Poor Credit

[Ric.ror]

After years of having excellent credit rating for various reasons I now have poor rating. I need to borrow about £4K my options for paying it back are excellent (no mortgage, steady job, own home). I have been a member of a credit union for approx 10 years and have deductions from my salary of £100 per month which I use for summer and Christmas holidays
Do you think they would lend me it?

[waterboatman]

The only way to find out mate is to ask them!

[Ric.ror]

I've put an application in so I'll let you know

[jennyjoan]

can i ask here - how does one know their credit rating - just a friend of mine was rejected when buying a suite for xmas. i don't know the first thing about it. thanks for any replies.

[Jackdaw33]

There are credit reference agencies who have records of all your credit transactions. Experian and Equifax are the main two. Any default, or even paying a small bill a day late, will result in leaving a footprint on your credit file. If you don't score high enough you don't get credit. Simple as that.

[Tilly2]

Google Experian Credit core, JJ.

[Jackdaw33]

Unfortunately today, no matter what your financial circumstances are, it's a case of "Computer says no". Gone are the days when you could negotiate with your friendly bank manager.

[jennyjoan]

ok

[jennyjoan]

well went into experian credit - but when they asked for contact number - nowayhosay - after what i have been through these last cuppla weeks with cold callers. i'll not bother

[Tilly2]

They do not contact you via the phone, JJ. They contact you via email.

[Jackdaw33]

You could win the lottery and have millions in the bank but this is not taken into account. If you have a poor credit score then there is no chance of getting a credit card, no matter how rich you are. They are not interested in your current wealth, only your past record. The trick is to keep up to date and pay everything on time. If you don't pay your council tax by the due date you could find your rating dropping sharply.

[Buenchico]

JennyJoan:
The Data Protection Act requires that credit reference agencies must disclose the information that they hold about you upon request. They're entitled to charge an administration fee for providing the information but it can't exceed £2.

So you could simply write to the main credit reference agencies (Experian, Equifax and Callcredit), enclosing £2 in each case, and ask for the information.

Up until recently though, most people got around paying the £2 fee by signing up to a free trial of Experian's service which keeps people up-to-date with their credit score and then cancelling it before the trial period came to an end (when, otherwise, regular subscriptions would start to be taken).

However a firm called Noddle started offering a service providing a free credit report for life
https://www.noddle.co.uk/
and, in response to that, Experian have also made their own service free
http://www.experian.co.uk/

With Equifax though you still either have to pay £2 or sign-up for a free trial of their report scheme (thus getting your report for free) but remembering to cancel the trial before they start taking £14.95 per month!!!
https://www.equifax.co.uk/

Since Noddle has links to Callcredit, you can get your credit report free via Noddle, by paying the statutory £2 fee, or (if you're mad) by paying £14.95 per month:
http://www.callcredit.co.uk/consumer-solutions/your-credit-report#

[Jackdaw33]

Noddle is good. I get reports on a regular basis telling me my score,without soliciting them. Every time my score seems to creep up. I put this down to on-line banking. I have various DDs and SOs set up, all due when my pensions come in so I have no further worries. I'm always up to date and have no need to remember or trudge to the bank.

[Peter Pedant]

experian and equifax were very keen to charge punters to tell them what info they had on the punter
so it was set at a statutory maximum of £2 fee
took some searching but it was there on the website

I hadnt realised that they had enlarged the "service"

[Peter Pedant]

oh and thanks Chris
mine of information as ever

[Peter Pedant]

experian the £2 jobby is now on the front page
under the purple label

much more accessible as a result of market pressure I suppose

[Jackdaw33]

I have no recollection of paying Noddle anything, not even £2, it's not something that I would do. However every few months I get an email showing me my credit score.

[jennyjoan]

thanks for your answers guys - particularly yours Chris - a very lengthy one - so have given your best answer - if i can find best answer - where is it

[Buenchico]

Thanks, Conne, but you won't be able to 'mark as best answer' because it's not your thread!

[jennyjoan]

ah that's right Chris - knew those bumps on my head were to blame. sorry guy