Credit Rating Rant Watch

flexiblefish
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#41
Report 10 years ago
#41
(Original post by cpj1987)
I don't have a clue to be honest. I'm guessing I am, but registered to my parents house rather than mine. I never got around to swapping addresses.

that could be your starting point to getting a credit score low enough to get you your account.
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ch0c0h01ic
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#42
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#42
(Original post by Aconite)
The whole system is a *****, isn't it? I KNOW I've got a perfect credit rating - never borrowed, never been overdrawn - and I was refused a credit card yesterday on the grounds that "I haven't got a credit rating".
Income and assets also feature. If you have little or no regular/fixed income and little or no savings, how is it going to be possible for you to pay off any debts or credit you create? It makes you a much higher risk to invest/lend to. If they then offer you overdrafts and loans and all the rest it is a recipe for disaster which too many banks have done.
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SmilerNuts
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#43
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#43
(Original post by Joanna May)
You could definitely argue your case for the first one, since that was definitely out of your control. If you find the bank statement and can prove it (ie "look, my rent goes out every month on the 18th, but that month it was a week early and I didnt know!") then I would think you can persuade them.
Actually, my girlfriend had this problem and the bank told her to get the money back from her landlord as it wasn't a banking error.
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Aconite
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#44
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#44
(Original post by ch0c0h01ic)
Income and assets also feature. If you have little or no regular/fixed income and little or no savings, how is it going to be possible for you to pay off any debts or credit you create? It makes you a much higher risk to invest/lend to. If they then offer you overdrafts and loans and all the rest it is a recipe for disaster which too many banks have done.
Here's the thing: I work full-time, so therefore have a regular income, plus I also have quite a lot of money stored in one of their own savings accounts.

They just didn't like me. I bet it was my face wot did it.
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ch0c0h01ic
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#45
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#45
Just do a Lenny Henry, "I know, i've had this problem my entire life, it is because i is black innit." You never know, pulling the racism card might get you somewhere.
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Aconite
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#46
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#46
(Original post by ch0c0h01ic)
Just do a Lenny Henry, "I know, i've had this problem my entire life, it is because i is black innit." You never know, pulling the racism card might get you somewhere.
That's a good idea. I'll go in there and whine about how being black means nobody takes me seriously.

Unfortunately, it might not work too well, seeing as I'm ginger.
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misswilliams
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#47
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#47
Check you're on the electoral roll
Request WRITTEN copies of your credit from experian and eq...can't think of the name. Some companies use both or either, check against your bank/any other services you use which one they use. Written copies only cost £2, cheaper than using it online.

Failing that get a credit card, I know it's a pain. Barclaycard do a really good initial one, spend on it, pay the balance off IN FULL and then your credit rating will increase. Anything really to raise your credit, mobile contract (if you want one), hire purhase account (like Littlewoods).

I have the Barclaycard initial credit card, a mobile contract, littlewoods account AND a 1k overdraft. I'm only 18 and working part time in Subway but because I have a regular income and keep up with the repayments my credit rating is through the roof.

It's silly you have to do this to get a good credit rating but that's the way things are I guess. If you are smart and DON'T miss any repayments and pay off things in full then you should be able to get a good credit rating for the future and learn how this stuff all works. :p:
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Planto
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#48
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#48
Hold up, I've been £1000 overdrawn now for a good 8-9 months, because all my overdraft money is held in another account at the same bank (with a higher interest rate). I did this based on advice from the person who opened my bank account in the first place. This won't negatively affect my credit rating, will it?

I certainly hope not. Heads will roll.
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Joanna May
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#49
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#49
(Original post by SmilerNuts)
Actually, my girlfriend had this problem and the bank told her to get the money back from her landlord as it wasn't a banking error.
It's not the money I'm talking about. I'm saying she can contest her bad credit rating because it wasn't her fault she went overdrawn. No one's asking the bank to take responsibility, just to point out that it isn't hers either.
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Joanna May
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#50
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#50
(Original post by Planto)
Hold up, I've been £1000 overdrawn now for a good 8-9 months, because all my overdraft money is held in another account at the same bank (with a higher interest rate). I did this based on advice from the person who opened my bank account in the first place. This won't negatively affect my credit rating, will it?

