Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • jonjon123
    • By jonjon123 10th Mar 18, 3:47 PM
    • 44Posts
    • 1Thanks
    Help with credit file needed
    • #1
    • 10th Mar 18, 3:47 PM
    Help with credit file needed 10th Mar 18 at 3:47 PM
    Hi all, hope you are all well.

    Im in a bit of a pickle at the moment, as i cannot understand whats going on with my credit file and hoping someone can point out the answer and help me out please?

    Approximately for 2 years now I have been paying 2 companies back with an ''arrangement to pay'' which has been agreed, payments have been on time and it didn't stop me obtaining credit, because I applied for a loan and car finance at the time and everything was successful, but the payments are still ongoing.

    2 years have now passed, the current agreements with these 2 companies are still in place, and everything else is up to date and on time with all my other credit commitments, yet now i am being declined everywhere and cannot obtain credit?

    Nothing has really changed in 2 years, the payments are still being made, all my HP and loans are up to date and on time, so cannot get my head round why this is happening as surely things should have got better, not worse?

    I have contacted the credit reference agencies and they have told me, the only 2 things that are showing up, are the arrangement to pay companies that could be inpacting my credit file, but how does this make sense when they were there 2 years ago, just as they are now, yet obtaining credit was fine then and now it's a blooming nightmare?

    Really confused as to why, as it doesn't make sense, so can anyone please advise?
    Its not like anything new has appeared, as it was there all along.
Page 2
    • jonjon123
    • By jonjon123 11th Mar 18, 5:53 PM
    • 44 Posts
    • 1 Thanks
    When you take out a debt consolidation loan you could take out the loan and get the money in your bank and not pay off any of your debts. You could then spend the money and end up in twice as much debt as you started with.

    I've seen quite a few posts on here where people have taken out a loan to pay off credit card debt. They have used the money to pay it all off but then started using the credit card again and spent more and more each month until they end up owing the money on the loan and have maxed out their credit cards again.

    So as this is so easy for people to do a lot of people get turned down for a loan because the bank look at it as extra debt as they can't usually guarantee you will pay the debt off.

    So even if you have a credit card with a zero balance after paying it off with a loan the banks will still consider it when deciding whether or not to offer you new credit.

    If you have checked the three main credit reference agencies and they don't show any negatives such as arrangements to pay, late payments or defaults etc then when you apply for new credit the lenders won't know this.

    But if you apply to lenders that you have had issues with in the past then they may still have this on record.

    To look at Experian information for free use the MSE Credit Club (on this website):
    Originally posted by takman
    Thank you so much for this, just joined that now.

    Is this completely free no matter what section you visit?

    I have had a look on my report and everything shows as ''up to date'' so i have no idea what the Equifax man on the phone was talking about.

    He said i had 2 arrangements to pay, so dont know where he got that from, hence why i wanted to see report for myself and cant see anything.

    Looking at the red, amber and green bars it looks like its an income thing, against my debt level which why I am now assuming I am being rejected, but the score is still a good 900 out of 999 which doesn't make sense to me?
    Last edited by jonjon123; 11-03-2018 at 5:55 PM.
    • cjmillsnun
    • By cjmillsnun 11th Mar 18, 6:04 PM
    • 600 Posts
    • 732 Thanks
    The score is a made up figure and can be ignored. Bankrupt people have had 999 before.

    Lenders don't see the score. The see the report.
    2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 2017
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

421Posts Today

5,815Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin