Support NeoGAF

[Javaman]

Why would he be frustrated? Unless he has something to hide. Anyhow, just take the loan under your name.

Or maybe it was something minor and forgettable and the real reason he's having trouble is that someone else has taken cards out in his name. It's a long shot, but I find it hard to believe that after 5 years it would still be impossible to get a CC.

 

[JGS]

Or maybe it was something minor and forgettable and the real reason he's having trouble is that someone else has taken cards out in his name. It's a long shot, but I find it hard to believe that after 5 years it would still be impossible to get a CC.

If that is the primary credit history he has, he will have a hard time getting credit of any sort without collateral until he's 25 or 26.

The more good credit you have, the less consequence this would have, so it tells me he has nothing and hasn't had it for 5 years. Basically, the only credit he is showing is a bad mark.

I wouldn't give him anything either.

 

[Future PhaZe]

Recently we went to apply for a loan from my husband's bank but we were denied because apparently he did something extremely horrible 5 years ago when he was 18 that ruined his credit score. My husband doesn't remember what it was though, we're going to call Experian and ask them to send a full report and then think about what we can do to improve it.

So any suggestions for improving credit scores?

Ta.

It depends on the issue. If its a lateness then it will come off in 2 years as negative information falls off in 7 years.

The iffy thing is with collections. Sometimes they fall off in 7 years and sometimes organizations find a way to sell it or somehow "re-up" that information so that it won't fall off until 7 years AFTER the debt was paid.

Generally improving credit takes years. You put yourself in a position where you don't collect negative information on your report and then from there you do things to establish good credit: Credit cards, auto loans, etc.

Personally I would say the system is pretty borked. It heavily encourages bankruptcy for those with significant amounts of debt, there is no standardization in terms of scoring systems and the act of constant selling off of debts creates a ridiculous cycle of negative credit.

The system does not encourage paying off debt as it stands because there's a certain chance that negative information will simply fall off the report. The system should ENCOURAGE paying off debts.

As it stands the system works like this: You're ashamed of your credit and have collections from 6 years ago numbering in thousands of dollars of debt. If you pay now then it essentially "updates" the debt and won't come off for years still. It encourages you to "wait and see" if it falls off after the statute of limitations (at least as far as being visible on a report) expires.


Edit:

Or maybe it was something minor and forgettable and the real reason he's having trouble is that someone else has taken cards out in his name. It's a long shot, but I find it hard to believe that after 5 years it would still be impossible to get a CC.

Securied credit cards. You enter a security deposit of say 200 dollars and are automatically qualified for 200 dollars worth of credit. Its an almost no risk situation for the providers and is a good way to slowly improve credit scores. Its obviously a shitty card but it works.

 

[Seraphinianus]

He says he had nothing going in or out at the time. I know I've tried my hardest but his answer is the same, if I probe too much he gets annoyed and frustrated that I don't believe him.

yeah, that's a red flag, imo. You shouldn't be made to feel bad about trying to help him "remember."

p.s. he knows what it is

edit: or there's fraud on his name, which hasn't been detected. he still shouldnt get pissed, unless you are accusing

 

[Zoe]

As it stands the system works like this: You're ashamed of your credit and have collections from 6 years ago numbering in thousands of dollars of debt. If you pay now then it essentially "updates" the debt and won't come off for years still. It encourages you to "wait and see" if it falls off after the statute of limitations (at least as far as being visible on a report) expires.

I had a small (like around $30) collections from 2003 that I didn't know about until 2006. I paid it off as soon as I found out about it--though I stupidly forgot to ask them to remove it from my report immediately (which they'll do sometimes).

It fell off of my report last fall.

 

[Gouty]

You need a good, hard dick for a solid credit rating. Give my condolences to your husband, and you for bedding a liar.

The fuck? The amount of weird, misplaced sexual frustration/women rage in this post is staggering.

 

[jax (old)]

The credit agency will find out.

I hate to say it but OP, he's lying if he says he can't remember. That said, if its not too affecting, it can be resolved by paying it back. After 1-2 years, the negative credit rating goes away


There was a thread awhile back about marrying someone with a lot of debt. Partners who are that deep in trouble = trouble.

 

[Cyan]

Recently we went to apply for a loan from my husband's bank but we were denied because apparently he did something extremely horrible 5 years ago when he was 18 that ruined his credit score. My husband doesn't remember what it was though, we're going to call Experian and ask them to send a full report and then think about what we can do to improve it.

So any suggestions for improving credit scores?

Ta.

Wait 2 years.

Also, forget calling Experian. Go here and get a free credit report (no score) from all three agencies. Whatever it is will turn up.

