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Credit Checks

Discussion in 'General Discussion' started by hybrid, 12 Apr 2006.

  1. hybrid

    Wise Guy

    Joined: 18 Nov 2003

    Posts: 1,312

    Location: Newcastle

    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. :)
     
  2. Wyrdo

    Capodecina

    Joined: 19 Feb 2004

    Posts: 15,055

    Location: Darlington, UK

    www.experian.com or www.equifax.com
     
  3. Sanzy

    Banned

    Joined: 12 Mar 2005

    Posts: 1,117

    Location: Forget About It

    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
     
  4. Kitchster_uk

    Soldato

    Joined: 18 Oct 2002

    Posts: 5,058

    Location: The remittance desk

    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?
     
  5. Homer-Simpson

    Wise Guy

    Joined: 6 Nov 2002

    Posts: 1,123

    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
     
    Last edited: 12 Apr 2006
  6. JonC

    Wise Guy

    Joined: 11 Aug 2003

    Posts: 1,318

    Location: Here, there, everywhere.

    Every time someone requests a credit check on your behalf, it impacts your credit rating (lowers your score). With Experian at least.



    jonc
     
  7. hybrid

    Wise Guy

    Joined: 18 Nov 2003

    Posts: 1,312

    Location: Newcastle

    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. :)
     
  8. Homer-Simpson

    Wise Guy

    Joined: 6 Nov 2002

    Posts: 1,123

    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.
     
    Last edited: 12 Apr 2006
  9. LeperousDust

    Soldato

    Joined: 4 Nov 2003

    Posts: 5,733

    Location: Edinburgh

  10. Kitchster_uk

    Soldato

    Joined: 18 Oct 2002

    Posts: 5,058

    Location: The remittance desk

    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.