far Posted October 28, 2007 Share Posted October 28, 2007 Well basically have had a very high credit score (900+ with no defaults) for years, yesterday we applied for a mortgage and we were declined which was very surpising as we have no outstanding/late payments etc...I have done an online credit check with experian and they reckon my credit score is: 'Your score is: 336 on a scale of 0-1000 - Very Poor This score will usually mean your report shows that you have had serious repayment problems in the recent past' :Pling: We have never had any credit history problems EVER! I did have a call from my credit card company the other week who said they had an internal problem and couldnt collect the money last month and would take double this month but this cant be why my score has gone down so significantly can it? I am suspecting fraud etc... Can anyone advise how I can actually now drill down into what EXACTLY has caused the credit score to go down from 900+ tp 300? Naturally shitting it as we work hard to get the things we want and this could seriously screw us over so any help/advise would be appreciated;) Link to comment Share on other sites More sharing options...
Feakins Posted October 28, 2007 Share Posted October 28, 2007 Very strange, it could be that you were declined for the mortgage for some other reason. And as you were declined the mortgage that brought it down, I've heard that paplying for a mortgage takes your score down loads for a few months?? If it's not that it must be fraud or something, can't you get on to Experian? Get the detailed report and it will have all the information that makes up your score. Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 Well when you apply for the mortgage they credit score you - if you pass then they will also look at all the other factors before they offer it in principal. We have 4 'buy to let' mortgages and our broker said it was a straight credit score decline. I got the detailed report from Experiena but it only says who has applied for credit searches *not who has given me a 'black mark' so its a bit weird. Link to comment Share on other sites More sharing options...
Supra Pilot Posted October 28, 2007 Share Posted October 28, 2007 You will need to contact 'Experian' or another Credit Check agency and have a chat with them. They are the only people that can give you information and a breakdown of where it(your score) went wrong. They also are legally bond to give you whatever information you request. There are a lot of scams and identity fraud about these days, it pays to get hooked up with a protection scheme. A Credit agency will also advise on this. Good Luck Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 cheers mate, does anyone know if you miss a credit card payment it knocks back your credit score significantly for that month? My credit card company fecked up and missed taking a payment and I am wondering if it is them who have put me in a shitter!? Link to comment Share on other sites More sharing options...
Supra Pilot Posted October 28, 2007 Share Posted October 28, 2007 A proper detailed Credit report should contain everything about yourself and any financial associations you have. Should tell you about all accounts, mortages, credit cards, loans etc. and then tell you if you every had any repayment issues(mainly late payments to either or all of them).. It is called 'Status Codes', This is counted and weights quite heavily on your overall score. Your report should list this all.. Link to comment Share on other sites More sharing options...
Supra Pilot Posted October 28, 2007 Share Posted October 28, 2007 Give them a call mate and get it sorted as soon as possible as if it's a genuine error or something that you think can be easily sorted, usually takes a long time to get it altered.. And get some overall Credit protection for future use... 'Privacy Guard' is highly recommended. Rgds Link to comment Share on other sites More sharing options...
jefferson Posted October 28, 2007 Share Posted October 28, 2007 1 missed payment on a credit card wont hardly mess you up - many applications in a short space of time . i.e 5 in a week will definitely mess you up - have you applied or had "quotes" from several lenders because sometimes they will credit search you as a matter of course and if you have had several then decided on your lender - this could have had an adverse affect Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 Supra pilot - thanks for this, I have looked at the 'detailed report' as you suggested and it doesnt seem to have any adverse details, infact all the mortgages/loans etc we have have a 'paid & up to date' symbol against them. Jefferson - yes we have had about 3 quotes this week but surely this cant knock my score down from 900+ to 336! can it? Im suspecting fraud or some kind of major f*ck up somewhere! Link to comment Share on other sites More sharing options...
Ewen Posted October 28, 2007 Share Posted October 28, 2007 Thats a big drop. Long shot here, but do you have tennants (you mentioned buy to let mortgages) ? The properties are in your name presumably, perhaps the tennants have attached some bad history to these addresses which reflect on you. Its happened to us on our address, through our daughter who no longer lives here. Her bad credit history has attached itself to our address through her. Link to comment Share on other sites More sharing options...
SupraStormRising Posted October 28, 2007 Share Posted October 28, 2007 Also there are two main companies that hold credit info Experian and Equifax you need to check both as some companies use one and some the other and rarely they use both... The address thing is a myth if you have an existing rating the address plays no part however the postcode does = high earning or low earning postal area. Once you have the online detailed reports you should be able to see everything recorded against you as this happened to me and is a pain to sort out especially when you've done nothing wrong. On a side note the number of credit applications you make does have a big effect as potentially you could have had yes decisions to each and taken all of them out stupid I know but that's how these banks think Hope that helps Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 I know quite a bit about sorting it out as I have had to do mine. Missed payments take up to 2 months to appear on any credit file report unless you bank/credit card is very quick at sending out updates. That score you have is a score for someone that has CCJ's, defaults basicly piss poor history. I got my self into financial difficulty years ago and I had companies after me and even then my score was 500+. Also having a joint account can bring your score down, if the person that you are applying with has piss poor credit history. Also apply for a Mortgage takes a massive and I mean massive lump off your score, so if you have been declined for one then if they do another credit search your score will come down again. Aslo if you have applied for store cards/credit cards that brings your score down. Your score resets it's self after 6 months i.e. credit searchs will not appear on your file. It is a myth also that the property blacklists you, credit files are now soley based on the individual. Not being in a property for 3 years has a impact on your file or mulitple addresses in past 3 years. Not being in constant employment for 12 months or over also beings your score down. There is more than one credit file company but the 2 main ones are http://www.equifax.co.uk - Get credit file from there online and make sure it is the one that gives the score aswell, cost £14 http://www.experian.co.uk - Same as above but gives you a free 30 day one. Your credit history is VERY VERY easy to sort out, if there is anything wrong on it you raise a dispute and it is sorted in 28 days. Link to comment Share on other sites More sharing options...