Edit:

We're from UK, btw.

Shit, missed this. In that case I really don't know. Both of my pieces of advice are probably wrong.

 

[WanderingWind]

Good god, people. People do forget shit after five years. You ever forget anything? I've forgotten a bill due to moving around a lot and the mail not catching up. Shit happens. Having debt in America is sadly the norm, so advising a woman to divorce her husband over some debt is staggeringly misplaced.

 

[JGS]

To be fair to the guy. A collection is bad regardless of the amount. It can be 50 dollars, it can be 3,000. it does not matter as it has nothing to do with available credit. It's a debt not getting paid so the score is impacted the same.

It is very easy to forget that disconnect fee from the cable company. Their collection methods are horrible since they often don't update the address or number for when someone moves. It's the person's responsibility to follow up, but it's also an easy thing to forget.

The same thing goes for medical bills where people forget that in addition to a copay, there is often a deductible or two. We get this a lot for ER bills that are never paid and show up on collections as the borrower thinks insurance is handling it.

Basically, the higher the balance, the more likely he knows the scoop. However, for small stuff, it would not surprise me at all that he doesn't remember. I'm willing to give him the benefit of the doubt- especially since 18 years are often horrible with credit knowledge without help from more responsible ones.

 

[ianp622]

You'll have to resolve the problems with your credit before you start trying to improve your score. But once you've taken care of those things:

1. Have a low balance to credit-line ratio. That means not maxing out your cards, and paying your bills off as soon as possible.
2. Don't miss payments. If you're late by a couple of days, you can often call the credit card company to ask to have the late fee taken off (they might only do this one time though). The late fee isn't the only reason you should do this though - it also means they won't report your late payment to the credit bureaus.
3. Keep your old credit card accounts open, even if you don't use them. You may also want to make a small purchase on them now and then just so the bureaus see the card as active. Having credit card accounts open for a long time will raise your credit score.

If you go to annualcreditreport.com , you can get your free credit report once a year from all three bureaus.

 

[Wellington]

You need a good, hard dick for a solid credit rating. Give my condolences to your husband, and you for bedding a liar.

The fuck? The amount of weird, misplaced sexual frustration/women rage in this post is staggering.

Didn't even notice this, lol.

 

[Lunchbox]

buying a car and timely payment is the fastest way, but you need a decent credit to get the car loan first. just get a cheap credit card with a low limit and start with that

 

[samus i am]

I had a small (like around $30) collections from 2003 that I didn't know about until 2006. I paid it off as soon as I found out about it--though I stupidly forgot to ask them to remove it from my report immediately (which they'll do sometimes).

It fell off of my report last fall.

Same here. It is definitely possible to have something on your report that you are unaware of. There is no reason to jump straight to accusing him of lying.

 

[Mr.Squirrel]

What fucking difference does it make if he remembers or not? Op is asking a simple fucking question here guys.

This is GAF. Psuedo rage and faux righteousness is how we get down!!!

 

[Mr.Squirrel]

Yeah you're right. Marrying someone without telling them about your fucked up credit, then refusing to say what it was, is no big deal. Not worth rage at all.

If his wife isn't upset about it, why should you be? Take your cape off b.

 

[Mr.Squirrel]

The fuck? The amount of weird, misplaced sexual frustration/women rage in this post is staggering.

You haven't been on GAF long have you lol

 

[Gouty]

You haven't been on GAF long have you lol

What the fuck ever bro. If you want to make posts on Gaf your dick better be rock hard. By the way, sorry about your flaccid cock and tell your dumb girlfriend she'd be smarter if she didnt love limp liar cock. Fuck, credit dick score. Sorry bro!

 

[SnakeswithLasers]

If his wife isn't upset about it, why should you be? Take your cape off b.

Look, we have pretty good confirmation that the OP is a girl--AND someone was willing to marry her AND she has a British accent, so if somehow GAF can ruin her relationship, then she will probably turn to GAF in her time of need.

At least, that's what I assume is going on.

On topic, I had pretty bad credit when I was in my early 20s and just took one of those secured credit card things and started building it. Only took a year or two to get decent scores. I still have some unpaid parking tickets messing me up with one of the agencies, but I think those are getting wiped in a year or two.

 

[Murkas]

I heard voting can increase your credit rating.

Probably bullshit though.

 

[Major Williams]

Pay off everything. Get a credit card, start using it and use it properly.

Not exactly the best advice to just pay off everything. Of course paying off is good, but credit scores are based on having some balance in your card, no more than 33% of your total balance (I.e. Having $333 on a $1,000 balance).

