quick credit question?
I have a bad credit report because of someone having a loan in my name, my credit report now has a small blurb on the entry saying that i am disputing it and am in the process of disproving it with the company involved. i used to get tons of credit card forms/catalogues/loan forms in the post etc and stopped getting them actually a little while after this loan was taken out in my name. Today, i received a flyer for Littlewoods direct (a catalogue for the first time in years!) and an order form, all printed with my name on it. do they all come like this or am i being given the chance to build my score up again, albeit slowly? i never get anything like this through the post and i'm just wondering. I dont want to fill in and send off the forms, only for them to do a search of my report, deplete my credit score some more just to refuse my application. thanks, but this is money i dont actually owe. it was a loan taken out in my name, they even gave the wrong birthday when applying but the company still let them have it. i earn a good salary (17k) and have no problems paying people back, its this one entry which leads me to be declined time and time again. This is for a Catalogue and not a Credit card.
Public Comments
- be careful as it doesn't always mean you would be accepted. The bank i used to work for used to send on invitations to customers to apply for current accounts based on what little information they knew about them - most th time they we're declined credit when they applied. Why not just phone them to query this - however if they don't have all your details I think its unlikely they have set up an account with a credit limit for you.....but you never know ? and yes, I see your point about having your score affected
- I think they just pick everyone off the electorol roll, and if you keep applying for things and getting turned down, this also affects your credit score
- if they have a email address or contact number you should give them a call, i to have bad credit and i worked for westpac as far as my knowledge once you have unpaid defaults no one will lend to you, you can fill out as many applications as you like but it will just be refused and go against you later. There are a few placing that will lend you money but at high rates. the best place to go if you want to start your credit history again is Credit Union bank they are pretty good they can lend you to pay the bad debt, then give you an internal loan from them later. My dad did it. hope it helps
- Do not apply for the Littlewoods credit card. Doing so results in a finance company credit pull-- the type of credit pull that's most detrimental to your score. The disputed item no longer factors into your credit score, so you may not have to rebuild your credit. If your score is still low, the quickest way to solve it is to have 2-3 major credit cards (Visa, MC, Discover) that you put a small charge on EVERY month & then pay the bill in full every month. If you don't have credit cards, apply for those with a grace period & preferably no annual fee. Your bank can issue you a secured card if no one else will issue one. Make sure to keep your total debt on the cards below 25% of the actual credit limit. This is a great way to boost your score.
- moneysavingexpert.com have loads of advice and forums for all things dollarish and moneywise.