redtwinturbo Posted October 28, 2007 Share Posted October 28, 2007 Not being in a property for 3 years has a impact on your file or mulitple addresses in past 3 years. Quick question, do you know how much this affects your credit rating? Does it take a huge chunk off or just a small amount? Cheers Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 The address thing is a myth if you have an existing rating the address plays no part however the postcode does = high earning or low earning postal area. The address has a massive impact actually, if you have not stayed in the same place for 3 years or more. High earning post codes? also, not sure of the accuarcy of that! Where is this documented as would like to read up on that. It is just that there is no where in Experian or Equifax that ranks people on there earnings, this is all done by the credit provider. Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 Quick question, do you know how much this affects your credit rating? Does it take a huge chunk off or just a small amount? Cheers I got my credit History from Equifax on the 4th of this month and I have not been in my ccurent property for 3 years, only been here for just over 2 but I have excellent credit history. It will have a negitive impact for under 12 months and it will have a massive impact if you have multiple address history within 3 years. Link to comment Share on other sites More sharing options...
Pabs Posted October 28, 2007 Share Posted October 28, 2007 Well I've just moved house and got a mortgage, I've also completed the Experian credit report, just waiting for my PIN number to come through the post. When that arrives, I'll see what my rating is. My rating should be very good - I've never had any issues, use credit card regularly and pay it off all the time, so we shall see what they say. Out of interest - did you do the free credit report that Experian are currently offering? Link to comment Share on other sites More sharing options...
redtwinturbo Posted October 28, 2007 Share Posted October 28, 2007 Ok cheers Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 Also another thing that I found out is having a lot of credit cards but NOT using them as in they are empty also has a negitive impact, using them is actually better for you. Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 I know quite a bit about sorting it out as I have had to do mine. Missed payments take up to 2 months to appear on any credit file report unless you bank/credit card is very quick at sending out updates. That score you have is a score for someone that has CCJ's, defaults basicly piss poor history. I got my self into financial difficulty years ago and I had companies after me and even then my score was 500+. Also having a joint account can bring your score down, if the person that you are applying with has piss poor credit history. Also apply for a Mortgage takes a massive and I mean massive lump off your score, so if you have been declined for one then if they do another credit search your score will come down again. Aslo if you have applied for store cards/credit cards that brings your score down. Your score resets it's self after 6 months i.e. credit searchs will not appear on your file. It is a myth also that the property blacklists you, credit files are now soley based on the individual. Not being in a property for 3 years has a impact on your file or mulitple addresses in past 3 years. Not being in constant employment for 12 months or over also beings your score down. There is more than one credit file company but the 2 main ones are http://www.equifax.co.uk - Get credit file from there online and make sure it is the one that gives the score aswell, cost £14 http://www.experian.co.uk - Same as above but gives you a free 30 day one. Your credit history is VERY VERY easy to sort out, if there is anything wrong on it you raise a dispute and it is sorted in 28 days. I have moved around like a gypsy in the last three years as have been doing a fair amount of property developing but my credit score has always been 900+, whatevers happened has occured after the 2nd of October as we where okayed for another mortgage back then. It scares me that my history is in the region of CCJ's ! as I dont have any (that I know of). And when we moved house back in March I ensured all bills were cleared and nothing was outstanding. I have done the Experian online check but there doesnt seem to be anything at all showing WHO has put a 'black mark' against me - all it shows is people who have done checks on me in the past and thats it:( Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 Have you got any financial associates? If you have then they may have bad credit which in turn will brings yours down. Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 does anyone know how I can check if someone has filed a CCJ against me? Or would it be shown in the Experian report? Every outgoing payment I have has a 'O' (for 'ontime') next to it so it cant be that I am a late payer! Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 It will be on your credit file under CCJ's Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 oh yes - cheers mate, well thank fcuk nothings there! p.s all your info has been pretty spot on but frustratingly inconclusive as there doesnt seem to by a dickie against my name! Link to comment Share on other sites More sharing options...
jamesmark Posted October 28, 2007 Share Posted October 28, 2007 Contact Experian direct they will be able to assist you over the phone, give you pointers etc. Link to comment Share on other sites More sharing options...
far Posted October 28, 2007 Author Share Posted October 28, 2007 yeah gonna call them tommorow - is it also worth repeating the exercise with Equifax or should then both hold the same/similiar info? Link to comment Share on other sites More sharing options...
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