Also, there is a ratio of income to total debt incurred, as well as paying off bills regularly. Those are things you can actively work on to improve your credit rating.

In two years I went from 650ish to over 800 in credit rating. My buying power also increased during this time too. My wife's is now 780ish too. I got sound advice from my CPA friend and those credit report websites.

Just wait a year and don't buy anything, do the free credit reports when they become available.

 

[Zoe]

Not exactly the best advice to just pay off everything. Of course paying off is good, but credit scores are based on having some balance in your card, no more than 33% of your total balance (I.e. Having $333 on a $1,000 balance).

Pay off everything. As long as you are using your card on a consistent basis, it will always appear as if you're carrying a balance.

 

[Particle Physicist]

I honestly don't understand how credit scores work. I recently paid off my credit card debts.. two scores went up, one went down below 700. How does that make any sense?

 

[JGS]

I honestly don't understand how credit scores work. I recently paid off my credit card debts.. two scores went up, one went down below 700. How does that make any sense?

Closing a card will have that affect. Your score would have went up if a you balance was close to the limit and then drop if you cards are closed. The paid off balance normally has a higher positive affect than closing the card has a negative one.

However, each bureau has a different weight and timeframe which is why the scores are different to begin with. So one of the bureaus may have put more weight on the closing of cards.

Your score should have done nothing but go up if you paid off the cards but left them open. If that's the case, I would definitely check for errors.

 

[radioheadrule83]

Inanna,

This thing he did 5 years ago - how bad? Are we talking defaulting on thousands of pounds or something?

It may just be that he doesn't have much credit activity to his name, and that blotch against his name is one of the more recent instances. What did you need a loan for anyway?

I had a run-in with HSBC when I was younger that scuppered my credit for a while, I couldn't get overdrafts, recieved bad credit card rates, couldn't take out loans, but it went away pretty quick the more I used what credit I did have to pay for things. I have a score of 999 now, excellent.

I would use something like www.creditexpert.com - you need to pay to join, and then pay to see your report, but it won't come to more than a tenner, and you'll be able to see everything. This thing that happened, that he can't remember, might be something that can be resolved. Your report will give you the name of the claimant who placed the default against his file -- and he may be able to call them and reach an agreement to get it removed, or complain to them that they shouldn't have put that there in the first place.

Regarding general behaviour that will lift the credit rating -- If he ever goes over his overdraft limit, that needs to stop immediately. Overdrafts are considered credit, obviously, and receiving charges for going over limits may appear as defaults on his credit report / lower his score. If he has ANY credit cards, it helps to use them and keep the balance manageable, so that you can always pay at least the minimum payment -- or better yet, pay off the full balance once in a while. Call up companies and arrange all of his direct debits to fall shortly after his pay day, and encourage him to keep a close eye on his money.

Asking for loans or credit too often can have an adverse affect, if he's been knocked back now, I would give it at least a couple of months - maybe longer - before trying again. I'd think about why you really wanted one -- if it was to do with a home, I can understand the frustration, but if its for anything smaller, I'd be patient and either save up or work to improve the score over time..

 

[radioheadrule83]

I heard voting can increase your credit rating.

Probably bullshit though.

Being on the electoral roll to vote does give creditors some security, and yes, help improve your score. Or more accurately, not being on the electoral roll at your address gives them reason to believe you might be a risk.

 

[Particle Physicist]

Closing a card will have that affect. Your score would have went up if a you balance was close to the limit and then drop if you cards are closed. The paid off balance normally has a higher positive affect than closing the card has a negative one.

However, each bureau has a different weight and timeframe which is why the scores are different to begin with. So one of the bureaus may have put more weight on the closing of cards.

Your score should have done nothing but go up if you paid off the cards but left them open. If that's the case, I would definitely check for errors.

I didn't close the card. I'll have to look at my report more closely when I have time, but I didn't see anything out of the ordinary when I first looked at it.

 

[JGS]

I didn't close the card. I'll have to look at my report more closely when I have time, but I didn't see anything out of the ordinary when I first looked at it.

It is reasonable for you to be concerned for sure. I have no idea what would have caused a drop except for number of times your credit was pulled.

On the front page it usually will give you 3 or 4 reasons why your score is what it is. Look there first. It should be right around the actual score.

 

[Zoe]

I didn't close the card. I'll have to look at my report more closely when I have time, but I didn't see anything out of the ordinary when I first looked at it.

Check to see if you had anything positive fall off of your report. That can happen if enough time has passed.

 

[Great Rumbler]

You need a good, hard dick for a solid credit rating. Give my condolences to your husband, and you for bedding a liar.

