Credit Checks

Associate
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Does anyone know the best place to get one done? and how long they take?

Im really after a car so i need to get myself a loan. I was refused a loan due to not having enough points?

anyones help would be great thanks. :)
 
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Sanzy said:
Dont you loose points or something if you keep doing credit checks? or only alowed like 3 a year :confused: im sure there something like that

IIRC thats just made up :) I think if you apply for 5 or more types of credit (in a short period of time) then it might affect your score but thats about it (I could be wrong though)

Check here for more info on credit ratings etc :)

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101485056,23650
 
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Associate
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Kitchster_uk said:
Experian is the better register and most banks use it. O

Out of interest, how much did you want? And have you tried your bank?

6K - I was refused from Alliance and Liecester. Im going to try Abbey Online soon as this credit comes back alright.

I was accepted through my bank (TSB) but the APR was 9.9% which is bloody steep!!

cheers for the help peeps, credit check is on its way. :)
 
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Experian said:
Dear Mr Campbell,
It's only when you apply for credit and give permission for a credit check, or search, that a 'footprint' appears on your credit report — and its too many of these credit application checks that can affect your rating or score.

Although credit reference agencies like Experian do not hold information about insurance policies, insurance companies and other financial organisations are sometimes able to look at the public information we hold to help confirm your identity if you ask for a quote. They can't see any of the shared credit account information on your report, but they can see the electoral roll data, for example. You would usually be told that a check was being made. A record of this type of search is kept — and you would see it when you got a copy of your report — but it is not made available to companies checking your information when you apply for credit.

I would guess that the companies you got quotes from didn't do a check with us. Good luck with the streamlining.

Sounds to me that only Credit application checks can cause your score to go down and getting your credit report doesn't :)

http://www.experian.com/credit_score_basics/improve_credit_score.html

Also another link here that says checking your own score regularly will not reduce it.
 
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Soldato
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hybrid said:
6K - I was refused from Alliance and Liecester. Im going to try Abbey Online soon as this credit comes back alright.

I was accepted through my bank (TSB) but the APR was 9.9% which is bloody steep!!

cheers for the help peeps, credit check is on its way. :)

Why's 9.9% steep? Lloyds TSB have a branch network and thousands of staff to employ - that's only 5.4% over base rate. Look at the difference in payments between a 6k loan @ 9.9% and a 6k loan at 6.9%. I would guess over 24 months that'd be around the £3 per month mark, £5 per month over 3 years. Then check the tie-ins, cancellation costs, default charges and the availability of help if you need it.
 
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