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  • FIRST POST
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 12:58 PM
    • 8Posts
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    JasonDodd89
    Not sure what to do?
    • #1
    • 12th Jul 17, 12:58 PM
    Not sure what to do? 12th Jul 17 at 12:58 PM
    Hi all, im new here after using Experian for many many months taking all the tips i can to improve my credit etc im getting nowhere with it

    my score has been 721 for the last 2 years atleast and no matter what i do it doesn't increase. Ive kept ontop of it every month checking and updating if needed.

    i have 3 accounts with Holts banking (military) part of RBS.

    one is my current account with +£2000 in it. monthly wage coming it etc.
    the other is my loan of £10,000. (only £480 left to pay). never been late or missed a payment.
    and the last one is my savings one which i don't really use.

    my outgoings are around £500 from my monthly wage of £1400. the rest stays in my current account.

    i only have my monthly mobile bill of £17pm.
    Fuel £70pm
    tax £19pm.
    rent £300pm

    ive not applied for credit since having my loan.

    5 positives and 1 negative on the account.

    the negative is a account that i settled with lowell back in march and i have the email stating it was settled in full. yet my report says the account was defaulted

    im geussing this is the cause of not being able to do anything which is fustrating as im at the point now i want to get a mortgage etc.

    any advice?
Page 1
    • zx81
    • By zx81 12th Jul 17, 1:02 PM
    • 13,682 Posts
    • 14,143 Thanks
    zx81
    • #2
    • 12th Jul 17, 1:02 PM
    • #2
    • 12th Jul 17, 1:02 PM
    The score is a made up number that isn't used or seen by anyone - that's why it's not changing. You need to focus on the data.

    The default won't help you. Build good credit history by using a credit card regularly and clearing in full each month. If you can clear the loan from your savings, then do that to save yourself some money.

    You'll find out how lenders view you when you come to apply for credit.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 1:05 PM
    • 8 Posts
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    JasonDodd89
    • #3
    • 12th Jul 17, 1:05 PM
    • #3
    • 12th Jul 17, 1:05 PM
    Fictional? please elaborate?

    And what data? they have all my data possible and its all up to date too.

    i dont have a credit card and my loan is paid every month as i explained. i dont get how id save money by paying it off as id still be paying £480...
    • zx81
    • By zx81 12th Jul 17, 1:11 PM
    • 13,682 Posts
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    zx81
    • #4
    • 12th Jul 17, 1:11 PM
    • #4
    • 12th Jul 17, 1:11 PM
    Fictional as in made up. It doesn't reflect how lenders view you and is a poor guide to your credit worthiness. Lenders don't see it and don't want to. It's just a little gimmick to keep your interest up.

    The data is what appears on your files. It needs to be correct and you want it to be as positive as possible.

    If you settle your loan early, you save interest. Not a huge amount at this stage, assuming you're into the last few months, but the less time you have the loan, the less interest you pay.

    A card is the best way of building credit history.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 1:18 PM
    • 8 Posts
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    JasonDodd89
    • #5
    • 12th Jul 17, 1:18 PM
    • #5
    • 12th Jul 17, 1:18 PM
    Well, thats just stupid then? why am i paying Experian however much a month it is to keep an eye on my score with as much information as possible?

    i have 1 month left to pay it off after this month.

    my own bank wont give me a credit card or mortgage and give absolutly no reason as to why... theyve even checked my report out themselves and cant understand why?

    i have now contacted lowell to see why its marked as defult and not settled on my account. thats the only thing i can think of
    • zx81
    • By zx81 12th Jul 17, 1:21 PM
    • 13,682 Posts
    • 14,143 Thanks
    zx81
    • #6
    • 12th Jul 17, 1:21 PM
    • #6
    • 12th Jul 17, 1:21 PM
    What was the account with Lowell? How did they come to have it?

    Try a sub prime lender for a card - aqua, Vanquis etc.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 1:28 PM
    • 8 Posts
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    JasonDodd89
    • #7
    • 12th Jul 17, 1:28 PM
    • #7
    • 12th Jul 17, 1:28 PM
    It was for a sum of £670 off the top of my head. as to what for? i have no idea it was apparently from 2003 if i remember right.
    • zx81
    • By zx81 12th Jul 17, 1:31 PM
    • 13,682 Posts
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    zx81
    • #8
    • 12th Jul 17, 1:31 PM
    • #8
    • 12th Jul 17, 1:31 PM
    But did it default? I assume so, if Lowell have it. What do your credit files (all 3) say about it?

    I'm trying to understand if there is something about the reporting which is incorrect.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 1:41 PM
    • 8 Posts
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    JasonDodd89
    • #9
    • 12th Jul 17, 1:41 PM
    • #9
    • 12th Jul 17, 1:41 PM
    i only use Experian

    looking at it, it defaulted in 2011, the account was started in 2007

    i then satisfied it on the 4/4/17
    • zx81
    • By zx81 12th Jul 17, 1:46 PM
    • 13,682 Posts
    • 14,143 Thanks
    zx81
    Look at all 3 files.

