Credit scoring / Help needed

FeFiDoh

FeFiDoh

FeFiDoh

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I aint one for spilling life problems on a forum but i need some help/advice!

This is gonna sound fabricated but i can assure you its 100% true :(

Few years back i worked for parents, we had an arrangement they would give me a set amount of money each week say £50 for me to spend on petrol and stuff and the rest would be placed in the bank to cover any direct debits i had, and to be saved.

This goes on for quite some time as i dont need much money in the week, when i do need some more i realise i dont even remember my PIN for my bank card so i go into the bank and ask for them to send this out to me, yes ok fine he says. Bare in mind for about 9months prior to this i have no bank statements and im a bit confused :confused: 1 week later no PIN arrives so i go in again and speak to some one at one of the desks. He looks into my account for me and says "Sir your account has been closed" At this point i was very very puzzled! He showed me through my bank statements on the computer and it showed it had been closed for months as it had been over drawn by about £100! I was just sat there like :eek: How have i not been told about this and has the debt been paid off. He rings some debt collection agency and some women rang up and had paid this off for me without me ever knowing!

I went home and spoke to my mum who kinda of denies this to start with, but it turns out we had serious money issues and no money had ever been placed into my account and she had hidden some of my bankstatements.

Fast forward to now and i have a new account with barclays which i have had for almost 12months, but i still only have a cash card ive been trying to get a proper account with them and i have more money in the account with them than i have ever had! Only problem is they cant give me a proper account due to my credit scoring. They have appealed and today i got a letter through saying no which is the last thing they can do. They told me to get a credit card for a while which is not gonna happen!

Now for the help, i need to know what i can do about my credit score, i understand you can get this from the equifax but my main problem is being over drawn and having a bank account closed and it being passed onto a debt collection agency with out me knowing about it! Is there anything i can do to try and get this removed from my credit score?? Cause if i cant even get a proper card this could affect me in more than one way and i didnt even know this was going on :(

Can i go to a new bank and ask them to do it and put all my money straight into there account? Or will this all end up the same way :confused:
 
check your credit rating through Equifax Credit Rating System its all online... that might give you a better idea, they also provide helpful tips for people like you mate

Stelly
 
To improve your credit score you need to improve your credit worthiness. This can be done by showing you can manage your finanaces appropriately such as staying in credit at the bank, managing credit cards having Direct Debits that are always paid etc

As Stelly says get a report then yu can see that nothing else has been done to your credit score without your knowing
 
Credit cards aren't pure evil either, get one, set up a direct debit for £50 per month to it and use the CC for £50 of your normal purchases a month.

That will build your rating. Get an Egg card and you also get cashback!
 
Buttons said:
Credit cards aren't pure evil either, get one, set up a direct debit for £50 per month to it and use the CC for £50 of your normal purchases a month.

That will build your rating. Get an Egg card and you also get cashback!
Click to expand...

Exactley.

Credit cards are only bad when they are misused
 
If you have had a history of credit problems then I'm afraid there is very little you can do about it. It's harsh, but it was your account so it was up to you make sure it was run ok.

It's all well and good looking up your score, but it's not really going to help you that much since you can't do anything with the info.

Personally I'd try going to another bank and see what they say. The chances are that they will still only offer you an account with no credit functions. However, once you are with the bank, they tend to use their own internal credit scoring rather than anything from a scoring agency.

It's also worth noting that if you still live with your parents, any problems they had will be registered to the address and will reflect upon any applications you make.

Generally the banks approach is quit simplistic an looks at whether your account is in good order and how much money is going though it. This is the key to credit levels in banks; banks don't really look at how much money you have in your account, it is more to do with how much money is passing though it. Consequently if you keep your money moving around, in and out of the account it looks like you have more money than you actually do and it increases your internal credit scoring.

I used to have credit issues and used this technique, along with buying everything on my credit card (it had a £200 limit, whoo-hoo) and repaying it immediately for about six months. I now have two platinum cards with 10k limits and interest rates of 6.9%.
 
kool asprilla some good advice thank you.

Its tempted with the CC because i can easily pay it all back! What i dont understand is tho when you open a bank account they ask you what you have coming in and expected out goings and im well in! Im a tight gitwith my money ask anyone lol :)

Ill see what they can do for me on weekend but its 3 weeks in a row so far ive been to to try and sort something out.

My parents was in some serious debt and we had to sell our house and are now renting one so thats gonna reflect upon me isnt it? If they look at the household like u say :confused:

Its just so frustrating when i have m8s who are always in there overdrafts and stuff and get approved for anything! :mad:
 
R5Rich said:
My parents was in some serious debt and we had to sell our house and are now renting one so thats gonna reflect upon me isnt it? If they look at the household like u say :confused:
Click to expand...

Not necessarily. I had a similar situation with my father around ten years ago when we got our first mortgage ten years ago. We had to write a letter to Equifax and Experian to say although we are related I had no financial relationship with that person at that address. Although the record still remained on my credit score, it was more favourable as they both adjusted the credit file. We were then able to progress with our mortgage.

Another point is that Barclays are notoriously stringent on new account openings. Any whiff of bad credit and they offer you very little. According to Mrs Loki anyways and she works in banking
 
I have been told barclays are useless, im gonna pop into a few diff banks on the weekend and ill tell them how much i have that i can transfer over right away my income/outgoings and see if they can help me. Even 16yr olds get solo cards and im stuck with a crappy cash card at 21!
 
I once took a loan out for £3000 to build myself a PC, was working at the time so not a problem. However, i left the job about 6 months later due them being a very bad employer and it took some time to find another job.

I used all my savings to pay the loan while i was unemployed but didnt find a job in time to stop myself missing payments.

I found a job and worked for 3 months solid, was paid by cheque and every single penny i earnt paid that debt off, i had no money for myself the entire time. However, Barclays closed the account before i could deposit my last cheque. HSBC opened one, paid cheque in and paid loan off in time for the final payment. The loan had already been passed on to another company to claim it, they were nice and friendly, explained the process and as i had paid it off no legal action would be taken etc.

I still had a bad credit rating however. I tried to get a credit card through HSBC but couldnt, another CC company wouldnt accept me either. Equifax report said my credit was fine. It took a year of constant payments into my bank account to qualify for a CC card, now i use it and pay it off straight away.
 
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