This Morning – 4 November 2013 – Martin Lewis on Credit Rating
This Morning – Martin Lewis on Credit Rating
This Morning – 4 November 2013
This Morning – 4 November 2013 – ITV
This Morning – 4 November 2013 – Holly Willoughby
This Morning – 4 November 2013 – Phillip Schofield
This Morning – ITV
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right lastly Martin Lewis gave some invaluable advice on how you can manage your credit score and make it more attractive to lenders well he offered to come back this week and answer some questions that you might have emailed or tweeted and you certainly didn't disappoint us um let's just a couple of things before we get into those you say universal credit ratings and black lists don't exist no every time when you apply for new credit the credit the the lender will score you based on its wish list of what is the profitable customer and each lender is different you know it could be as much as you're applying for a credit card and it's really trying to flog you a mortgage so when it credit score's you its credit scoring you on how good and likely you are to get a mortgage with it not whether it really wants to give you a credit card so the whole thing there is no universality here so when you get up when you apply to one and you get rejected lots of people think oh I've got a black line blacklisted no no that lender didn't want you you didn't it feel that when you when you sign up to one of these credit records things you go and go online and change your score and you go on there and if you've got a low score surely that sort of counts or something like a blacklist it counts as absolutely nothing really it counts it look you go on in your clutch at what that is is that's so expensive some of them they are and which is why I would suggest you'd you know look go and check your files it's important to see what information is held on your file what that credit score does is it's indicative of whether you tend to be a good credit score or you tend not to be but there are three things they look at when you apply for credit they look at your credit reference file information which is what that scores made up from they look at your application form details crucially important you know even your job title if you change it too often you can be knocked out for the fraud scoring well that isn't in your credit score that you get on those websites and they look at any past dealings that institution if it's your bank for example has had with you well that isn't on your credit score so loosely indicative if you're getting one free as part of a free trial fine okay but I necessarily know I mean it's a good way to look at whether you're generally likely in the rush of things look to get credit the best way I always explain this is what we're trying to do is make you more attractive and it's a bit like going on the pull now when you go on the pool there's things that you can do what will make you more attractive to many people but not everyone is going to fancy you some people prefer you with makeup some people prefer you without and that's just you for it you know and that's the way it tends to work so it's the it what I'm truly trying to make the point is there's no universality here there's no you're a great credit score oh you're a bad it's more like you're what I'm looking for you're not what I'm looking for well yes jump into the emails then in that case we got Vaughn from Lindsey Lindsey said my partner has bad credit due to taking out loans when in a previous job of the higher income a lost his job his loans went into blacklisting so how can he improve his credit rating we want to get a house together in the near future well look let's be straight here we can't work magic and what they're trying to do in credit scoring is predict your future behavior based on your past you haven't repaid loans so I'm afraid you're not looking particularly good though it's going to take six years for those defaults to get off your file now what you can do there are basic things whatever credit you have now make sure you're repaying it on time so the important question is you're a couple to ask yourself would you be able to get the mortgage by yourself because as long as you don't have a joint bank account or joint mortgage which you obviously don't then you're not credit linked so they'll look at you separately but if you have a drink bank account they look at you together maybe you'd be best applying yourself probably you haven't got the earnings that's going to push you up to that particular level but then what you may want to do is actually get out some credit make sure you're paying it in full so there's no interest get out some credit spend fifty sixty pounds a month on a credit card pay it off in full each month do that for a year or show because remember it's about looking at your past behavior so currently even if it may be you didn't need it I will do it make sure you pay it off and then and then it's a teaching than the one end well yeah if you look at it all they've got on you is you haven't repaid your loans if you start getting a credit card and you're repaying it each month then it's and it's starting to starting to bring like the lines of process it's gonna be a long process you've got about if you've had if you've been not paying yeah that there's not much worse apart from bankruptcy okay let's go on to the planes now we've got rocks down on the phone good morning – Roxanne good morning good morning now your problem is is that you've moved around an awful lot haven't you in the last three and a half year moved in 20 and 30 times yeah I haven't moved alive in the past four years so this is causing you issues now is known when you come at it oh yeah I believe is he an obscene our addresses I've had and the time spent at addresses as well yeah and so I I long do you spend at each place it's only about two months and sometimes six months there's quite a few addresses it's it for years I can absolutely see I mean fraud scoring would be brought up there and just instability I mean so I always suggest put a home phone then we're not a lot mobile if you've got one on your application phone because it can make a difference so let me ask you cut are you on the electoral roll I'm not on my new side I've been here about three months now and I've got a little baby so I'll be staying here for a while now that'll be settled congratulations as a sidenote yeah mine was a year old on Friday with delightful but and make sure you get yourself on the electoral roll without that you're going to be pretty much stymied do you know all your past addresses I do but the gates are a bit um it's hard to remember the date exactly so for you and everyone else write down those dates and store them because you need to be accurate again inconsistency on application forms causes your problem now this one is one of the big things that everybody misses right if you've got old credit agreements now that could be a contract mobile phone or car and home insurance based on an old property and even if you're not using it anymore it's technically active and you haven't updated the address to your new address your heart.you gonna be that's gonna knock you out so you need to go get your credit reference files at all three agencies Equifax Experian and call credit you need to check what of your old products are registered at your old addresses and then you need to contact those companies and give them your latest address change the fine if none of that works the final thing I'd suggest and this works for anyone who's got some weird and let me to call you weird but some weird circumstance it's different okay well moving house third twenty thirty times in two years is counter normal that welcome provided she's not on the run if you are you're very silly to have got a phone in show right now there are many people in the forces who move about a lot and it can be a consistent problem then you have a right on the credit reference agency forms to write in what's called a notice of correction which is where you put an explanation of what your counter normal that's menu phrase not weird your counter normal circumstances what that does is when you apply instead of going through the computerized scoring system someone has to look at it manually it slows the process down but it means someone if you've got a legitimate explanation for why you're moving that often will go okay this may not be a problem time's it helps sometimes it doesn't I'd only do that if you different now fantastic well that I mean but don't do that until you've tried the other stuff if the other stuff hasn't worked you know remember in three years time this won't be a problem if you've stayed in one day so so do all the things I've said and if that hasn't worked then write in a very formal I'm talking three lines I moved about a lot for this reason I'm now in a stable place it was a perfectly understandable reason that I moved yeah and whatever it is I run good washing good love it luck yeah thank you I should talk to you by now very very quickly louise has tweeted never had a loan credit cards debt will this go against us when applying for a mortgage yeah they haven't got a history on you it's almost as bad as that having a bad one because they can't predict your behavior it makes it more difficult I would go and get yourself a credit card and if you can't get a credit card because you've got about history see the vicious circle here there are some bad credit credit cards and you've got a Capital One progress you've got Bartercard initial you've got luma which allow people with poor credit scores to get them their interest rate is hideous you know 34.9% it guess what you pay them off locking yourself oh no in full at the end of the month so that there is no interest and you're just doing that as a process to rip to build a history yeah think about this predict your future behavior from your past the last thing well they can predict that or the worse they predict Oh cause the more debt so much time start messing around with stuff like that do you mean it completely you know what whether you're going to get a mortgage now is so much more about credit scoring than just about deposits car insurance contract mobile phones credit cards loans anytime and you have to manage it to see it as a job as management if you're struggling like this I'm afraid you're gonna have to do the work or you've out at the end result is what people want houses that's what this is about but the world people want houses yeah and they're gonna have to do the work thank thank you knows more tips on the website by the way superb thank you very much
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