credit report check problems.

[kaimoo86]

I can get a business account its called cash plus buisness account I can get one rite now with no credit checks you idiot.

 

I would rather fix my credit history and get back into mainstream banking, please someone shut this idiot up

[kaimoo86]

Plus the fact I'll have 30k working capital I'll be fine you moronic fool, but what I want is a big deposit for a house with a couple of years of good credit history.

 

Plan is to have a 50k deposit on a 200k house running a family business, giving my kids the best future possible. More than a pipe dream if making 60k a year which is easily achievable with this franchise this information is from a dozen other franchisees.

[kaimoo86]

From more research it seems the electoral roll is vital

and it'll be why I got turned down for a store card

and it's why vanquis requested I send in proof of id and address which i have done.

[kaimoo86]

I've got two bmw's all bills paid on time,

I just want back into main stream banking and I could really do with some usefull advice.

 

And the electrol roll seems to be the key issue,

 

my credit file is clear but two bad points is not on the electrol roll this will be sorted asap,

 

the other no proven settled accounts this too will be sorted with the cash plus credit builder pre payment card

and hopefully with a credit card.

 

I'm not poor I can manage perfectly I have done for years,

 

please understand that I just want to have all these issues sorted for when I want to take out a mortgage

 

I can manage my finances very well, work hard and save. The only thing holding me back is my empty credit report. I actually thought all my old accounts with sky and virgin would show on my file but it doesnt show anything.

 

I've had 18 searches on my file in the last 12 months nearly all have been from insurance conpanies

Edited November 10, 2013 by kaimoo86

[dx100uk]

the applications go in 1 or 2 yrs.

 

get that electoral roll done and all should sort itself.

 

dx

[kaimoo86]

Thanks, I read some companies reject you automatically if your not on the electrol roll no matter how good your credit history is.

[NodNodWinkWink]

Hello Keimoo86

 

I have read through your thread; Studied the reply's and your responses and would now like to offer some help by way of the following points:-

 

1) You have cleard all your debts - Brilliant. Do not concern yourself any more about getting into debt and do not worry about Banking with a Bank because......

 

2 You have as you say, an inheritance due to you of £60,000 - That is Brilliant.!! A fantastic situation to be in !! Save it in a Post Office or Building Society Account - they may not pay much interest - but you would not wish to cash your cheque and keep that amount of money at home - would you!!! So with such good fortune smile smile smile :-)

 

3) You say you now have a Ltd Company - I will asume it is for running the franchise: Brilliant Brilliant brilliant news: More smiles - for everyone !!

 

4) I think you are well and truly founded on excellent foundations - so now get to work - set out your Business Plans (assumes you have not yet done them) for next three years taking into account your franchise terms and conditions - and hey presto if everything goes well - you will be better off than most people.

 

5) If you have a BMW spare then I know someone who would like one - give you one guess:-)

 

6) Lastly please lighten up, your future is almost set out for you - It is not CAG that you need help from - It is your family's continuing support, and that will be vital and critical to your success !!

 

Genuinely wishing you every good fortune

 

NNWW:-)

Edited November 10, 2013 by NodNodWinkWink

[kaimoo86]

Well I'll be selling my bmw soon, it will be replaced with a van.

 

I have done a business plan for year one this was done so I can approach Barclays regarding a business bank account. I need a business account and I'd rather not use the cash plus business account.

 

I'm just trying to plan ahead, I don't want to rent forever and I know it'll be more difficult to get a mortgage when your self employed. My brother is a draughtsman in the oil industry he has his own ltd company and sub contracts, it was him who's put the fear of a mortgage into my mind.

 

He said its difficult as it is to get a mortgage these days but its even more difficult when self employed, I'll be self employed with no credit history so even if I do get a mortgage the rates will be terrible.

 

A franchise is a risk and most banks view it the same way, unless your buying into Starbucks or another huge brand.

 

I know in a couple of years time I'm going to have to approach a bank and ask for a mortgage I want to be as well prepared as possible. If it wasn't for this inheritance money I'd be stuck working in a job I don't like so I want to make the most of this opportunity, my friends have suggested holidays and a new car but it's not their money and it means a lot to me and my grandad would want me to put it to good use.

 

My parents are very well off so I know my future would be secure anyway but I want to be sucsesfull albeit with a little help from this inheritance money.

 

I'm prepared to work 7 days a week without any holidays for the next few years, it's down to me if this works or not. It's just very frustrating being in a world where if the computer says no then it's a no all because of credit reference agencies having nothing on my file.

 

Thanks

[kaimoo86]

Once I get my inheritance I'll be sure to make a donation to cag

[BRIGADIER2JCS]

I hope this simple explanation of the 'credit and credit reporting system will help'.

 

 

The 3 digit 'credit score' is intended to be a day to day indication of how a credit application will be viewed by a potential lender.

 

Creditors/lenders/ card providers/phone providers etc., all have the own methods of credit checking, mostly the CRA data is used to check residential/public information (CCJs) and the general conduct of the data subjects financial affairs.

 

I have known a person worth a fortune to be rejected for a credit card.

 

To qualify for consideration for a mortgage you will need an absolute minimum of 3 years of good ++ credit management and residential / electoral roll data, some lenders will look much further back.

 

The following affect the 'credit score' produced by the CRAs even these are wildly vary and individual may have an excellent status with one agency and only good- poor with another.

 

A lack of active credit accounts will have the same adverse effect as too many accounts and high usage of available credit will also lower the 'score'.

 

Numerous/frequent credit applications have a damaging effect as well lenders will see this as credit hunger.

 

There are also CIFAS (money laundering checks/warnings) and GAIN ( notes that the individual has left an address without notifying their creditors.

