I used http://www.creditexpert.co.uk/ to view my credit, it's very good and shows you how to improve the ratings.
Dont know why i cannot get finance.
- Thread starter dmxdex2020
- Start date
I have CC and a good credit history - no defaults. I recently got turned down by V12 and there is nothing on my credit report to ring any bells.
The only reason i can think is i bought via V12 in the past and have always paid it off before the IFP ends.
The only reason i can think is i bought via V12 in the past and have always paid it off before the IFP ends.
Put your essentials on the credit card, and pay off the balance in full every month.i cant fire her, she works at the branch... plus i didn't exactly ask, but i turned down their offer of a credit card as i dont need one.
so to clear this up im better off putting £200 or so a month onto a credit card then paying it off each month, or am i better off putting like £500 of spends on the credit card? is it the more you put on and pay off per month the more it increases?
That way you keep the money in your account for a month longer (money you would be spending anyway), and so earn the 0.00000006p extra interest on it, and help your credit rating by paying it off in full every month.
I have two credit cards: one's sole use is petrol, the other is for shopping. Both paid off every month in full.
is '999' good? that's what I've got apparently... £5.99 for a 3 digit number.. awesome.
that'll be why she offered me a credit card and a mortgage when i was last in the bank then
Yes 999 is the top score and should mean you can get all he best deals.
VERY POOR 0-560 Most lenders would regard this score as very high risk and would expect most people in this category to have serious problems with repaying credit.
POOR 561-720 Most lenders would view this score as high risk and would expect a high proportion of people in this category to have serious problems with repaying credit.
FAIR 721-880 Most lenders would regard this score as moderate risk and would expect only a small proportion of people in this category to experience serious problems with repaying credit.
GOOD 881-960 Most lenders would view this score as low risk and would expect few people in this category to experience serious problems with repaying credit.
EXCELLENT 961-999 Most lenders would regard this score as very low risk and would expect very few people in this category to experience serious problems with repaying credit.
It happens sadly. Credit is a big con in some regards.Just signed up to creditexpert myself and result is what I thought it would be
The daft thing is that there are 3 credit checking agencies in the country (or there was) and in theory each one should have the same info but that isn't always the case.
Secondly, financial institutions use different credit check agencies so one may turn you down and the other one doesn't.
Lastly, the hp or loan company set there own point scoring system for credit. I know cause I used to work for one of the agencies processing loan applications (pre online application days). It used to vary as to whose forms the company I work for would win the processing contracts for. We used to input the info and you would get more points for example being a house owner vs renting a house, permanent job > contract, more points for the longer you have stayed at an address, job, bank account etc. The system would also incorporate your credit history score as well.
You would then get a total and if it was above a certain score it was an automatic acceptance. There was a middle band which would then go off for further consideration and a score which was an automatic fail.
The point is that one month we might be doing Natwest loans and another months Halifax loans and each would set different scores for different things eg Natwest might give you 50 points for owning your home vs Halifax only 20. So if you have being turned down by one company, it doesn't mean that another one won't accept you. One big difference between two lenders we processed once was that one gave you 2 points for every credit/store card you owned, the other subtracted 2 points for each card.
One last thing to note, lots of credit searches logged on your account in a short period can give you a rejection even with a previously good credit history. If that is the case, then the advice is to re-apply in another 6 weeks.
Secondly, financial institutions use different credit check agencies so one may turn you down and the other one doesn't.
Lastly, the hp or loan company set there own point scoring system for credit. I know cause I used to work for one of the agencies processing loan applications (pre online application days). It used to vary as to whose forms the company I work for would win the processing contracts for. We used to input the info and you would get more points for example being a house owner vs renting a house, permanent job > contract, more points for the longer you have stayed at an address, job, bank account etc. The system would also incorporate your credit history score as well.
You would then get a total and if it was above a certain score it was an automatic acceptance. There was a middle band which would then go off for further consideration and a score which was an automatic fail.
The point is that one month we might be doing Natwest loans and another months Halifax loans and each would set different scores for different things eg Natwest might give you 50 points for owning your home vs Halifax only 20. So if you have being turned down by one company, it doesn't mean that another one won't accept you. One big difference between two lenders we processed once was that one gave you 2 points for every credit/store card you owned, the other subtracted 2 points for each card.
One last thing to note, lots of credit searches logged on your account in a short period can give you a rejection even with a previously good credit history. If that is the case, then the advice is to re-apply in another 6 weeks.
Associate
- Joined
- 21 Jan 2004
- Posts
- 960
- Location
- Derbyshire
so even when they credit check you for insurances I've done 4 in the last day or two(they show up on my credit report) that can go against me??? so it could cost me money to save money???
bullit
Essentially. Anything that requires a credit check is put on your credit report.
bit odd, I too applied for the 12month ifo on here the other day and got rejected. Been on to Experian and my credit report looks absolutely spot on, no missed payments, no nothing. Green across the board 
I have a mortgage, bank loan etc, all up to date.
I have a mortgage, bank loan etc, all up to date.
Are you sure they have actually logged a credit check against you? I would have thought not for just quotes. The credit check would come only when you accept a quote.
But yes, multiple checks can go against you as the concern is that your are in trouble and applying for loads of credit at once.
bit odd, I too applied for the 12month ifo on here the other day and got rejected. Been on to Experian and my credit report looks absolutely spot on, no missed payments, no nothing. Green across the board
I have a mortgage, bank loan etc, all up to date.
They could just be really picky. Have you chenged jobs or moved in the last three years?
I used to know one loan company that gave automatic acceptance whatever the credit score to armed forces personel so you just don't know what criteria they use.