Credit Rating: How it works and How to improve it discussion area

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  • NickX
    NickX Posts: 3,046 Forumite
    easyboy wrote: »
    I am not on the elctrol roll. Can i register this to my brothers address as i did live there for a year. I cannot register to where i am living as im just lodgin with friends at the moment.

    Well you should get on the electoral role, this is crucial to obtaining a decent line of credit.

    However, if you do not live at your brother's address then you should not register there. For one thing if your brother gets a single occupancy discount on his council tax then this would look as though you were both at this address and he may lose that discount.

    You should register wherever you are living even if it is temporary. Then when you move on, just send them a change of address letter. No problem really.
  • Hi - this is the first time I've posted anything, so I hope I've done it right!

    Can anyone help me please? Thanks to my now bankrupt ex, with whom I have a joint mortgage, I can't seem to get a credit card. I checked on my credit score and it didn't seem too bad so I think it must be the mortgage and dodgy ex that's going against me!

    I've seen the Vanquis card advertised for people with not great credit but am slightly scared by the interest! Does anyone know of any others I could try?

    I've been looking at some older threads and seen the names Aqua and MBNA but don't know if they're still relevant.

    Thanks to anyone who can help me.
  • I recently got rejected for credit and got my experian and equifax reports.

    The equifax was in the good category and experian in the poor category.....the only differences between the two were:

    1. experian had more recent searches
    2. experian does no have me down on the elelctoral roll - but experian does and they are both exactly the same address!?
    3. Neither have all my current credit accounts, both only have credit cards and no loans?
    4. I have a CIFA entry on my experian report in someone else's name for a current account at Lloyds - what does this mean? It was very recently.

    My experian score back in April was in the good category so not sure why it is now so bad?
    HSBC loan - [STRIKE]£12500[/STRIKE]£11200 HSBC CC - [STRIKE]£2500[/STRIKE] £2300
    Egg CC - [STRIKE]£2700[/STRIKE]£3100 Capital 1 CC - [STRIKE]£1000[/STRIKE] £800
    Vanquis CC - [STRIKE]£250[/STRIKE] £0 Citi Loan - £11000
    Barclays Loan - [STRIKE]£7000[/STRIKE] £5000
    Proud to be dealing with my debts
  • MSE_Dan wrote: »
    articlealert.gif

    This thread is specifically to discuss the
    Including the new, unique Credit Checker

    Click reply to discuss
    Metro newspaper are allowing you to check your credit report online for free metro.co.uk/creditreport
    Is it a good way of checking it, not sure if it is free or what or relaible?
  • Just been rejected :confused: for my first credit card and I phoned the company and they said to write to Equifax to ask them how they rated me and why. I don't know why as I have regular income and no outstanding debts except student loan which is the only thing I can think of. Rejection was because my rating wasn't high enough. Could it be from lack of credit to check on? I always paid rent and bills by direct debit as a student so never late or missed payments. Will Equifax just tell me to pay for the info? Will this look bad if I apply for a different card?
  • My 25 year old son has been trying to get a loan to buy a car. He tried on line first and was turned down. He then went to the bank and got the same reaction and was told that it was because he has 'no' credit rating. He has no credit cards, no loans, recently moved house and lives with his girlfriend. I am assuming that all this is bad news but wondered if there is any way he can rectify this. I think the problem now is that he has tried several companies on line which was probably the wrong thing to do at this stage. He has a steady income. Any suggestions? Would anyone be likely to give him a loan if I agreed to stand as guarantor?
  • earlier in the year i was rejected for a card and thought it was due to an excess of credit, which i drastically reduced then appealed to the company much later only to be rejected again.

    I recently got my report from experian.

    my report shows that the record of that search made by that card co. said i had been living at my current address for an incorrect length of time.

    i am sure there were no typos when i made the application online and i am thinking that perhaps this gross error (the difference between actual time and the amount of time i had lived here was way off) contributed to my rejection.

    however, the record experian themselves have of me is accurate.

    is this something i need to contact experian about to set the record straight?

    (the only previous rejection i had was in the pre-credit crunch past. I was similarly rejected when my report revealed that the cloth-eared fool on the phone i was applying to made some serious address spelling errors.)

    ta in advance
  • Im having trouble paying a loan due to a short term reduction in my working hours due to the decline of the housing market and have asked my loan company if i can reduce my payments for upto 6mths and maybe extend the term by 6mths or increase the payments after this period, they have told me i would have to take out a new loan to do this, I told them i didnt want to do that as it will mean that all the interest i had paid will be pretty much killed off and they said the only other way would be to send in a letter outling the change in my personal circumstances and they will look at doing something but it would effect my credit rating...is this true as i wont have missed any payments, im just wanting a little help for a few months with reduced payments?

    thanks in advance
  • JimmyTheWig
    JimmyTheWig Posts: 12,199
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    toofingers wrote: »
    Just been rejected :confused: for my first credit card and I phoned the company and they said to write to Equifax to ask them how they rated me and why. I don't know why as I have regular income and no outstanding debts except student loan which is the only thing I can think of. Rejection was because my rating wasn't high enough. Could it be from lack of credit to check on? I always paid rent and bills by direct debit as a student so never late or missed payments. Will Equifax just tell me to pay for the info? Will this look bad if I apply for a different card?
    kirstydubh wrote: »
    My 25 year old son has been trying to get a loan to buy a car. He tried on line first and was turned down. He then went to the bank and got the same reaction and was told that it was because he has 'no' credit rating. He has no credit cards, no loans, recently moved house and lives with his girlfriend. I am assuming that all this is bad news but wondered if there is any way he can rectify this. I think the problem now is that he has tried several companies on line which was probably the wrong thing to do at this stage. He has a steady income. Any suggestions? Would anyone be likely to give him a loan if I agreed to stand as guarantor?

    These seem to be asking a very similar question.
    Yes, the lack of credit history will be going against you. It's not as bad as a bad history, but it's not good.

    Imagine going for a job in McDonalds. If you've worked in McDonalds before then they are likely to look at how you did then to decide whether to imploy you again. If you've worked in Burger King before and were terrible they're not likely to give you a job. But if you've worked in Burger King before and did ok, they're more likely to employ you than if you've never flipped burgers before.

    The same is true here. if you've got no experience of credit, that's not going to be as good as someone who's got a good experience of credit.

    Read Martin' article: http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve.
    Get a credit card (even if it has to be a high interest one, or :eek: one you have to pay for). Use it for a few things that you would have bought anyway (petrol, supermarket shopping, etc) and pay it off in full each month.
    If you can do that with no problems then others will see that and be more willing to give credit in the future...
  • JimmyTheWig
    JimmyTheWig Posts: 12,199
    Name Dropper First Post Combo Breaker First Anniversary
    Forumite
    Hi,

    I signed up to check my credit report for free with Credit Expert last October through TopCashBack (as suggested by MSE) to have a look and get the free cashback.
    I cancelled it after having a look as I didn't want to pay for it.

    I would now be interested in having another look. No real reason, just out of interest.
    Presumably I can't do it for free again? Or can I?
    I could use one of the other agencies this time, but if that's the only chance I'll get would rather save it in case I needed to have a look.

    Am not looking for more cashback to do this (though wouldn't say no if some was available!) just would like to have a look.

    Jim
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