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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
    • 43Thanks
    MSE Helen Saxon
    What your credit score really means
    • #1
    • 19th May 14, 5:51 PM
    What your credit score really means 19th May 14 at 5:51 PM
    Hi!

    This is the discussion thread for the



    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.


    Thanks folks,
Page 9
    • john2054
    • By john2054 30th Mar 17, 4:36 PM
    • 163 Posts
    • 32 Thanks
    john2054
    write a notice of correction, steve, to have this addressed.
    • john2054
    • By john2054 30th Mar 17, 4:38 PM
    • 163 Posts
    • 32 Thanks
    john2054
    use the credit cards you have at the moment. If you have credit, and you aren't using it, it is as good as having none, im afraid!
    • ben crow
    • By ben crow 11th May 17, 3:12 PM
    • 1 Posts
    • 0 Thanks
    ben crow
    do you know why i cant check my credit score anywhere
    • zx81
    • By zx81 11th May 17, 3:14 PM
    • 14,402 Posts
    • 15,199 Thanks
    zx81
    Is it because your computer is switched off?
    • Ebe Scrooge
    • By Ebe Scrooge 11th May 17, 3:18 PM
    • 4,016 Posts
    • 3,435 Thanks
    Ebe Scrooge
    The credit score is very important for us
    Originally posted by VaniteryBan

    No, the credit score is only important to the CRAs, who hope they can use it to sell you unnecessary services.


    Mind you, judging from your other posts, which have all the hallmarks of pointless post-building, I strongly suspect you'll be trying to sell us something in the near future .......
    I may not know much about art, but I know what I like.
    • DCFC79
    • By DCFC79 11th May 17, 6:19 PM
    • 30,427 Posts
    • 19,236 Thanks
    DCFC79
    do you know why i cant check my credit score anywhere
    Originally posted by ben crow
    You will have to give more information.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Emma-Rose
    • By Emma-Rose 28th May 17, 12:16 AM
    • 1 Posts
    • 0 Thanks
    Emma-Rose
    Please can I ask advice? I have an account on my credit file that was in my name but a family member used this account with their bank details and defaulted on multiple payments, is there any way I can dispute this? As I made no payments to this account and had no idea it was in my name until I opened a credit report check! Help!

    Thanks
    • DCFC79
    • By DCFC79 28th May 17, 8:36 AM
    • 30,427 Posts
    • 19,236 Thanks
    DCFC79
    Please can I ask advice? I have an account on my credit file that was in my name but a family member used this account with their bank details and defaulted on multiple payments, is there any way I can dispute this? As I made no payments to this account and had no idea it was in my name until I opened a credit report check! Help!

    Thanks
    Originally posted by Emma-Rose
    So are you saying the account was opened up without your knowledge ?

    If so then it's fraud, only way I can see you getting it removed is to report the issue to the bank and the police.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
  • jamesd
    Contact the firm which the account is with and tell them that you didn't open the account.
    • nins
    • By nins 11th Jul 17, 12:21 PM
    • 12 Posts
    • 238 Thanks
    nins
    Despite having more than 10% deposit and potential mortgage payments being less than my current rent I have been turned down for a first-time mortgage from a couple of lenders. Advised to improve my credit score which, when I joined MSE Credit Club and checked 3 months ago, was 736. Since then, I have switched my current account to Nationwide and opened a regular saver with them, as well as a Help to Buy ISA. I have also applied for my first credit card, which has a small credit limit but I spend lightly on it and pay it off in full at the end of the month. I had previously lived at home with parents in Northern Ireland and only moved to England and my own rented place in Sept 2016, so have registered to vote and arranged to pay rent through Credit Ladder.
    Last month, my score had dropped to 650 but this month it has dropped further to 485!
    Would appreciate any advice
    • zx81
    • By zx81 11th Jul 17, 12:35 PM
    • 14,402 Posts
    • 15,199 Thanks
    zx81
    Last month, my score had dropped to 650 but this month it has dropped further to 485!
    Would appreciate any advice
    Originally posted by nins
    Ignore it.
    • roberto123
    • By roberto123 11th Jul 17, 1:16 PM
    • 3 Posts
    • 0 Thanks
    roberto123
    Tax Credit Overpayment, Debt Collection Agency and Credit Score
    Hi All,

    I am new to this forum, having read lots of thread, I believe this forum is really helpful. I will be grateful if someone can give me the correct information.

    I have a tax credit over payment since 2011 which HMRC was collection through my Tax credit award until I have started a second job in September 2016. Once I notified about my second job, the HMRC has stopped my Tax credit Award payment. Have not heard anything until I Have received a NOTICE TO PAY letter in June 2017. As soon as I received that letter, I have called the HMRC payment helpline and set up the Direct Debit to repay the pver payment amount by monthly instalment.

    Everything was fine, then I have received a letter yesterday from a Debt Collection Agency stated that HMRC has appointed them to collect the over payment amount.However, I have already agreed to pay this over payment amount HMRC by Direct Debit.

    I have called HMRC this morning asked for explanation, they said it was a system error. HMRC gave me a reference number to give it to Debt collection Agency.

    Then I called the debt collection agency and gave that reference number and explained the situation. They said they will put my case as pending until they have received the confirmation from HMRC. Once confirmed by HMRC, they will close my case. Although, I have asked them to send a confirmation once the case is closed, but they said they are not going to send any confirmation. I need to give them a call to find it out.

    Can anyone please advice me is there anything else I can do? And is this whole situation going to affect my credit rating anyway?

