experian - credit report - creditexpert

  • Page

    of 4 First / Last

    Previous
  • dufftownallan 16 Apr 2009 10:03:11 4,725 posts
    Seen 8 hours ago
    Registered 8 years ago
    i need some advice and i'm hoping the eg hive mind might prove itself once again.

    my credit rating is bad, the reason for this is at the end of university i let all the debts from credit cards etc mount up a bit and i got letters through the door from bailiffs etc. as soon as i finished university (june 06) i managed to get things back under control and since then ive been making all my payments on time and paid a few things off completely.

    i went onto experian yesterday and it basically confirms that im making payments ok, but im only allowed 64 worth of credit! my questions are as follows:

    - is it worth paying the 5.95 for my actual credit score?
    - is there anything i can do to improve my credit status seeing as its all owed to an anomoly which occurred three years ago?
    - does anyone know if my credit score will affect any non-financial credit checks (e.g. ive applied for a place in glasgow which requires a credit check, will they look at my overall credit score or will they just see that i havent missed any payments for the last year)?

    many many thanks for any help you can give me!
  • Lutz 16 Apr 2009 10:06:41 48,854 posts
    Seen 1 year ago
    Registered 12 years ago
    Aside a bit I personally think these companies just make it up randomly given some of the credit I've seen given to people.
  • Huntcjna 16 Apr 2009 10:07:15 13,877 posts
    Seen 2 months ago
    Registered 10 years ago
    Its worth getting a full copy of your report to see if there are any unresolved issues on your account. For instance you may have paid something off but the bank/cc company forgot to issue notification to experian. It takes a few letters to and from confirming the matter has been in fact satisfied and then it will be removed from your records.

    Just having one unresolved issue can seriously hamper your credit scoring.

    Another good tip is not retaining credit. For instance I have a credit card that I use solely for petrol and pay it off in full every month. Does wonders for the credit score rather than say buying a PS3 and paying it off over 6 months.
  • Psychotext 16 Apr 2009 10:08:24 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    Wait... what? Where on credit expert does it say how much credit you're allowed? There's a bit on the report that says how much credit you have, and how much you have left available, but that's it.

    Credit score is fairly useless in my opinion. Both me and the missus have 999 ratings and we still get turned down for fairly reasonable loan amounts.
  • Psychotext 16 Apr 2009 10:10:58 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    Also, if you look at your full report on credit expert you'll be able to see the details on those fucked up credit cards etc. There should be a set of numbers that shows your payment history... something like this:

    Status history:
    [ 0 ] 0 0 0 0 0 0 0 0 0 0 0

    Summary of payment history: In the last 36 months of account activity, the number of status 1-2 is 0 and the number of status 3+ is 0.

    Anything 3+ in that last bit is bad. An 8 is extremely bad (defaulted on account).
  • Venkman90 16 Apr 2009 10:42:23 4,430 posts
    Seen 2 years ago
    Registered 10 years ago
    Get the report imho, I had something a while back I didn't even know about that I had removed.

    Oh and make sure your on the voters roll
  • Psychotext 16 Apr 2009 10:44:54 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    He's already got the report (which contains things like the electoral roll status).
  • Venkman90 16 Apr 2009 10:53:20 4,430 posts
    Seen 2 years ago
    Registered 10 years ago
    Psychotext wrote:
    He's already got the report (which contains things like the electoral roll status).

    Ah right, so its 5 for just the score?
  • jonsaan 16 Apr 2009 10:55:27 25,435 posts
    Seen 19 hours ago
    Registered 8 years ago
    If you want my advice, a life without credit can only be a good thing.

    FCUTA!

  • Deleted user 16 April 2009 10:58:00
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    +1

    Pay off everything you owe and don't ask for tic.
  • Psychotext 16 Apr 2009 10:59:02 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    Venkman90 wrote:
    Ah right, so its 5 for just the score?
    That's right. Which is a rip off really as they already have all the data they need to make it.
  • Venkman90 16 Apr 2009 11:00:08 4,430 posts
    Seen 2 years ago
    Registered 10 years ago
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    Never have a mortgage?
  • Venkman90 16 Apr 2009 11:01:24 4,430 posts
    Seen 2 years ago
    Registered 10 years ago
    Smuggo wrote:
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    Amen.

    With any luck these companies will be a thing of the past soon.

    You know, you used to get a loan by speaking to your bank manager, not because some twat rating company who doesn't know you said you were good for the money. The bank manager used to be an important guy. He would know the people who bank in his branch, and when you speak to him, he look at how much you earn, how much you save, how well you manage your money and any other debts and then he'd make the decision to grant you the loan.

    Bizarrely, getting a loan these days seems to be easier if you have more loans. Hence why some people are able to run up 50k+ on credit cards when they have no job.