Here, dear GAF, is an example of how NOT to get women to throw themselves at your feet.

I'm gonna say 300-350 lbs., fingers covered in Cheeto grease, face red with anger that a woman on GAF is married to a man who isn't named POWERSPHERE, hammering away at his 10 year old Dell keyboard and hoping to God that Inanna has a thing for guys with acne, diabetes, and ED.

 

[evil solrac v3.0]

My girlfriend currently has AMEX, Discover, Chase, Dell, Bloomingdales and Capital One.

about a month or so ago she wanted to see if she could have an old chase card with a 300 limit increased. they denied her so she cancelled the card. should she cancel the bloomingdales card as well? it's a low limit card too, but they do increase your limit the more you spend.

 

[dojokun]

How Credit Scores Work

Absolutely required reading. I reference it every time the topic comes up. Read it, know it, live it. Thanks again Cyan.

Sign up at myFico.com and ask for a credit report and score. Eliminate the issue that is screwing up your score. It WILL take time to heal up, likely years. Definitely not a quick fix.

---------------------------------





Dude he was 18 at the time. You never did anything dumb when you were 18? He should admit what it was but give the kid a break. At 28 I still do dumb shit.

Doing dumb shit at 18 is normal. Marrying someone without telling them is not. Refusing to come clean with your wife when she asks is not. A lot of people do dumb shit. Only a select few are low enough to make someone else (literally) pay for it.

 

[Ashes]

Wait 2 years.

Also, forget calling Experian. Go here and get a free credit report (no score) from all three agencies. Whatever it is will turn up.

Edit:

Shit, missed this. In that case I really don't know. Both of my pieces of advice are probably wrong.

nah it's still valid advice. you can check credit online with experian for free as well. it's quick and fast to boot!

http://www.experian.co.uk/experianhome/?sc=410006

the five years thing makes me think that it may be a default of some kind. and they go off automatically after 6 years; if its a mistake you can get rid of it. time actually is on your side. I think.

don't panic op if it's something else; its the state of the brit economy. I have a very good credit score, and i get refused credit cards sometimes because, so far, my record is completely clean; no late payments, nothing.

The whole point of a bank is to make money, and they would rather have people paying off debt long term, then someone who makes them nothing. So perfect records are a nuisance as well.

 

[dc89]

Sometimes companies will deny you stuff because you are TOO SAFE. Not saying it's that in this case but it does happen. If you pay your stuff in full and on time they won't make money out of you. Some companies just want to make money.

 

[evil solrac v3.0]

Sometimes companies will deny you stuff because you are TOO SAFE. Not saying it's that in this case but it does happen. If you pay your stuff in full and on time they won't make money out of you. Some companies just want to make money.

so in order to have god credit, you always have to owe some money? who came up with these credit rules? is this government run or by the private banks?

 

[Ashes]

lol, three post combo.

 

[whalekock]

Don't know how credit works in the uk, but if you can get a certificate of deposit secured loan. Basically you save up some cash, open a cd, and put it up for collateral for a loan. The APR will usually be less than 5%, you are paying yourself back, and it shows up on the credit report as an installment loan from the bank. Another perk is that the bank usually doesn't run a credit check because of there is no risk to them, if you stop paying they just take the cd (but report your ass to the bureau as delinquent). Set it up for a couple years so each months timely payments show up on your credit reports. Most banks have these and the minimum is usually $1000.

Don't bother asking the banker about a secured credit card, most don't offer them, and if they do they rip you off with per transaction fees. Also these reloadable "credit cards" that you get at 7 -eleven don't help your credit either, they are just another per transaction fee scam. Just remember if the loan application does ask for your ssn then it probably doesn't get reported to the credit beurau.

 

[Inanna]

I admit my husband was a bit irresponsible when he was 18, but then again so are most people at that age. Still, I believe him when he says he really doesn't know what it could be since he didn't have anything going in or out at the time, apart from his wage. He was living with his mum at the time and she used to pay the bills. He's never taken out a loan from his bank, never had a credit card either. The banker said that there was a mark from when he was 18, so it can't be anything recent. We did one of those free online credit checks and it didn't show anything bad, again probably because the problem isn't recent. We're thinking of getting a detailed credit report that shows everything.

Thanks for the advice everyone!

 

[Ashes]

Remember that there are three major ones in the uk. Well at least I think there are three majors ones which cover most of the lenders out there.

If it's not on one it might be on the other two.

It costs like 2 or 3 quid to check your report.

It may just be a mistake, that can easily be corrected. Even if you have decided against getting a loan, you best check it.