Why has my credit rating turned so bad???

[falkster]

Over the last few years I have never had an issue getting any sort of credit, never had a loan but Ive always had a credit card to put petrol on which I pay off monthly. Ive always used to buy now pay in 12/24/48 months rather than spend my own money.

Just over a year ago we were told our pension wasn't going to be as good as it was meant to be (same as everyone I suppose), so we decided to upsize in order to downsize in 20-25 years when we retire.

We rented out our home, bought another home but also a renter.

At that time my credit rating was very good and had no issues getting 3 mortgages yet in the last 6 weeks Ive been declined two very trivial types of credit. One was for a replacement laptop and the other was changing my wife's mobile phone provider.

How can my credit be so poor that I can't even get a mobile phone contract? I've never missed a payment on anything and have always made sure I have a little bit of credit to have evidence that I can repay.

Advice?

[mrsshpub]

Electoral roll entry out of date?

[cw2k]

Are you on the electoral roll at the right address ?

[col2e]

I'd get either the free report from each of the referencing agencies (remembering to cancel the monthly subscriptions!) or apply for the £2 statutory reports. Get a clear understanding of what information is held against you.

Numerous factors impact on your ability to secure credit. You mention you've moved, lenders like stability. Also, are you on the electoral roll?

[jimslops]

col2e said:

I'd get either the free report from each of the referencing agencies (remembering to cancel the monthly subscriptions!) or apply for the £2 statutory reports. Get a clear understanding of what information is held against you.

Numerous factors impact on your ability to secure credit. You mention you've moved, lenders like stability. Also, are you on the electoral roll?

You don't need to be on electrol roll to get a phone contract.

[falkster]

I am now on the electoral roll at this house.

I have just spoken to my financial advisor and he said that with the 3 mortgages I took out and all the insurances that go with these properties, I would have had around 30 credit checks which would damage my rating?

Does that make sense and if it does, how long would it be before I see an improvement??

[col2e]

Every time your file is accessed it leaves a footprint. It doesn't take many credit searches to have a detrimental impact as your seen as being hungry for credit.

They only stay on your file for a year.

If you check your file, you can see them all.

[Fatman2]

^^ This.

You've recently taken out 2/3 mortgages so have probably had a few searches on your profile.

Some people just don't like to see you applying for credit too regularly.

Give it time and things will go back to normal.