    I do agree with that though, but thats not "never have debt lol" thats have managable debt for things you need, like a house.
  • Psychotext 16 Apr 2009 11:01:37 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    @smuggo

    Most loan companies have their own scoring algorithms rather than relying on other companies for it. They're like a bank manager that doesn't trust you at all. :D
  • jonsaan 16 Apr 2009 11:01:42 25,435 posts
    Seen 19 hours ago
    Registered 8 years ago
    Venkman90 wrote:
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    Never have a mortgage?

    I have a fucking MASSIVE one. And debt pouring out of my ears.

    FCUTA!

  • figgis 16 Apr 2009 11:01:59 7,381 posts
    Seen 54 minutes ago
    Registered 9 years ago
    boabg wrote:
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    +1

    Pay off everything you owe and don't ask for tic.

    Try and buy a house or car with no credit rating.
  • DavetheDave 16 Apr 2009 11:15:45 1,391 posts
    Seen 5 years ago
    Registered 6 years ago
    As Psychotext says, the score is just a number. I did mine a while back and it was 999 out of 1000 (1000 being the best) too. Not sure if 1000 is actually possible.

    To answer your questions:

    1. No it's probably not worth getting your credit score. It might be worth it in case you want to see how much it improves over the next few years, but other than that, it's not much use.

    2. You can improve your credit score by having debts which you pay back regularly and on time. A friend of mine was screwed for getting credit a while back simply because he'd never had any before. They had no proof he would pay it back. Having had no defaults doesn't prove your a good debt, if you've never had any debt to default on. You need proof of paying debt back to get credit (a little Catch-22 but there you go).

    3. Aren't all credit checks financial? If they're checking your credit report, it's presumbably got something to do with money. I take it you'd be renting this place?

    If you've been paying debts back over the last three years, your credit report will almost certainly have improved. Any credit cards you have will still appear on your report for around six years after you settle the account.

    If you want to improve the amount of credit you can obtain from a new lender, clear as much of your current debt as possible and close any accounts you currently have that provide you with access to future debt (e.g. credit cards you no longer use but have credit available on).

    Also, don't forget that if you apply for a loan but don't take it out, there might still be a search on your report. Multi-applications for loans (like when you get a few quotes) can reflect poorly on your record.

    Oh and stay with your main bank as long as possible. The longer this is, like length of time at your current address, the better your credit record will be.

    /hopes this all helps
  • DavetheDave 16 Apr 2009 11:23:52 1,391 posts
    Seen 5 years ago
    Registered 6 years ago
    Smuggo wrote:
    jonsaan wrote:
    If you want my advice, a life without credit can only be a good thing.

    Amen.

    With any luck these companies will be a thing of the past soon.

    You know, you used to get a loan by speaking to your bank manager, not because some twat rating company who doesn't know you said you were good for the money. The bank manager used to be an important guy. He would know the people who bank in his branch, and when you speak to him, he look at how much you earn, how much you save, how well you manage your money and any other debts and then he'd make the decision to grant you the loan.

    Bizarrely, getting a loan these days seems to be easier if you have more loans. Hence why some people are able to run up 50k+ on credit cards when they have no job.

    That might have worked in a village with a population of about five, (three of which would be ducks and the other person would be the manager's wife) but otherwise the chances are the bank manager knew you only as a number and set of bank statements. He wouldn't have a clue about anything that didn't go through your account with his bank.

    Credit centralisation is a much better idea, because the lenders can see how much you owe in total, rather than some small portion of your debts. This also means that lenders can compete for your business rather than the customer having one place they can get a loan from.

    Where it all fell down was when people thought that they could pass off toxic loans and they would some how disappear down a black hole. So they ignored the credit reports and chucked money at anyone who gave even the slightest impression they could pay it back.
  • Psychotext 16 Apr 2009 11:25:23 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    Yeah, I'd generally advise that you don't apply for more than a couple of loans a year. It doesn't look great.
  • Lutz 16 Apr 2009 11:36:23 48,854 posts
    Seen 1 year ago
    Registered 12 years ago

    What really pisses me off about all of this WRT to loans is they frequently don't check what your current situation is.

    For example, I have a loan and I pay more than the minimum payment back each month. When reapplying for a cheaper loan, for less than the original, they wouldn't give me one, cos I had the original loan, the one I was paying off with the one I was taking out, with the same freaking company.

    "So let me get this straight, the new loan is for less than the original amount of the first loan, will result in me paying less, and you won't give it to me simply cos I have the original loan, and I also pay more than the minimum every month and that means nothing?"

    "Yes. Our computer says you can't afford it."

    "....tosser."
  • Deleted user 16 April 2009 11:44:33
    Three years ago I had nearly 10k of debt. I'd really made a mess of a personal loan and several credit cards. Ended up defaulting and I was dealing with credit agencies to pay it all back. It was a horrible stressful experience. Really horrible. Felt like being in prison. Except in prison you don't get constant phone calls from debt agencies.

