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I've always had a good credit score it would seem. Had several interest free agreements for boats and bikes over the years, never defaulted, all paid off.
Tried to use a sneaky way of paying off my overdraft in about 2009 and got a credit card with 0%, only I missed two payments due to being a bit asleep on the matter instead of setting up a direct debit like I was supposed to from the get-go.
I tried to get a little pre-Morzine credit last summer for a few things but was declined. My car blew up just recently and I was in need of a little credit for that too, declined....
As far as I can see from getting my statutory report from Equifax, Experian etc, it seems to be these two pesky missed payments that are causing me some grief.
I've just written to Barclaycard to see if there is any way possible that they might remove these marks from my score but this is highly unlikely.
In the mean time, is there anything I can do to fast-track myself back into creditsville?
That is a bit odd that 2 missed payments in 2009 are stopping you getting credit in 2012.
Are you sure your not missing some thing else that is appearing on your credit reports. When your credit has been declined make sure you ask them which credit agency they use, and you will have to get the credit report from that company.
How much credit do you actually have at the minute, all I can think is that you were declined because you DONT have enough credit....
Does anyone associated with you have bad credit? Someone living with you etc. Have you moved house and not updated electoral role. Moneysavingexpert has some sections on improving credit score.
It might be worth getting the 30 day free trial on creditexpert.co.uk
I checked my record out just out of interest as it was free and I found that a lot of my details were recorded wrongly.
what kind of credit are you applying for ?
i cant get any desireable credit cards (0%/cashback/tesco points as i spend alot on CC for work travel but always pay off in full at end of month) - not a single missed payment even when i was at uni on my AC ever/contract phone/no outstanding loans and earn a good ammount
only thing that comes up is that they are unlikely to make money out of me.
I can get any other credit card but nothing that gives back to me.
nothing showed up when ive been applying for mortgages either
be careful of repeatedly getting turned down as well - thats almost as bad as missing payments !
Trail rat makes a good point. Try to avoid applying for credit again for 3 months. A declined marker stays on your credit for 3 months so avoid applying again as a declined marker usually triggers another...
Have you checked your report to see if it's just 2 missed payments or an actual default?
Are you registered at the address on the voters roll?
When your credit has been declined make sure you ask them which credit agency they use, and you will have to get the credit report from that company.
I was trying to get some bits from Leisure Lakes so I'll find out who they use.
How much credit do you actually have at the minute, all I can think is that you were declined because you DONT have enough credit....
Not sure, I was only trying to get abou £550 before I went to Morzine and was declined. Just about 3 weeks ago it was more like £2000 to cover the costs of a new car.
Does anyone associated with you have bad credit? Someone living with you etc. Have you moved house and not updated electoral role
I don't think so. I moved house about 7 months ago but lived at address before for 6 years with several instances of credit given to me. The bloke who used to live in the house I live at ran a business from there, and one day this chunky looking bloke came round looking for him with a letter which could feasibly have been some sort of 'getting served' type letter. How do I check if the address is bringing me down?
It might be worth getting the 30 day free trial on creditexpert.co.ukI checked my record out just out of interest as it was free and I found that a lot of my details were recorded wrongly
I've done this and it all seems pretty ok as far as I can see.
what kind of credit are you applying for ?
Interest-free credit from Leisure Lakes, and then a Personal Loan from a company called 'ZOPA' who basically are a new company that hooks people who want to lend with people who want to borrow at fairly good rates.
be careful of repeatedly getting turned down as well - thats almost as bad as missing payments !
Yes, I've been worried about this. Its infuriating as there is no real way of testing your eligibility without actually applying...
Have you checked your report to see if it's just 2 missed payments or an actual default?
Not sure I know the difference. I was late with two payments but did pay them a few weeks late and also the fine that came with them. The debt was cleared as normal following these...
Are you registered at the address on the voters roll?
I wasn't sure whether I was or not so have re-applied this week just to make sure...
ZOPA are extremely strict on their lending criteria compared to more traditional operations. Can't remember the details but even there highest risk lenders are lower risk than the national average.
The good news is that ZOPA work on a "Soft Check" system, so getting declined by Zopa doesn't show on your report and affect future loans. In fact even getting an offer of a loan doesn't show until you proceed through the system. The further good news is Zopa are intentionally tough on who they lend to so being rejected by them doesn't necessarily mean you will be rejected by other lenders.Interest-free credit from Leisure Lakes, and then a Personal Loan from a company called 'ZOPA' who basically are a new company that hooks people who want to lend with people who want to borrow at fairly good rates.be careful of repeatedly getting turned down as well - thats almost as bad as missing payments !
Yes, I've been worried about this. Its infuriating as there is no real way of testing your eligibility without actually applying..
I guess the first thing to work out is can you actually afford a loan? If you can, then whilst it might seem odd your own bank isn't necessarily a bad place to start. It should be easy enough to convince them who can see how much money is left in your account each month and how often direct debits etc are being rejected. If you can't convince the person you can see face to face and who knows as much about your finances as you do then perhaps you need to look at your situation? The terms might be crap but at least you have a starting point.
However before doing that I'd strongly suggest making sure you are on the electoral role, making sure that all your credit / bank / mobile phone statements etc are coming to the "new" address etc.
With the address thing, basically its about creating a financial association with yourself, its not that the house itself is 'black listed', but the fact that the system can create a link between people living at an address, even if they do not live there at the same time.
There is a section of the report that comes up some thing like Financial Associations. Check there is no other name there. I would also just ring Experian too, and ask them to double check.
Some lenders wont lend currently unless you have been in a property for a minimum of 6 or 12 or 24 months too, so its not so simple as your credit file. However getting their criteria out of them before making an application can be near impossible...
Credit is a mine field at the moment. I recall that about a year ago Mrs FD applied for credit for a car (with an adverse credit file). She approached reputable high street lenders. One turned her down and just stated check your credit file, the other gave her loan at a better price!
Not sure I know the difference. I was late with two payments but did pay them a few weeks late and also the fine that came with them. The debt was cleared as normal following these...
You should have been made aware of any default in writing - so I guess you haven't got one. Worth checking with BC and Experian etc. One of the agencies seems to have disappeared and been replaced with Noddle. Don't know what's that about yet.
If anything's wrong, you can have a Notice of Correction added, but these are generally skimmed over by automatic systems. Better if you can sort out in person.
Make sure you are registered to vote - this alone took my score from "good" to "very good" on Experian.
I've had some of these issues in the past. What I found out;
1) Credit accounts stay on your report for 6 years. Missed payments should not be the end of the world though (I believe, I didn't have any).
2) Financial associations (with other individuals) can greatly affect your report. It is possible to have a "disassociation" performed. I did this.
3) Check your report thoroughly (go through it with a toothpick). Mine showed me as not on the electoral roll, when in fact they had attributed an incorrect address and I am on the electoral roll (and have been for a long time). This changed my overall rating to excellent.
4) If you have a mortgage, make sure it's on your report. Mine wasn't. It transpires that mortgage lenders have no obligation to inform the agencies of the account. They will send the data on request if they haven't already.
If all else fails, get a small amount of "expensive" (easier to get) credit and pay it back over a long period. Don't miss a payment ever. This will demonstrate your reliability.
The experian 30 day trial is well worth doing.
Hope this helps.