Business & Finance0 min ago
Bad credit rating - how?
21 Answers
jno jnr wants to borrow more money on his mortgage but has been startled to find out from his building society that he's got a bad credit rating. He shouldn't have; all his payments are made on time, by direct debit. He's never had overdue or unpaid debts. He's gone off on a business trip worried sick, so I can't get any more details that that. I suggested checking with Experian but apparently he did this a while ago (no problems then) but worries that if he does it too often it will be seen as a bad sign in itself.
Anybody know how this might have happened and what can be done about it?
Anybody know how this might have happened and what can be done about it?
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.There might have been a mistake Jno with the wrong information appearing on your son's records.
However, I think what's more likely is that something quite ridiculous has been entered by some computer somewhere. All personal records are computerised nowadays and all the computers seem to speak to each other. I'm sure when your son gets to the bottom of this he'll find something quite innocuous was listed by a computer operated by a company or other contact of his that he would never have thought twice about.
However, I think what's more likely is that something quite ridiculous has been entered by some computer somewhere. All personal records are computerised nowadays and all the computers seem to speak to each other. I'm sure when your son gets to the bottom of this he'll find something quite innocuous was listed by a computer operated by a company or other contact of his that he would never have thought twice about.
Thanks for the answers. There's Equifax and another one too, I think. I've reassured him that the Bank of Mum and Dad will assist (its funds are however not that huge), just so he can get through the tip without panicking, but this is all to do with moving in with his gf, so there's major emotional content as well.
I've been researching and the fact that he is still youngish (28) and quite near the beginning of his credit life may be a factor. But he's been paying bills responsibly for several years now so I can't really see what the problem is.
I've been researching and the fact that he is still youngish (28) and quite near the beginning of his credit life may be a factor. But he's been paying bills responsibly for several years now so I can't really see what the problem is.
he has moved, but is on the new electoral roll. He uses his credit cards sparingly, which apparently is a good sign because it doesn't look as if he's overstretching himself financially (which he isn't). As far as I can see, he's doing nothing wrong whatever. But he was in tears of despair. I've emailed him the comments here and told him to get sleep and try not to worry... the best a fretful parent can do.
I think Thursday, which should give hiim time to start investigating.
The more I think about it the more it has to be a mistake (I think the previous owner for instance was in some trouble over unpaid council tax, maybe that got wrongly attributed to him...)
Anyway, I'm going to sleep a bit easier now, thanks to all. Maybe he will too.
Gah, money.... I suppose you're feeling much the same way at the moment!
The more I think about it the more it has to be a mistake (I think the previous owner for instance was in some trouble over unpaid council tax, maybe that got wrongly attributed to him...)
Anyway, I'm going to sleep a bit easier now, thanks to all. Maybe he will too.
Gah, money.... I suppose you're feeling much the same way at the moment!
Using credit cards sparingly does not enhance your credit score - using them frequently (for things you may usually buy with cash) and paying them off in full each month is an indication of responsible debt management.
Also a stable address is more creditworthy than changing residence so it could be that inclusion on a new electoral roll has actually lowered the credit score.
Also a stable address is more creditworthy than changing residence so it could be that inclusion on a new electoral roll has actually lowered the credit score.
I read that if you don't borrow enough and have a credit 'history' this is considered bad because lenders can't see your lending behaviour and stay well clear,
I have only ever had a student loan which I paid off the following year so I bet I couldn't borrow anything due the lack of greed....and wanting things when I can't afford them, strange the ways things work
I have only ever had a student loan which I paid off the following year so I bet I couldn't borrow anything due the lack of greed....and wanting things when I can't afford them, strange the ways things work
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