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  • FIRST POST
    • MSE Helen Saxon
    • By MSE Helen Saxon 19th May 14, 5:51 PM
    • 75Posts
    • 42Thanks
    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 haven’t already, join the forum to reply. If you aren’t 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
    • 29 Thanks
    john2054
    write a notice of correction, steve, to have this addressed.
    • john2054
    • By john2054 30th Mar 17, 4:38 PM
    • 163 Posts
    • 29 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
    • 12,449 Posts
    • 12,624 Thanks
    zx81
    Is it because your computer is switched off?
    • Ebe Scrooge
    • By Ebe Scrooge 11th May 17, 3:18 PM
    • 3,714 Posts
    • 3,102 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
    • 29,518 Posts
    • 18,661 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.
    Je Suis Charlie
    • 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
    • 29,518 Posts
    • 18,661 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.
    Je Suis Charlie
  • 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
    • 12,449 Posts
    • 12,624 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
    • 18 Posts
    • 10 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
    • 10,589 Posts
    • 14,559 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.
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