    The account will fall off your files, 6 years from default. So sometime this year, by the sounds of it. That will improve how lenders view you.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 1:48 PM
    • 8 Posts
    • 0 Thanks
    JasonDodd89
    how do you mean all three files? for each of my other accounts? the current and loan accounts?
    • zx81
    • By zx81 12th Jul 17, 1:51 PM
    • 13,682 Posts
    • 14,143 Thanks
    zx81
    There are three credit reference agencies -

    Experian (view it via the MSE Credit Club)
    Equifax (via Clearscore)
    Call Credit (Noddle).

    Each will show different data, depending on which lenders report to them. When you apply to lenders, they may view any or all of the reports.
    • SeduLOUs
    • By SeduLOUs 12th Jul 17, 1:54 PM
    • 2,080 Posts
    • 2,468 Thanks
    SeduLOUs
    Well, thats just stupid then? why am i paying Experian however much a month it is to keep an eye on my score with as much information as possible?
    Originally posted by JasonDodd89
    Good question. You can access all the data for all 3 of the agencies for absolutely free and not pay for a made up number:

    https://www.noddle.co.uk/ (Callcredit)
    https://www.clearscore.com (Equifax)
    www.moneysavingexpert.com/creditclub (Experian)
    • Pixie5740
    • By Pixie5740 12th Jul 17, 2:03 PM
    • 11,010 Posts
    • 15,187 Thanks
    Pixie5740
    What to do? Try reading the information in the very first post in the thread at the very top of this board before getting your knickers in a twist about your Experian credit score. That's my advice.
    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.
    • amfan
    • By amfan 12th Jul 17, 2:17 PM
    • 89 Posts
    • 64 Thanks
    amfan
    my own bank wont give me a credit card or mortgage and give absolutly no reason as to why... theyve even checked my report out themselves and cant understand why?
    Originally posted by JasonDodd89
    Do other banks offer you lines of credit?I had this with my previous bank on an account I'd held for around 11 years. I figured it was to do with my credit history until I realised that was actually ok. I tried a different bank and they had no issue giving me an overdraft or a credit card. And surprise surprise when Natwest heard I was leaving for that reason all of a sudden they found they could offer me those things after all!
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 3:16 PM
    • 8 Posts
    • 0 Thanks
    JasonDodd89
    I've not tried as I've been too scared to apply for anything for years. i may just end up doing this it seems.
    • JasonDodd89
    • By JasonDodd89 12th Jul 17, 3:18 PM
    • 8 Posts
    • 0 Thanks
    JasonDodd89
    ive just signed up for clear score and found BT holding a £75 fee against me. ive now contacted them about it being on my record incorrect. they have agreed and are removing it.

    i guess i should sign upfor the other one too to see whats on that. i dont get why one just doesnt do it all...
    • zx81
    • By zx81 12th Jul 17, 3:19 PM
    • 13,682 Posts
    • 14,143 Thanks
    zx81
    I think you're long overdue applying for something.

    The worst that happens if that your credit files show a search has been done on you.
    • MEM62
    • By MEM62 13th Jul 17, 10:00 AM
    • 1,356 Posts
    • 970 Thanks
    MEM62
    Well, thats just stupid then? why am i paying Experian however much a month it is to keep an eye on my score with as much information as possible?
    Originally posted by JasonDodd89
    Because you have fallen for the marketing ploy that convinces people that their score has some kind of meaning and that subscribing to this service will help you to improve it. In reality it could not have less of a bearing on how lenders view you or your credit standing.
    • solentsusie
    • By solentsusie 13th Jul 17, 11:36 AM
    • 546 Posts
    • 368 Thanks
    solentsusie
    Hi

    You have been given some good advice. Appy to the three FREE organisations and stop paying Experian, it is a waste of money, it will then be easy to keep track of the information all three agencies hold on you.

    https://www.noddle.co.uk/ (Callcredit)
    https://www.clearscore.com (Equifax)
    www.moneysavingexpert.com/creditclub (Experian)

    You said the default was dated in 2011 - what month was that? If you wait for a month or so after the expiration date, 6 years from the date of default, so if it was September 2011 then it will be removed from your credit file in September 2017, so wait until November before applying for credit. You can also check all three agencies above to make sure it has been removed before applying. This will make your chances of obtaining credit much better.

    Never missing a payment on your loan will be having a positive impact. But remember, accounts such as saving accounts, or being in credit with your bank, do not show on any reports.

    Once the default has gone, use the credit card eligibility checker on this site to see what offers you get.

    It looks like you have quite a sparse credit file. If you only have a bank account, a mobile phone bill, and a loan then there is not a lot for lenders to go on regarding your ability to pay back credit. Getting a credit card will help as by using it and paying off the whole outstanding balance monthly it will show you can handle credit on a day to day basis.

    Good luck.
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