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Original poster

Credit ratings - why is mine and dh so rubbish and how can I fix it?

24 replies

cluckyagain · 15/03/2008 16:01

Hi there - I've just joined a well known credit agency as my dh and I have been turned down for a credit card (even though we already have one with them - I was going to swap it!) I was turned down for a store card (to get money off shoes) about a year ago and we were also turned down for a car loan about 5 months ago. I had though it was because I am a SAHM, but I've just realised that our rating must be really terrible now after being turned down for 3 things in just over a year. The rating hasn't appeared as yet (only 'bought' it today) but has anybody else sorted this out before? We have 2 mortgages (buy to let) and never miss a payment, 2 credit cards and pay off in full always, paid off a car in full with no problems.....what's going on?!

OP posts:

avenanap · 15/03/2008 16:04

It's probably not you, the credit companies are making it alot harder for people to borrow money because of the economy in the US. British banks have lent american real estate companies billions, these companies have gone bust. No more easy credit I'm afraid.

Nbg · 15/03/2008 16:05

When you say credit agency, do you mean to get a copy of your credit rating?

There n be all sorts of reasons why you are refused credit.
It could be something to do with previous owners from your address, anything.

ivykaty44 · 15/03/2008 16:08

You address doen't affect your credit rating any longer - that finished a few years back.

Your credit rating can sometimes be effected by not having "borrowed" enough times - so if you don't have enough credit cards or loans etc they don't know how Good you would be at paying the money back.

Original poster

cluckyagain · 15/03/2008 16:09

Thanks guys - yes, to get a copy of my credit rating (which I can only imagine is crappy!) We had a car credit company put in our bank details incorrectly once (about 4 years ago) and they sent us a threatening letter as we were on holiday and didn't get back to them - they were massively apologetic once they tried again whilst on the phone to me! Could it be that or could it be my postcode (which the previous 'tenants' got wrong) as it's different on my bank details - only realised the other day when I had to send off proof of person. If it is, how can I amend it or do I have to wait until it's moved through the '6 years system'?

OP posts:

Original poster

cluckyagain · 15/03/2008 16:10

ivykaty - yes, we'd suspected that a while ago, but since doing the mortgages and credit cards the rating has gone down (it must have as we can't seem to borrow anything anymore!!)

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ShinyHappyPeopleHoldingHands · 15/03/2008 16:11

Apply to Experion for your credit history (it costs about a fiver for them to print it and send it to you).

Once you've got it, scrutinise it. It's a bit scary.. it lists when you been late paying for (eg) catalogues etc although this in itself doesn't give you a bad credit history..

Look for anything you know you are not responsible for and contact the company concerned explaining that you are in receipt of your credit history (you need to apply for your AND DH's so you'll need to pay twice) and that you dispute this.. and that..

They'll tell you how to go about proving that it wasn't you. It can take a couple of months, maybe more.

I tried to rent a washing machine once and failed the credit check. Had no idea why. Got my credit file and found that the new occupants of one of my old addresses and received some catalogue junk mail and used my name and (old) address, order a shed load of stuff (on 3 different cataolgues) and never paid a penny. This non-payment was accredited to ME!

I had to provide proof that I didn't live there by getting a letter from my ex landlord sent to the credit company (RedCats in this case, people who managed Kays mail order and similar). I was still their customer but this didn't mean that they'd spotted the discrepancy!

Since then have always got ALL post re-directed to new address for at least 6 month(pref 12) to help prevent this happening.

Hassled · 15/03/2008 16:12

Are you on the electoral register? That's one of the first things they'll check.

noddyholder · 15/03/2008 16:13

What was considered a good rating last year could be considered mediocre now.2 mortagges and 2 cards are probably too high risk for a lot of lenders atm

Original poster

cluckyagain · 15/03/2008 16:14

Hi shiny - yes - I'm getting it through experion, my DH are now 'financially linked' so I'm hoping that will help (we have joint mortgages and a joint account) Yes Hassled, I'm on the electoral register too. We've been at this address for 5 1/2 years now so I just can't understand how this is getting worse rather than better!

