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    • soziblewuup
    • By soziblewuup 20th Apr 17, 3:38 PM
    • 10Posts
    • 1Thanks
    soziblewuup
    Low Credit Score
    • #1
    • 20th Apr 17, 3:38 PM
    Low Credit Score 20th Apr 17 at 3:38 PM
    Hi,

    I ran an Experian Credit Score check and received a score on the Poor/Fairly good boundary. I've read lots of good stuff on here about how Credit Scores are nonsensical and carry no real weight when applying for credit; however, I would still be interested to find out why my Score is low as it does appear to be an indication of how lenders view you - to some extent.

    I've only recently moved into my own house (4 weeks ago), beforehand living with my parents. It appears that my Credit Score mirrors my fathers exactly. Are Credit Scores directly affected by the property you live in? His score has been decreasing recently for no apparent reason (he's never missed a credit payment) and mine has took a nose dive simultaneously.

    I'm wondering how I've arrived at this score. I'm 23 and have never had a credit card. I pay Car insurance, Car payments, life insurance, mortgage etc. off using DD.

    I've now updated my Experian Account to reflect my change of Address. Will this help? Will my Credit Score now separate from my fathers?

    Any information would be appreciated.
Page 1
    • zx81
    • By zx81 20th Apr 17, 3:47 PM
    • 11,181 Posts
    • 11,148 Thanks
    zx81
    • #2
    • 20th Apr 17, 3:47 PM
    • #2
    • 20th Apr 17, 3:47 PM
    Scores are entirely irrelevant.

    Your report is separate from your father's, unless you have joint financial products.
    • eskbanker
    • By eskbanker 20th Apr 17, 4:04 PM
    • 4,163 Posts
    • 3,884 Thanks
    eskbanker
    • #3
    • 20th Apr 17, 4:04 PM
    • #3
    • 20th Apr 17, 4:04 PM
    Don't focus on the score, but look at the entries on the report, and especially negative factors and recommendations to address them. For example, get yourself onto the electoral roll at your new address sooner rather than later....

    Read up on other ideas at:

    http://www.moneysavingexpert.com/loans/credit-rating-credit-score
    http://www.moneysavingexpert.com/loans/build-credit-history
    • soziblewuup
    • By soziblewuup 20th Apr 17, 4:14 PM
    • 10 Posts
    • 1 Thanks
    soziblewuup
    • #4
    • 20th Apr 17, 4:14 PM
    • #4
    • 20th Apr 17, 4:14 PM
    Thank you for the information both.

    @eskbanker, I've just switched addresses for the electoral roll. Which Credit Score report would you recommend getting?

    Thank you for the links, I will review later.
    • zx81
    • By zx81 20th Apr 17, 4:21 PM
    • 11,181 Posts
    • 11,148 Thanks
    zx81
    • #5
    • 20th Apr 17, 4:21 PM
    • #5
    • 20th Apr 17, 4:21 PM
    You should check all three of your files, as different lenders report to different CRAs.
    • soziblewuup
    • By soziblewuup 20th Apr 17, 4:57 PM
    • 10 Posts
    • 1 Thanks
    soziblewuup
    • #6
    • 20th Apr 17, 4:57 PM
    • #6
    • 20th Apr 17, 4:57 PM
    I've just signed up for the MSE Credit Club and viewed the Experian Report; however, nothing much is on there.

    There are two open Accounts (Mobile Phone contract and Car payment). I would have expected to see other things like Car Insurance on there too. Or is that a separate thing altogether?

    Strangely my Phone Contract Account is showing as up-to-date with the balance for each month displaying as £0.00 and the overall credit displaying as £0.00

    Is there a way to check if I have anything negative marked against me?
    • zx81
    • By zx81 20th Apr 17, 6:02 PM
    • 11,181 Posts
    • 11,148 Thanks
    zx81
    • #7
    • 20th Apr 17, 6:02 PM
    • #7
    • 20th Apr 17, 6:02 PM
    Check your other two files.
    • marty2be2000
    • By marty2be2000 20th Apr 17, 6:17 PM
    • 175 Posts
    • 98 Thanks
    marty2be2000
    • #8
    • 20th Apr 17, 6:17 PM
    • #8
    • 20th Apr 17, 6:17 PM
    Thank you for the information both.

    @eskbanker, I've just switched addresses for the electoral roll. Which Credit Score report would you recommend getting?

    Thank you for the links, I will review later.
    Originally posted by soziblewuup
    How long ago did you switch, it maybe that the local authority have not yet sent the update file to the credit reference agencies. Updates are typically sent monthly and it will take a while for the agencies to update their records. It could take 8 weeks or more depending on where you hit the update cycle.
    • zx81
    • By zx81 20th Apr 17, 8:40 PM
    • 11,181 Posts
    • 11,148 Thanks
    zx81
    • #9
    • 20th Apr 17, 8:40 PM
    • #9
    • 20th Apr 17, 8:40 PM
    Updates are typically sent monthly and it will take a while for the agencies to update their records.
    Originally posted by marty2be2000
    Actually, in most cases, annually. So it could take a fair bit longer.
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