To all finance/credit savvy yahooahs!?
To all finance/credit savvy yahooahs!?
Hi all. I've just applied for a loan with my bank and it was declined, apparently the computer said 'Absolutely not' which is the worst response on a loan request. As far as I'm aware I have a fairly good credit rating both with my bank and externally, I may have missed a few payments here and there a few years ago but nothing major.
An ex-partner who lived at my address had some very bad debts - could this affect my credit score? I have been informing creditors that he no longer lives here but I don't have a forwarding address.
The banks representitive advised that I check my credit score with Experian to see if thats the reason and if so write to them requesting that my record be changed.
Has this happened to anyone else and is it easily resolved?
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July 25th, 2009 at 5:01 pm
July 25th, 2009 at 5:01 pm
Make sure you get a report from each of the 3 reporting agencies. There may be a mistake on only one of them. If the bank pulled that one and you look at a different one you wont find out what the problem was…
The single biggest way to lower your score and keep it lower for the next 7 years or so is to be late (30 days or more) on payments. the more often it happens, the worse it gets.
Other peoples' debts are not listed on your report regardless of them living at the same address.
Often times people get declined for not having enough credit history (or none at all)to justify a decision for a loan. In that case it is useful to get a smaller loan(even if you don't need it), and pay it off a couple of months later. That looks good on the report and shows you responsible.