    The debt is all gone now, but I did wonder about the future and my ability to get a mortgage at some point. I'd hate my stupid past to wreck some plans for the future.

    But it seems my credit rating is already pretty much fixed. I managed it in several stages. First I got a Capital One credit card. They'll let anyone have one it seems, had a very low limit so I couldn't get in to trouble. So paying it off regularly showed me I wasn't an idiot like I had been previously.

    I paid off all my other debts regularly. And I am no longer owing money to any credit agency.

    Despite one of my defaulted credit cards being a Barclaycard I recently applied for a new one and got it. With a pretty high limit too. I've been good with that too. The balance reaches zero every couple of months. And I've only really used it for emergency stuff such as a recent house move, then paid it off as soon as I can.

    I think this kind of thing pays off long term. My bank recently offered me a 25k loan. Which I was sensible enough to turn down (I'm a changed man where debt is concerned) and am hopeful that wifey and I will be able to get a mortgage when we do look to buy in the next few years.
  • jonsaan 16 Apr 2009 11:52:43 25,435 posts
    Seen 19 hours ago
    Registered 8 years ago
    The number of times I have cleared all my debt only to let it all get out of hand again. I've lost count, really I have. For me, the best thing is to not be allowed credit. It really is.

    FCUTA!

  • Psychotext 16 Apr 2009 11:53:42 54,793 posts
    Seen 1 hour ago
    Registered 8 years ago
    RichardDawkins wrote:
    The debt is all gone now, but I did wonder about the future and my ability to get a mortgage at some point. I'd hate my stupid past to wreck some plans for the future.
    Pretty much all of that will be gone 5 years from when it happened.
  • Venkman90 16 Apr 2009 11:55:32 4,430 posts
    Seen 2 years ago
    Registered 10 years ago
    Psychotext wrote:
    RichardDawkins wrote:
    The debt is all gone now, but I did wonder about the future and my ability to get a mortgage at some point. I'd hate my stupid past to wreck some plans for the future.
    Pretty much all of that will be gone 5 years from when it happened.

    Aye, I think things stay on for 6 years ish, but overall things older than 3 years can be appealed.
  • DavetheDave 16 Apr 2009 11:56:57 1,391 posts
    Seen 5 years ago
    Registered 6 years ago
    Lutz wrote:

    What really pisses me off about all of this WRT to loans is they frequently don't check what your current situation is.

    For example, I have a loan and I pay more than the minimum payment back each month. When reapplying for a cheaper loan, for less than the original, they wouldn't give me one, cos I had the original loan, the one I was paying off with the one I was taking out, with the same freaking company.

    "So let me get this straight, the new loan is for less than the original amount of the first loan, will result in me paying less, and you won't give it to me simply cos I have the original loan, and I also pay more than the minimum every month and that means nothing?"

    "Yes. Our computer says you can't afford it."

    "....tosser."

    The problem for the loan company is that when they lend you the money, they have no control over whether or not you'll use it to pay off your original loan. Presumably they don't want to expose themselves to too much debt with you.

    /isn't making any judgements about your trustworthiness

    Have you tried applying to a different company?

    I wish you luck in your search for a lender. Not so long ago you'd have to beat off loan offers with a shitty stick, but now days the only people who can get credit are the banks themselves. And most of them are struggling to do so. Which is ironic as it was the banks lending policies that got us in this mess in the first place.

    /sighs
  • DavetheDave 16 Apr 2009 11:59:55 1,391 posts
    Seen 5 years ago
    Registered 6 years ago
    I brought some HP sauce the other the day.

    I paying it off at 20p a week.

    /wonders if that joke would work better if weren't already talking about debt
  • moggsy 16 Apr 2009 12:01:13 3,860 posts
    Seen 2 days ago
    Registered 11 years ago
    RichardDawkins wrote:
    My bank recently offered me a 25k loan. Which I was sensible enough to turn down

    What, your bank just phoned up and offered you 25k to spend on whatever you want?

    Where do you bank?
  • Lutz 16 Apr 2009 12:02:36 48,854 posts
    Seen 1 year ago
    Registered 12 years ago
    DavetheDave wrote:
    The problem for the loan company is that when they lend you the money, they have no control over whether or not you'll use it to pay off your original loan. Presumably they don't want to expose themselves to too much debt with you.
    They do have control though, they can shift the money between the loans as both loans would have been on the same system. It's friggin bizarre.

    I should sort it out really, I've probably got a shit rate.
  • Deleted user 16 April 2009 12:03:56
    moggsy wrote:
    RichardDawkins wrote:
    My bank recently offered me a 25k loan. Which I was sensible enough to turn down

    What, your bank just phoned up and offered you 25k to spend on whatever you want?

    Where do you bank?

    Barclays. It sent me a letter saying I'd been approved for a 25k loan and if I gave them a ring to okay it I'd have the money in my account by the end of the day.

    I binned it.
  • Page

    of 4 First / Last

    Previous
Log in or register to reply