Does anybody out there understand credit reports?

[financiallyscrewed]

I've just been turned down by a credit card I want to move my balance to in order to get 0% on balance transfers for 15 months. The lady called and said I'd been declined but she didn't know why (a month ago I was accepted by one but decided against it as it had higher interest rates after and a shorter amount of time than my current one). She recommended I went onto Experian to find out why.

So, according to Experian, I have 8 'credits' which includes bank accounts (why they're credits I don't know as I don't have overdrafts on them), one credit card (and a couple that are dead-they got superseded) and my phone bill. Oh and maybe my car insurance which I pay monthly. It also has my last credit card balance as what I owe (fair enough) and says that I've changed my name and address (got married last year).

Nowhere on it does it say 'this is a risk'. My bank stuff all comes up as 'satisfactory'. So, what am I supposed to be looking for or am I looking at totally the wrong thing?! I was hoping for something simple that said 'you did this, thus your credit rating is crap. Please do this and then we'll improve it.' I know I was naive!!

Thank you in advance

Applying for too much credit is seen as a bad thing, so it's probably the 2 credit card applications in so many months.

Ah that would make sense. Even though I wasn't turned down and just didn't 'take them up on their offer'?

It was a couple of months ago and the first time I've applied in 10 years!

I once applied for a loan then plans changed and we wanted to borrow less. I was approved for the higher amount, but then turned down for the lower amount with the same company as they saw it as a new application even though I hadn't taken out the first loan.

I spoke to someone a bit higher up who could override the automatic approval system as it was clearly ridiculous, but that's the way things work. If it hadn't been the same company though it probably wouldn't have gone through.

What a silly system! I guess that just means I have to wait for a while before applying and pay the £20 a month charges on my current credit card. At least it's going down so hopefully the charges will too!

Hope this doesn't affect my plan to get a mortgage in the summer .

Are you on the electoral register as the same name you applied for credit in? If not get it changed.

Too many searches will mark your score down (insurance companies will register a search if you opt to pay moonthly btw). As will renting, no landline phone, more than one address in 3 years, childlessness, singledom, all of which are seen as indicators that you are more able to do a runner leaving the debt. Credit card agencies will also look at your other out goings based on the credit limit allowed. So it may be a combination of risk factors coupled with banks being more cautious about lending rather than any one thing in particular.

Mortgages are easier to getthan an unsecured loan as you are tied to a particular property.

Yes I'm on the electoral role for my new house in my new name. Before that, I'd lived at the same house for all of my life. The only thing not in my married name is my passport as I haven't got round to it. My id was my driving licence and she told me it was in the old address when telling me I'd be turned down, then realised it wasn't!

I've been paying monthly with the same insurance company for about 5 years now, the landline is in my husband's (although things like water I think are joint). We have a child (although technically not mine yet as I'm adopting my husbands son).

Good news about the mortgage at least!