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ivykaty44 · 15/03/2008 16:14

Well if the ex director of egg has his credit egg card taken away as they don't think he can pay the bill - goodness only knows! I bet he was a bit [shoked] his wife must have wondered

Firms may well be tightening the belt - it is whether they get the right people to borrow or not, if you stop the good ones borrowing and let the bad debtors continue we will all be in a pickle

Original poster

cluckyagain · 15/03/2008 16:15

noddy - hmmm - yup, could be it, although wouldn't you think that they would look at whether you pay them or not!

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redadmiral · 15/03/2008 16:16

It may just be that they don't for some reason have any data for you. That's what the problem was for me, and they had no record of my scrupulously squeaky clean dealings with my bank, etc.

Electoral Register important. I'm on that too, but one company (Halifax I think,) said that I wasn't on it on their credit check, and so on.

To clear a bad record one thing that you can do is get store cards, etc, and pay them off religiously each month. I believe that that sort of thing starts to overwrite previous non-payments, though it can be a slow process.

Original poster

cluckyagain · 15/03/2008 16:17

ivykaty - did her really....lol. My dh had a long and exasperated conversation with the credit card company a few days ago when he asked that to justfiy why we couldn't swap to a different credit card (with them) The poor lady on the phone also agreed that it was madness as we always paid in full, early but the 'rules are the rules'.grrr

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redadmiral · 15/03/2008 16:18

Some people are refused because they are too good with debt and make all the repayments, and therefore not profitable for the credit card companies.

ivykaty44 · 15/03/2008 16:20

Ah if you ticked the box on the electoral register not to be on the open list that the council seels to companies you will not show on the electoral register and that could be the problem.

Back in 2002 a man took the council to court for selling the electoral register, as you have no choice to put your details on the list and then as they sell it you gt junk mail etc.

So the outcome was there are now two lists one list is kept of everyone over 18 that has the right to vote and this list can only be viewed by visiting council offices - the other list is people that don't mind there names and addresses being sold on and is sold on cdrom to companies - if you tick the box you will not appear on the second free for all list...

ShinyHappyPeopleHoldingHands · 15/03/2008 16:20

Really Redadmiral?? How awful!

Original poster

cluckyagain · 15/03/2008 16:22

ivykaty - I didn't even see that box!! I'd better go and check. Redadmiral - please don't tell me that, it would be so sodding typical!

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redadmiral · 15/03/2008 16:57

I've read about it but I don't think it's common practice.

My guess is that it's that they don't have enough info to go on, or it could be the postcode thing. I'm sure it can be sorted.

I couldn't get a John Lewis card, and they said it was a formality to say no because they didn't have enough credit info on me. Once I called them they let me have the card anyway, so I'm hoping my payments for that at least have gone on my credit record and not disappeared into the ether...

lardylumps · 15/03/2008 17:11

you really should get a copy of your credit file from experian as this is the main one credit companies use, I can get you the details if you need them.

I work for a motor finance company and the things that we would decline a deal on are:

a) less than two items of active credit.
b) CII to hight, this means someone has to many other financial commitments
c) more than two months in arrears on any credit agreement
d) credit at an undisclosed address
e) defaults or ccj's found.

Once you get your file then you can check these things on it. Mortgages are the best form of credit that you can have on your file (as long as you pay them of cause) so if you have two then this would be enough credit history to base a lend on, so can not see why really.

VR is not as important to a finance company now a days as long as you have credit profiles at an address.

Original poster

cluckyagain · 17/03/2008 08:14

lardylumps - thanks for the info, it was really helpful. I'm checking re: the electoral register to make sure we've not hidden our address and other than that, will wait and see what comes up. Many thanks for your help everyone. xx

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needahand · 17/03/2008 15:32

Do you have any county court judgement against you. Definitely second the advice to get your history from Experian

Original poster

cluckyagain · 17/03/2008 17:20

HI - well - got the info - it's 960/1000 which is classed as good. Why on earth are we being refused then??!!

OP posts:

lardylumps · 17/03/2008 19:17

Do you have your whole credit report? Does it give you a number at the top next to the letters CII?

Original poster

cluckyagain · 19/03/2008 15:53

thanks lardylumps - I've tried to see it again but as of this moment, experion are getting back to me as they want me to pay twice!!! Will get back to you once I can see it again!

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