually have those rights.
  • punkydory
    can you clear credit report?
    my credit report has details of two companies i owed money too, i have since cleared the balance for both companies, and now do not owe anything, can i get them removed from my credit report now that i have cleared them??
    any advice would be much appreciated, thanks Bec
  • EnjoyinLife
    Use of my address by others
    Since moving house a year ago I have had many letters from debt collection companies addressed to a person who has never lived at this address, according to the estate management company. I used to put them back in the post marked 'not known at this address' but as they persisted I started to open them, which is why I found out what they were. I now ring the debt recovery people who send them and they apologise and say no further action will be taken!!

    Can anybody tell me how I can find out if any debts are registered to this address but not in my name. The last letter stated that Equifax supplied the information to them. How can this be as the electoral roll only shows us at this address? How also can debts be accrued at my address by others? I had heard that debts were set against an address rather than a person, is this so? as it is very worrying that I may be blacklisted for fraudulent debts.

    Many thanks
  • Moggles
    I had heard that debts were set against an address rather than a person. Is this so, as it is very worrying that I may be blacklisted for fraudulent debts?
    Originally posted by EnjoyinLife
    Credit ratings assess people, not dwellings. If you share a financial product (eg. joint bank a/c) with someone else, then you are financially linked to them and so their poor management of their own affairs could have a knock-on effect on your own finances and your credit rating, but simply occupying the same house as someone with a poor credit history, past or present, has no effect whatsoever
    People who don't know their rights, don't actually have those rights.
  • eli12
    Affecting my joint acc partner's credit rating.
    Yes. If you share a financial product with someone else, such as a joint bank account, then you are financially linked and the management of your own affairs could have a knock-on effect on their credit rating.

    The answer is to operate separate a/cs. Once your a/cs are separated, write to the credit reference agencies and ask for a notice of disassociation, to stop your credit history affecting theirs in future and vice versa
    Originally posted by Moggles

    Thanks for that. Sorry if I sound stupid but c ould you explain something else please? I read that there are no black lists etc and that each bank does its own credit rating for individuals. If I have never defaulted or owed money to the bank where the joint account is, how will they know about my problems with another bank?
  • Moggles
    I read that there are no black lists etc and that each bank does its own credit rating for individuals. If I have never defaulted or owed money to the bank where the joint account is, how will they know about my problems with another bank?
    Originally posted by eli12
    That's right. There are no black lists. Lenders score us differently and nobody knows precisely what criteria are used by individual companies. They do not disclose this information.

    Potential lenders cannot assess the way you handle credit directly. The best indications they have are the payment history and credit limits on your existing accounts with other providers, as recorded by the credit reference agencies.

    It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months
    People who don't know their rights, don't actually have those rights.
  • Mikedawson5
    I'm a teacher with reasonable income but only 1,300 of available credit, my wife is medically retired with limited income but she's got 26,000 available credit. We have joint accounts, mortgage etc. She is the one with 3 credit cards unclosed (unused), not me. Is this a case of men earning for women to spend (no offence intended) or am I missing something which affects my credit. (I got the figures from the Credit Expert free report)
  • Moggles
    I'm a teacher with reasonable income, but only 1,300 of available credit. My wife is medically retired with limited income, but she's got 26,000 available credit. We have joint accounts, mortgage etc. She is the one with 3 credit cards unclosed (unused), not me. Is this a case of men earning for women to spend (no offence intended) or am I missing something which affects my credit. (I got the figures from the Credit Expert free report)
    Originally posted by Mikedawson5
    Each applicant is scored individually, so your wife's successful applications for three credit cards neither helps nor hinders your chances.

    That said, you are financially linked to her because of your joint accounts. Please see #32 above for implications and remedy.
    People who don't know their rights, don't actually have those rights.
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