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4. How long you
have worked for your employer affects the score too, the longer
the better basically.
5. If you have
lived at your current address for 3 years then the score is
better.
6. How long you have banked with your bank is a very
important point, the longer the better for you.
7. Multiple
applications for credit may score low. Every time you apply
for a credit product the provider will do a search via an
agency. Having many credit searches recorded may put providers
off and lower your credit score.
8. Providers use their own credit-scoring criteria,
you may be turned down by one provider but accepted by another,
even from the same information.
9. If you have
any CCJ's (county court judgment's) in the past year then
you will score lower (but not everyone will reject you). If
the CCJ's are over 6 years old then they will most likely
be ignored
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| 10.
If you're application for a product is declined; you really
should try and find out why, the more Providers you apply to
the more searches you will have recorded on your credit file
So it may be in your interests to send off for your file and
have a good look and then check out providers criteria before
you apply to them.
11. If you are declined
by a provider due to their credit-scoring criteria, but you
know that you do not have a bad credit history then you could
appeal, it may be that you are not recorded on the electoral
register etc. and then the Provider may be willing to reexamine
your application.
12. You can get a copy of your credit files from the
leading agencies. Request your file by writing to Equifax
plc, Credit File Advice Centre, PO Box 3001, Glasgow G81 2DT,
or Experian Ltd, PO Box 8000, Nottingham NG1 5GX. Send a Cheque
or postal order for £2 with each letter. Both agencies
record slightly different information about you and you'll
have to send requests to both Experian and Equifax to be fully
informed.
13. If you spot a genuine mistake
on your file then contact the agency and they will get in
touch with the provider regarding the incorrect details but
it must be a relevant mistake, you can't just get things removed
or change because you don't like them. If there is something
on your file that is unresolved or the provider is not communicating
then you can ask for a notice of correction to be applied
to your account regarding this,
14. All is not lost if you
can not get main stream credit products, at the moment 20%
of UK people can not either, there is now a massive market
for sub prime or non status customers and there are many providers
who will consider you.
15. The interest rates
are not as good as the main stream providers but then again
at least you have a choice that wasn't there a few years ago,
As soon as your credit file is back in order then you can
get back to using main stream credit providers.
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