Good Credit Score - Declined Credit
Discussion
MY credit score according to [s]Experian[/s] Equifax is 464. The only thing negative on there is that I'm not currently on electoral role (recently moved, have signed up, but it's not been updated).
Would this alone hold me back from getting credit? What else should I look at?
Would this alone hold me back from getting credit? What else should I look at?
Edited by romeogolf on Friday 16th January 16:01
you are classed as the worst credit rating on Experian.
credit status and can be broken down into five categories; very poor (0 - 560), poor (561 - 720), fair (721 - 880), good (881 - 960) and excellent (961 - 999).
Think you need to try and talk to someone about that, as you can't just have one single thing out of place to have that low a rating.
http://www.moneysavingexpert.com/loans/credit-rati...
Do you have loans? Mobile phone contract? Mortgage? Credit Cards?
Are they all paid off regularly?
credit status and can be broken down into five categories; very poor (0 - 560), poor (561 - 720), fair (721 - 880), good (881 - 960) and excellent (961 - 999).
Think you need to try and talk to someone about that, as you can't just have one single thing out of place to have that low a rating.
http://www.moneysavingexpert.com/loans/credit-rati...
Do you have loans? Mobile phone contract? Mortgage? Credit Cards?
Are they all paid off regularly?
From memory it can take up to 6 months for your council to update their records and the agencies to get the details from the council.
I think they do them in batch periodically, rather than real time.
You can get registered, and then call the agencies and sent the details over and it happens quicker.
I think they do them in batch periodically, rather than real time.
You can get registered, and then call the agencies and sent the details over and it happens quicker.
When I moved house in 2013, it took nearly 10 months for my electoral roll info to filter through to the credit aganecies.
I was told this was because the local authority updates their records once a year, and then it takes 6-8 weeks for the credit agancies to update their own records.
I was told this was because the local authority updates their records once a year, and then it takes 6-8 weeks for the credit agancies to update their own records.
Mandat said:
When I moved house in 2013, it took nearly 10 months for my electoral roll info to filter through to the credit aganecies.
I was told this was because the local authority updates their records once a year, and then it takes 6-8 weeks for the credit agancies to update their own records.
That's mad. Is there any way to speed the process up from a consumer point of view? I've got the letter at home to say I'm on the electoral role, so would that be sufficient for Experian/Equifax to update info on me?I was told this was because the local authority updates their records once a year, and then it takes 6-8 weeks for the credit agancies to update their own records.
If you failed a credit check recently because you were not on the role, then you are quite f
ked.
OH failed credit check for exact same reason as she had moved back to UK from Egypt, it meant she couldn't get her accounts sorted and I had to take her off as a director of our company and she had to wait 3 months for it to clear up.
ked.OH failed credit check for exact same reason as she had moved back to UK from Egypt, it meant she couldn't get her accounts sorted and I had to take her off as a director of our company and she had to wait 3 months for it to clear up.
FrankAbagnale said:
Score aside, not being on the electoral roll pretty much murders your chances of borrowing.
This. I was 999 on Experian. Never missed a payment for anything. Declined for not being on the Electoral Role.
2 months later after faffing around, accepted.
It's a load of b
ks. 
Simpo Two said:
Is being on the electoral role optional? If so, what are the benefits, if any? Passing up the right to vote for a plastic soundbyte politician may be a worthy swap.
As this thread has highlighted, being on the electoral role plays a pretty major role in obtaining credit.DonkeyApple said:
Don't forget, some lenders don't want customers who have proven they can pay back debt within the terms of the loan agreement. 
Bit of a myth, actually. Lenders want low risk customers, but they also want profitable ones. Someone who defaults on their payments could be high profit (if they eventually pay) but also come as a very high risk. What lenders want is a customer who carries a balance at all times and makes the minimum payments, while also pay interest.That sort of information is quite difficult to glean from a credit report.
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