Credit Rating/Obtaining Credit

Smitho3

Smitho3

Smitho3

Soldato
Joined
18 Oct 2002
Posts
2,837
Location
Cardiff
Im confused!

My girlfriend, a medical student with very little income is able to obtain a credit card with a £2000 credit limit within 5 minutes of opening up a bank account with abbey, yet i have been a customer of theirs for 2 years and have a far greater income yet was declined! I have never missed any payments with any of the credit i currently have, i even paid the full £1500 balance off my store card in one hit!

I obtained a credit score from Experian and was surprised to see that i had a Poor rating! Now how does one go about upping their credit rating? The only credit card i have been accepted for is a stupid capitol one card with £25% APR!

Any idea's?
 
Ok let me break it down:

Interest free sofa £1500 being paid by DD
High interest Store card was being paid monthly by DD for 6 months then paid off full balance (all £1500 of it) 5 months ago
High interest Store card with small balance being paid off monthly via DD
one small credit card with £300 on it with minimum payments coming out each month for past 4 years which i kept in place to show i can make regular payments
I also have a mobile phone contract and have never missed a monthly direct debit payment


In total i have about £2000 of debt all being perfectly managed, I have lived at this address for over a year and am on the electoral roll, have been employed for 3 years with a good salary (have around £400 disposable income a month after all bills including debts!) but have a poor credit rating and cannot get accepted for credit.... something smells rotten!
 
Your score is: 467 on a scale of 0-1000
A higher score generally indicates that lenders will consider it less risky to lend money to you.
This score reflects the information held by Experian on the date shown here: 17/04/2008
Your credit score category is:

Very poor
 
theres one missed payment from 2005 but the account status is settled and there is one "missed" payment from 2 months ago which was due to edge cancelling my direct debit for no reason! as soon as they told me the direct debit had not gone through i paid and set the direct debit back up. This is in the process of being rectified. I think it may have something to do with the 16 or so searches on my file...
 
oh dear, all of them are within the last 12 months (various current accounts being opened + a couple of loan apps that i decided not to bother taking.) looks like i need to wait a year before i apply for any new credit... in the mean time i will try and use capitol one to increase my rating. thanks for the advice guys
 
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