Reasons my credit raiting might be poo.

[TheAnimus]

My credit raiting is worryingly bad, I want to buy this rather spiffy reciver, but my limit is too low, my bank (LLoyds) will let me raise it, but I wanted to actually get a 'better' card, even thou i've no intention of letting it stay on the card for 56 days, the halifax 9.9% apr looks nicer than my 15.9% Lloyds give me.

So i thought i'd try and make a list of metrics used by these checking agencies, please help me add things, so I can try n improve them.

• Electoral Roll - Not got round to registering yet
• Bank Account - Still at parents address
• Renting - 2 months now at this address
• Job - only been in full time work 2 months
• Have only ever had credit experiance with Lloyds
• Utilities - Only just changed Gas + Electric to my name from land ladies

anything else people can think off that i might need to try and improve. I want to be able have a mortgage come may (about 10 times my deposit too) so really want to try n get a good rating over the next few months.

[XA04]

You could use your credit card for everything... but don't overspend.

E.g., pay your bills via credit card, go buy food with your credit card, etc etc. Then pay it all off from your debit card (with your wages).

Obviously the more you spend and the quicker you pay it back, the better your credit rating will get.

You just have to keep track and make sure you don't overspend, otherwise it could just get you into trouble instead.

[TheAnimus]

at the momement everything goes via direct debit, because its convient for me, I've taken to do my shopping on my visa just because its easyer than pissing about with cash, and i can never remeber my debit card pin for in store use but i thought direct debits were used in a postive light on credit scoring?

[weebroonieuk]

nah there more way of ensuring the receiver gets there money on the said date hence why some companys offer a discount for a direct debit

if u dont have the funds for a direct debit your bank pays it and charges you accordingly (bastids) sometimes the total can be 58 quid with my bank anyways but ive argued down the phone for ages and got lots of charges credited back but it will put a negative score on your history

as said before use ur credit card for everything you can and as soon as you have paid it transfer the said amount from your current account right over to cover it

that shows up as a borrow and a satisfactory repayment whish is a plus point to the rating

but

it can take them months to show good points a negative will be on ur record within a couple of working days ...... just the way they like to work it

[directhex]

spend the fiver on a copy of your Experian credit report - it should remove doubt over specifically why your rating is low.

[fat jez]

In my experience, there are a few things that lenders look for. Being on the electoral roll is one, having been at a fixed address and in work for a reasonable time is another. They also look at how many times you have been credit checked recently (so changing the bills into your name will be at least 1, probably 2 credit searches, unless you use the same supplier for both). Payment history is another biggie - have you been running up debts and paying them off? Sounds weird, but you have to have debt to get a better credit rating - somebody who has never been in debt will not have as good a rating as somebody who has had debt and never misses a payment.

Cheers,
Stephen

[Nick F]

spend the fiver on a copy of your Experian credit report - it should remove doubt over specifically why your rating is low.

Totally true, I get four free reports everything year as part of my CPP identity fraud thing.

[0iD]

Sounds crazy, but if you've never been in debt then you'r credit rating's going to be pants. My wife bless her, rarely owes anything on anything, pays credit cards on time (sorta defeats the object) & she couldn't get a loan.
Me, owe a bit here & there, a financial imbecile, people gagging to give me loans & credit.

[Funkstar]

Banks and load companies like people that aren't 100% with their money.

My brother only ever puts things on his card he can pay off when the bill comes in. Mastercard make precious little out of him.

Me on the other hand, they make loads; spending fees, interest, etc.

They don't like it when you default on loans completely, but once they have you they like to make some money off you. the more the offer you the more they hope to make over the long term

[Chemical_Ali]

my bro works for llyods, he tells me they use this thing called caps score for every account holder. 1 being the best and 9 worst. u should ask ur bank wer u stand in their caps scoring thing. when i last checked, i was 9 lol becuase i was always overdrawn with lloyds.

another thing is NEVER miss a payment like a direct debit. that seriously messes with ur credit score. everytime a lender checks ur history they always like to see ur up to date with payments.

my bro also tells me to have wages (lloyds like to see wages over a £1000 monthly) regularly into account, u should wait 6 months then apply for credit cards, loans etc.

i closed down my lloyds and now bank with the halifax, becuase they have good morgage rates but overall lloyds is a better account they offer more services.

[Golden Dragoon]

if u dont have the funds for a direct debit your bank pays it and charges you accordingly (bastids) sometimes the total can be 58 quid with my bank anyways but ive argued down the phone for ages and got lots of charges credited back but it will put a negative score on your history

If your charges add up to a considerable sum then consider taking your bank to court to get those charges back, it has been proven in courts that those charges are illegal, and so far everyone has been able to get them back plus costs and intrest.
Have a look at this step by step guide
http://www.moneysavingexpert.com/cgi...41050760,24632,
I am curently taking on Barclays to claim back a load in charges (prehaps to fund a new pc, but most likely to contribute to a new kitchen )

[weebroonieuk]

yeh cheers for mentioning that golden dragon i was going to eventually saw it a while back on the coupe forum and the thread was huge and full of people asking questions and there had to be alot of paperwork sent back and forth and as i stay with my girlfriend its awkward getting there to check for mail an stuff when i like

i think your claims can go back as far as 6 years been a while ive got alot to sort out with getting my license back again and to sort out my tax return an other stuff

[TheAnimus]

Interesting, i did have an argument with BT, which resulted in me canceling my direct debit. Their notion of taking £125 which they admit wasn't theirs too take boggles my mind.

I think i'll cough up and buy my report, but will wait a week for my latest pay check to hopefully prophegate through a bit.

[weebroonieuk]

they wont be keeping you for long if you try and get your money back of em

animus am i right the bank can provide upto ten years of statements usually free but some may charge a max of £10 ?