Credit rating

[dal2000]

Hey all,

Rather annoyed after applying for a cell contract and being declined once again for bad credit rating, when in fact I have not done anything wrong to bring my rating down. It all started off when I first applied for vehicle finance, the vehicle company applies at about 4 different banks; I was declined. Fair enough, couple of months later I get an Edgars Card. Couple of months after that I try to apply for a game account and bam, declined. Few months later I try HI-FI corp and once again declined. Now today, almost a year later, I apply for a Cell-C contract and i'm amazingly declined again. My salary is fine and I can't think of anything I would have done to hamper my rating. How on earth do you fix your credit rating?

Cheers

 

[HapticSimian]

Go to mytransunion and get the free credit report you're entitled to once a year. You should be able to see where the adverse ratings come from. Sort them out & collaborate with the relevant companies to have your status cleared.

 

[dal2000]

Go to mytransunion and get the free credit report you're entitled to once a year. You should be able to see where the adverse ratings come from. Sort them out & collaborate with the relevant companies to have your status cleared.

Thanks so much man!

 

[dal2000]

Well strange enough everything looks fine :/

 

[HapticSimian]

Well strange enough everything looks fine :/

In that case I'd try to find out from CellC on what grounds they declined you.

 

[Messugga]

The free credit report doesn't seem to actually give your credit score or am I just missing something? I'm quite curious about mine.

 

[dal2000]

The free credit report doesn't seem to actually give your credit score or am I just missing something? I'm quite curious about mine.

Hmm I don't see mine anywhere on the report.

 

[Cicero]

I'm subscribed to http://www.kudough.co.za/ Its R60/month and they compile a report from all 3 credit bureaus...but they have a basic free once off snap shot you can do too which may help. It should tell you how many defaults, judgements, overdue account etc etc, and your scores with them too.

If you pay the R60 bucks, its a lot more detailed. You can see the last 2yrs payments for each credit account, who's been looking at your credit, all sorts of stuff.

 

[xrapidx]

Find out why the declined you... I was declined a credit card at Old Mutual due to "INSUFFICIENT PROOF OF INCOME", pretty bloody stupid reason - and they didn't even call, just sent a SMS, "Application Denied"

 

[dal2000]

Find out why the declined you... I was declined a credit card at Old Mutual due to "INSUFFICIENT PROOF OF INCOME", pretty bloody stupid reason - and they didn't even call, just sent a SMS, "Application Denied"

I asked the guy to give me a reason, he said "Probably your credit rating, I don't know". Pretty useless to be honest...

 

[xrapidx]

Then ask to speak to someone with half a brain

 

[creeper]

The free credit report doesn't seem to actually give your credit score or am I just missing something? I'm quite curious about mine.

Remember that your rating does not exist in your credit record. It gets put in a credit model, depending on the company and/or product, and the model spews out a rating of good, referral or bad. What tends to happen is the rejection is to with lack of information for the model to generate a rating. It doesn't always have to do with your credit rating.

Now cellphone companies is "lazy", therefore don't have credit analysts to analyse accounts. But it makes sense, as they get more applications than makes on a daily basis.

The biggest problem is the fact that the girl/boy behind the Vodacom/MTN/Cell C/8ta shop only looks at the answer, but doesn't understand the underlying principles and processes. So, people get rejected and they leave it there.