I certainly hope not. Heads will roll.
Authorised overdrafts are fine. The problem comes when people become overdrawn without consent, ie when they spend money they havent got. A regular overdraft is fine.
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Planto
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#51
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#51
(Original post by Joanna May)
Authorised overdrafts are fine. The problem comes when people become overdrawn without consent, ie when they spend money they havent got. A regular overdraft is fine.
Hooray! I've transferred my money back across anyway, since I've now got a spare £1,000 accumulated (and hopefully another £600 refunded tax incoming). Dunno how I managed to make so much money over the year, especially with the things I've been buying.
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SmilerNuts
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#52
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#52
(Original post by Joanna May)
It's not the money I'm talking about. I'm saying she can contest her bad credit rating because it wasn't her fault she went overdrawn. No one's asking the bank to take responsibility, just to point out that it isn't hers either.
Hmn, ok I see your point. They didn't offer any help or advice on that aspect of it when she went in. I'm not sure what they can actually do about credit ratings.
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Joanna May
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#53
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#53
(Original post by SmilerNuts)
Hmn, ok I see your point. They didn't offer any help or advice on that aspect of it when she went in. I'm not sure what they can actually do about credit ratings.
Oh, they can't change her credit rating. But if she talks to the right people, and they're feeling a helpful mood, they can overlook things like that. I was refused a credit card from HSBC because I had no credit rating, but the manager of my local branch made a phone call and sweet talked the card issuers to let me haave one anyway.

Of course, a lot of people who work in banks are gits and either dont know that they can do this or just seem to enjoy being unpleasant and awkward, so I'd recommend talking to the manager or financial planner.
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misswilliams
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#54
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#54
(Original post by Joanna May)
Oh, they can't change her credit rating. But if she talks to the right people, and they're feeling a helpful mood, they can overlook things like that. I was refused a credit card from HSBC because I had no credit rating, but the manager of my local branch made a phone call and sweet talked the card issuers to let me haave one anyway.

Of course, a lot of people who work in banks are gits and either dont know that they can do this or just seem to enjoy being unpleasant and awkward, so I'd recommend talking to the manager or financial planner.
If the bank made a mistake and this has made her credit rating suffer a note can actually be put on file to say that it was not the applicants fault and the drop in rating should be ignored. Not sure how this is done, but it can be.
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Joanna May
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#55
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#55
(Original post by misswilliams)
If the bank made a mistake and this has made her credit rating suffer a note can actually be put on file to say that it was not the applicants fault and the drop in rating should be ignored. Not sure how this is done, but it can be.
Yes, but in this case the bank didn't make a mistake, her landlord did. So although it isn't her fault, they cant really make a note on the file to cancel it out. It has to be done at each bank's discretion (because some could argue that she might haave known it was going early and not bothered to sort it out etc).
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gt94sss2
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#56
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#56
(Original post by cpj1987)
No, they don't. I'm going into my third year in September, and never bothered getting a student account before as I was happy with the service at First Direct and they didn't offer one.
You may want to try opening one at HSBC - HSBC own First Direct so should be able to see your account history with them (in lieu of a 3rd party credit check)
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DannyOwens
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#57
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#57
You do not have to get yourself into debt and get out of it, you just have to have some form of credit and a current account is classed as a line of credit!!
It takes about 4 - 6 weeks for any credit to appear.
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Joanna May
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#58
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#58
(Original post by DannyOwens)
You do not have to get yourself into debt and get out of it, you just have to have some form of credit and a current account is classed as a line of credit!!
It takes about 4 - 6 weeks for any credit to appear.
No, it isn't counted. Otherwise no one would have any problems getting credit, would they?
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Spotty Dog
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#59
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#59
(Original post by Joanna May)
No, it isn't counted. Otherwise no one would have any problems getting credit, would they?
A current account is considered credit, however in the day and age that we are in, many creditors overlook it as credit.
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Joanna May
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#60
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#60
(Original post by Spotty Dog)
A current account is considered credit, however in the day and age that we are in, many creditors overlook it as credit.
That's what I meant. It might technically be credit, but that doesn't mean anything if no one is willing to use it as credit.
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