dam credit score

nick.ged

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i have just been refused a mortgage, but cant understand why.

any one know how can i view what the banks are seeing, ie my experian score, without having to pay a 'refundable' fee up front on a credit card.
 

t567wab

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Is experian better than equifax or just completely different story?
 

BillyW124

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i use experian.

The thing is ive been meaning to stop membership for ages but its time like this when after reading this i randomly logged on for ages to see my score!

it comes in handy i guess. It is 13-14 quid a month if i remember correctly.

just fetched a latest score and mines actually improved! :thumb:

They grade you with a number rating and put you in a category of either Very poor, Poor, Fair, Good, Excellent.

Think i may pop into MERCEDES-BENZ colindale... CLS on finance tomo morning :D:D
 

NW_Merc

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i have just been refused a mortgage, but cant understand why.

any one know how can i view what the banks are seeing, ie my experian score, without having to pay a 'refundable' fee up front on a credit card.

Ask the bank directly, they have to divulge the information to you and give you a reason why you were declined.
 

Vorbis

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Banks are totalling ****ing stupid at the moment with mortgage lending. I moved house last year but initially the bank turned me down even though it was the same bank my existing mortgage was with and I had a portable mortgage product and and was cutting nearly a 100k off the mortgage had never missed a payment and was earning a lot more than when I took the original loan out. Seems to me the banks ****ed the economy, we bail them out and then they **** us all over again.
 

crockers

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Seems to me the banks ****ed the economy, we bail them out and then they **** us all over again.

Seems about spot on. Lend to those that don't need & want it decline those who do.
There's risk adverse and risk perverse.
 

Red C220

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Ask the bank directly, they have to divulge the information to you and give you a reason why you were declined.

Actually they don't need to give you a reason at all. Under the Data protection act they also can't divulge information about you that they gleaned from the credit reference agencies.

Each agency is obliged to provide you with a full run down of your credit history for the past 6 years. The cost is a flat fee £2. This is refered to as your Statutory credit report.

Links to the three big agencies are below. Get a report from each.

£2 Statutory Credit Report

Equifax - £2 Statutory Credit Report - How's your relationship with your credit?

Callcredit - Online Statutory Credit Report


Credit is tough right now, unless you are squeaky clean lots of credit is being declined.

They like to see credit cards being paid off in full every month.

They don't like to see lots of credit (even if it's all being paid perfectly).

Obviously CCJ's, defaults and Bankruptcy pretty much blow any chance for 6 years (the period of time it takes to drop off your report).
 

markjay

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Think about it this way - you have two colleagues at work, one asked on occasion to borrow a tenner off you, then promptly gave it back a day later, the other have never asked for anything.

If you were asked by another colleague if the two can be trusted with a small loan, what would you say? Probably that Mr. A is indeed trustworthy as you have already loaned him money before and he always paid it back promptly, but you can't comment on Mr. B as he never actually borrowed any money from you before.

What would the other colleague think then? That the person who borrowed and paid back can be trusted more than the one who did not. And this is why perfectly respectable people who have never borrowed money before tend to have low credit scoring, while people who have been in debt for most of their lives find it relatively easy to get another loan (as long as they paid back the previous loans on time).
 

MicB

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I wouldn't read too much into it......you must know whether or not you have a ''clean'' record......it is just as likely that you and/or your financial profile do not ''fit'' the lender's self imposed criteria which can still be fairly restricting.

Mic
 

finisterre

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I remember reading that requesting your credit info reduces your score.

do you really need to know?
 

Red C220

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I remember reading that requesting your credit info reduces your score.

Applying for any form of credit including bank accounts does this, but not actually appling for your credit record itself.
 

rizzer

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I also heard that the more times your credit rating is looked at it can imply you keep applying for credit, which seems feasible but questionable!!!!
 
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nick.ged

nick.ged

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i dont owe any money, my current house is paid off and i dont do credit cards.

I just want to upgrade my house now, whilst the prices are low.

have a substantial deposit and have applied for a btl, and have a potential tenant waiting to move in.

two lenders have refused me, so I cant get the dam cash for the house i want, which is at auction on sep 1st.

very very ****** off!
 

janner

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i dont owe any money, my current house is paid off and i dont do credit cards.

That's why they won't lend, crazy I know.

Back in the good old days I bought a house on my credit card.
 

Satch

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i dont owe any money, my current house is paid off and i dont do credit cards.

I just want to upgrade my house now, whilst the prices are low.

have a substantial deposit and have applied for a btl, and have a potential tenant waiting to move in.

two lenders have refused me, so I cant get the dam cash for the house i want, which is at auction on sep 1st.

very very ****** off!

Confused now: are you trying to borrow to upgrade your personal residence, do a BTL or both?
 

davethemus

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rbs should have been fully nationalised and turned into the 'bank of britain' only to be used by people with a british passport and there as a service for instances like this when the 'private' banks are exposed as financial terrorists
 

EDZ649

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i dont owe any money, my current house is paid off and i dont do credit cards.

I just want to upgrade my house now, whilst the prices are low.

have a substantial deposit and have applied for a btl, and have a potential tenant waiting to move in.

two lenders have refused me, so I cant get the dam cash for the house i want, which is at auction on sep 1st.

very very ****** off!


As you don't owe any money, have no cards etc your credit history will be virtually non existent and in the eyes of the lenders you will be classed as a high risk. It is always advisable to have a least one or two cards, even if you don't use it just to show that you haven't defaulted on any payments and that the card providers have given you a certain amount of credit.

The other thing to watch out for is the more searches on your credit history that are carried out in the last six months will also affect your rating, even if you don't take out any credit agreements. Some car insurance companies check your credit history even if you are paying up front for the policy, it's one of the ways they check to see if you are more likely to cancel the policy after a couple of weeks etc.
 
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