 

Vanquis can help build a credit profile as can Capital one, but you must use the card (s) carefully make small purchases and clear the balance every month for at least 18 months to 2 years do not accept credit limit increases or use 'credit card cheques' the interest is obscene.

 

A regular bank account well managed no returned payments etc., for at least 3 years will help.

 

You are on the right track but you cannot rush this process, even having a reasonably large amount available will not automatically improve credit status you must show that you can manage a large sum properly.

 

Don't let others put you off be determined to succeed !!

[kaimoo86]

Okay I didn't know I shouldnt accept credit limit increases, isn't it a good idea to accept a few increases ? I'd have thought if I had a limit of £1000 instead of £250 this would go in my favour.

 

I did owe capital one money but it's now statue barred, will I be black listed from all the companies I owed money to? If it's all cleared from my file I'm sure they'll still have the debt on their records and refuse me anything in the future.

 

Once I hear back from vanquis I'll let you know, I'm still thinking if they were going to decline me they would have done it not asked for proof of address.

[BRIGADIER2JCS]

With Vanquis stick low never more than £500, if the debts are more than 6 years old they cannot impact at all there is no such thing as a blacklist!

[kaimoo86]

Okay I wasn't sure, I owed money to black horse and capital one so I thought I had no chance of ever getting credit with any of these banking groups and Lloyds own my current bank Halifax.

 

So to clarify even though I owed them money ten years ago they cannot use this against me? I was thinking anytime I apply for something with these groups the old debt would show up and that'd be an instant no. I can understand why they'd keep the debt on file and reject me.

[maroondevo52]

do not accept credit limit increases

 

Is that one right Brig, I'd have thought getting an increase would indicate lenders are more willing to allow you to use more credit therefore increasing your score.

Experian always note that a negative on your report is that lenders are not willing to give you a higher credit limit.

[BRIGADIER2JCS]

With Vanquis most definitely they set up limits £250 -£500 then suddenly hike to 3K many have come unstuck with this best to keep a lower limit and manage it well.

[kaimoo86]

So in theory it's better to accept the increased limit but in reality some might get carried away and buy that 65" 4k ultra HD tv they seen the other day.

 

I wouldnt know what to spend money on, I have nothing I need or want

[BRIGADIER2JCS]

It's happened and caused misery far too many times.

[kaimoo86]

I can imagine, I know vanquis is owned by provident and provident has been giving my mum loans out like there's no tomorrow. She's 70 and the agent knew she couldn't afford them, I was furious when I found out what was going on.

 

I won't be tempted, if I want something I'll buy it outright I'll use any credit card to pay for petrol and diesel which is around £400 a month for both cars.

[maroondevo52]

I was thinking anytime I apply for something with these groups the old debt would show up and that'd be an instant no.

 

Hi,

 

I'm rebuilding my credit file at the moment after having it totally trashed for years, I recently got a Barclaycard with a £400 limit, this is despite me having an old Barclaycard still showing on my report which I had defaulted on and sued them for the return of charges on the account, It's showing as settled, I was surprised they gave me a new one.

I've been using it and paying it off for the past 6 months hoping they will give me an increase in the credit limit.

[kaimoo86]

That's good news Maroon, it is extremely frustrating and only those in this situation really know what it's like. At the end of the day I got into debt but it was outwith my control due to the accident and depression, I didn't open any mail or answer my phone for many years I rarely even left my house.

 

I've read Barclays can be very understanding, I plan on approaching them regarding a business account but this won't be until next February now due to the three recent searches done on me.

 

I'm thinking in February I'll be on the electrol roll, my report will show up 3 months of repayments to the cash plus pre paid card and also with a bit of luck it'll show I've paid back 3 months worth of vanquis payments on time.

[maroondevo52]

I know where your coming from, my last default just dropped off my file and I'm slowly trying to improve it.

I reckon getting on the electoral roll will be a big plus.

[kaimoo86]

Black horse finance put a default on my file in 2009 despite the last payment being in 2003

and that's the last contact I had with them.

 

They must have known it was wrong to do this but did it anyway,

the debt is now totally gone from my file thanks to the help and the advice I received on here.

 

Im just not interested in voting it's why I've never registered,

I think politicians are full of it they promise what they can't deliver

so I've not had any interest in voting.

However I was planning to register to vote no to Scotland being independent,

I think it's a rediculous idea and if it happens I'm moving to England.

[maroondevo52]

 

Im just not interested in voting it's why I've never registered, I think politicians are full of it they promise what they can't deliver so I've not had any interest in voting. However I was planning to register to vote no to Scotland being independent, I think it's a rediculous idea and if it happens I'm moving to England.

 

Agreed, you can give me a lift

[kaimoo86]

Success,

 

vanquis emailed me saying they have been trying to call me.

 

I called back informed them that no one had tried to call me,

I've been offered a card with a stupidly high interest rate of 59.9% APR.

I've no idea what my credit limit is,

however I've already set up a direct debit to pay my full balance each month from my debit card.

 

I'll only be using the card for fuel payments something normally done by debit card

so it won't make any difference and I'll never be charged interest,

I've also got the cash plus card I'll add the credit builder option as soon as possible

 

The main thing is in a few months time I'll have settled credit accounts,

I'll be on the electrol roll and there will be no recent searches on my file

 

Now it'll be a long two or three years till I can apply for a mortgage but this is a step in the rite direction.

[maroondevo52]

That's a plus then regarding getting the card as long as you stick to your plan.

Think my interest rates are 30% with Cap 1 and 29% with Barclaycard but like you say if your paying it off every month the interest shouldn't be a problem.

 

I just checked my credit report and Barclaycard seem a bit slow at updating my file, was updated last month on the 6th but it's not been updated since.

Cap 1 seem to be on the ball updating on the 6th every month.