Reply to: Credit Rating on Equifax

[speling bee]

Cheers all,

I have applied for one more loan with Sainsbury's, if that doesn't work out then I will call it quits for a while. They accepted in principle but just waiting for final outcome on Friday.... need the money to do some decorating etc. without having to push myself into the 40% tax bracket.

Director's loan?

[NorthWestPerm2Contr]

Sorry you are correct. Had the right thing in mind but wrote it completely wrong. That was meant in reply to Sbakoola's comment about searching himself. Excessive do but odd checks on yourself won't as you get searched getting insurance as well as credit cards etc so there is quite a bit of wiggle room.

Cheers all,

I have applied for one more loan with Sainsbury's, if that doesn't work out then I will call it quits for a while. They accepted in principle but just waiting for final outcome on Friday.... need the money to do some decorating etc. without having to push myself into the 40% tax bracket.

[northernladuk]

It's my understanding that excessive searches DO negatively affect your chance of getting credit, although it doesn't effect your score.

Sorry you are correct. Had the right thing in mind but wrote it completely wrong. That was meant in reply to Sbakoola's comment about searching himself. Excessive do but odd checks on yourself won't as you get searched getting insurance as well as credit cards etc so there is quite a bit of wiggle room.

[Jessica@WhiteFieldTax]

Wouldn't doing a credit check on yourself to Experian, Equifax and Credit Call reduce your credit rating even further as it will leave yet more fingerprint records of recent credit searches made on you ?

No, because its just a extraction of data under DPA for data subject, be it a direct approach or via someone like CMF

[Jessica@WhiteFieldTax]

It's my understanding that excessive searches DO negatively affect your chance of getting credit, although it doesn't effect your score.

Thats my understanding as well.

[Platypus]

I don't believe excessive searches affect your credit history but being turned down for credit might.

It's my understanding that excessive searches DO negatively affect your chance of getting credit, although it doesn't effect your score.

[northernladuk]

Oh yeah and having too many credit cards or too much credit available to you, even if all balances are zero and you haven't missed a single payment will count very heavily against you.

I had a load of cards still active from back in the 0% days. When I applied for a card I was accepted but got something like £1500 credit. Apparently even though I was spotless with no money in them I had the potential to run up £40k+ the day I got the new card so they were not willing to extend my limit.

[northernladuk]

I looked in to this awhile ago and this is what I was told. Just having a good credit score doesn't mean you will get what you apply for. I believe many products are now tailored to certain groups of people so they look at your credit record and match you up to the product. They may not have just declined you based on an overarching credit score. Some products are tailored for people with bad credit history, middle of the road credit history, history of card transfers and so on. You could have a spotless credit record but can't get acceptence on to a scheme that is aimed at people that have poor ones.

Have to say I didn't quite understand this as I couldn't figure out how we were supposed to know what products are tailored to me. Might not be the reason you were turned down but something to look in to possibly.

I don't believe excessive searches affect your credit history but being turned down for credit might.

[Ignis Fatuus]

Wouldn't doing a credit check on yourself to Experian, Equifax and Credit Call reduce your credit rating even further as it will leave yet more fingerprint records of recent credit searches made on you ?

If you actually did a credit check on the same basis as a potential creditor, yes. What you do for £2 is verify your own details, without leaving a footprint. ISTR that you even get some extra info there that a normal credit-checker does not.

[sbakoola]

And as we've all said before someone from one of the typical 'outsourcing' countries that comes to the U.K. without any credit rating history is usually clean as a whistle and because of this and the lower cost he gets the job and you don't.

[Jessica@WhiteFieldTax]

you are right. I moved recently and I just haven't got around to registering - should do really.

Do you know what 'internal credit checking' actually checks? the likes of 'First Direct' - they refused me an offset mortgage because of 3 failures on their 'internal credit check' - ok electoral register number 1 - and the others? they would not tell me - said it was fraud protection not to tell me. bizarre.

Internal checking could be (a) they mean using the external agencies or (b) it could be group information, eg First Direct are part of HSBC which includes M&S Bank/credit cards, John Lewis credit cards etc.

Fraud protection is call centre white wash - use it myself when necessary escalate and you will both get a answer and maybe someone who can look behind the numbers. HSBC are particularly silly on this type of thing.

[Spacecadet]

you are right. I moved recently and I just haven't got around to registering - should do really.

Do you know what 'internal credit checking' actually checks? the likes of 'First Direct' - they refused me an offset mortgage because of 3 failures on their 'internal credit check' - ok electoral register number 1 - and the others? they would not tell me - said it was fraud protection not to tell me. bizarre.

Do you bank with them? They could be checking their own systems to make sure you are a "good" customer

If they won't tell you why when you ask politely then I think there are other means of asking for the information which they have to comply with

Data Protection Act: Requesting Access to Personal Data

They might cry off using the exceptions though

[Fishface]

Its a balancing thing. I'm quite high on score, and have only gone on electoral roll in the past few weeks, such that it hasn't caught up yet. However if you are weak elsewhere, the ER is a easy win.

you are right. I moved recently and I just haven't got around to registering - should do really.

Do you know what 'internal credit checking' actually checks? the likes of 'First Direct' - they refused me an offset mortgage because of 3 failures on their 'internal credit check' - ok electoral register number 1 - and the others? they would not tell me - said it was fraud protection not to tell me. bizarre.

[sbakoola]

Wouldn't doing a credit check on yourself to Experian, Equifax and Credit Call reduce your credit rating even further as it will leave yet more fingerprint records of recent credit searches made on you ?

[EternalOptimist]

credit.

credit

i just dont geddit