    Thanks for reading and thanks in advance for your help.
    • nins
    • By nins 11th Jul 17, 1:18 PM
    • 12 Posts
    • 238 Thanks
    nins
    Not sure what you mean - ignoring it won't improve my chance of getting a mortgage and I'm desperate to move out of a shared rental.
    I would appreciate advice that's going to help my chances
    • BattleToads
    • By BattleToads 11th Jul 17, 1:39 PM
    • 21 Posts
    • 11 Thanks
    BattleToads
    Not sure what you mean - ignoring it won't improve my chance of getting a mortgage and I'm desperate to move out of a shared rental.
    I would appreciate advice that's going to help my chances
    Originally posted by nins
    He suggests ignoring the number because he is correct in saying it is a meaningless figure. What is important is the contents of your credit file. Any change to your report will cause this number to fluctuate.

    I see from your previous posts that you were declined a mortgage and advised to build credit. It would be fair to say you weren't declined due to poor credit but lack of credit history.

    When a lender looks at your file they ignore the number and look at the details. How much credit is available to you, how long have you had that line of credit, utilisation of your credit, etc.

    The credit card you opened caused the fluctuation on your credit file. However now you have this line of credit available you're able to prove to other lenders that you can stay within your limits, pay on time, pay the balance in full. Do this every month and you will start to see your credit build and more options available to you such as mortgages.
    • Pixie5740
    • By Pixie5740 11th Jul 17, 2:10 PM
    • 11,202 Posts
    • 15,655 Thanks
    Pixie5740
    Despite having more than 10% deposit and potential mortgage payments being less than my current rent I have been turned down for a first-time mortgage from a couple of lenders. Advised to improve my credit score which, when I joined MSE Credit Club and checked 3 months ago, was 736. Since then, I have switched my current account to Nationwide and opened a regular saver with them, as well as a Help to Buy ISA. I have also applied for my first credit card, which has a small credit limit but I spend lightly on it and pay it off in full at the end of the month. I had previously lived at home with parents in Northern Ireland and only moved to England and my own rented place in Sept 2016, so have registered to vote and arranged to pay rent through Credit Ladder.
    Last month, my score had dropped to 650 but this month it has dropped further to 485!
    Would appreciate any advice
    Originally posted by nins
    It's almost as though you didn't read the information in the link in post #1 of this thread.

    Forget the score. There are 3 things a mortgage lender will consider:

    1) Affordability
    2) Your credit history. Note that's history not score.
    3) Past dealings with them. Lenders' own records go back further than the 6 years the credit reference agencies hold.

    My advice would be to get hold of all 3 of your credit files and consult an independent mortgage broker rather than applying for mortgages willy nilly.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • JOANY59
    • By JOANY59 30th Jul 17, 10:22 AM
    • 4 Posts
    • 0 Thanks
    JOANY59
    I'm glad I've seen this thread, a lot of people are obssesed by their credit score. I was the same! Although after reading this thread I feel more educated to understanding the myths of it now.

    I regularly check my file with Experian and equifax to make sure all is in order.. I recently noticed Experian only added a financial associate 2 weeks ago which is an error, I'm a bit frustrated as I'm not associated at all ..
    How is this possible ? I don't want this affecting my credit worthiness

    Regards
    Joany
    Last edited by JOANY59; 30-07-2017 at 10:23 AM. Reason: Hadn't finished typing
    • Codman1982
    • By Codman1982 3rd Aug 17, 12:23 PM
    • 1 Posts
    • 1 Thanks
    Codman1982
    OK,so I've just had a major issue with talk talk,I left them in march, yet for 3months they were posting late payments on my credit file and my score plummeted,this has led to the initial mortgage offer I was going for (the only reason I found out about what talk talk were doing) changing drastically to the extent it was going to cost me an extra £46k over the term of the mortgage-this was solely down to talk talk posting late payments,which they admitted was there mistake
    • MABLE
    • By MABLE 3rd Aug 17, 2:37 PM
    • 3,349 Posts
    • 1,775 Thanks
    MABLE
    Received my new report from Clearscore today and they list a change as my mortgage going on to variable rate. However I do not have a mortgage and it was paid off over 2 years ago. USELESS!
    • biplobiht
    • By biplobiht 7th Aug 17, 1:11 AM
    • 5 Posts
    • 1 Thanks
    biplobiht
    Following
    Following This Topic to get the answer.
    Biker Biplob
    • vishva
    • By vishva 10th Aug 17, 3:16 PM
    • 3 Posts
    • 2 Thanks
    vishva
    Some individuals are obsessed with their credit score, specially when hoping to get away from debt. Your credit rating is very important in the event that you intend on borrowing Ė to get a motor car loan or even buy a house, for example.

    Iíve sent away for my credit that is free report couple of that time period to check on for errors, but this report doesnít include your credit rating.

    Curiosity got the best of me, so a week ago I went in the Equifax website and paid $23.95 to get into my credit history and credit score.

    Credit History: What Does It Mean?

    Your credit rating indicates the danger you represent for lenders, compared with other consumers. The two agencies that are credit-reporting Equifax and TransUnion, use a scale from 300 to 900. Higher scores are viewed more favorably.

    My credit history is 788, which isnít perfect, but the majority lenders would consider this an excellent score. Itís important to help keep a tabs on your credit score and you stand as far as credit worthiness is concerned, you can look up websites such as Credit Sesame to help you find out that info if you donít have any idea as to where.

    Based on my credit score though, i ought to be able to qualify for some of the lowest rates of interest available and a multitude of competitive credit offers should also be available.
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