Credit Rating: How it works and How to improve it discussion area

shaolinsister

I've read the article on credit scores and how to improve them and went to the recommended sites to get my credit report. Unfortunately they won't process my report because I don't have a credit card at all, only a debit card.

What do I do? I've been told to get a credit card just to find out my score - if that's possible. However avoiding a credit card has helped me minimise debt, as such I've never had one.

Does that mean I don't have to worry about my credit report, or do I need to worry about it more than ever?

Many thanks,

_Andy_

shaolinsister wrote: »

I've read the article on credit scores and how to improve them and went to the recommended sites to get my credit report. Unfortunately they won't process my report because I don't have a credit card at all, only a debit card.

What do I do? I've been told to get a credit card just to find out my score - if that's possible. However avoiding a credit card has helped me minimise debt, as such I've never had one.

Does that mean I don't have to worry about my credit report, or do I need to worry about it more than ever?

Many thanks,

The 'score' is meaningless.
If you want to see your actual credit report, you can just send a £2 cheque.

LadyLondon

Signed up for Experian a couple of months ago and paid the £15 fee (my account was reinstated from 2007 so couldn't take part in the 30 day free trial). Went to cancel it a month later and got roped in to a £10 a month deal instead. :-/
I have to say, the information provided with Experian is very useful and helps to make sure all my information is up to date. However, the credit score is indeed meaningless. It said I had a score of 795 which is considered only "fair" and the credit card matcher only matched me to the "bad credit" credit cards so I thought I'd never get approved for a better card. Applied for a Virgin Atlantic credit card the other day and got approved with a credit limit 3 times higher than my current card! Now I finally realise how useless a "credit score" is.

jocpearson

Hi,

Can anyone advise me? I was turned down for renting a flat because the tenant vetting agency found some links to my mothers rental history. My mother passed away 1.5 years ago, they listed her last two properties. She had a terrible credit history, we were chalk and cheese in that respect. I have checked Experian, Equifax and CallCredit, all three say my rating is good or excellent quite correctly reflecting my 25 year record of mortgages and credit cards with no problems. The tenant vetting agency said they got my mother's info from checking my record with CallCredit, but there is nothing there referring to her. What can I do now?

kelp7

Very quick query!

How soon does a lender's credit search appear on your credit file? Is it immediately?

Thanks!

fevertotell

Just a query, i have no credit history, never had a mortgage or a loan, no mobile contract or sky, no credit card or hp nothing.

I am looking to get a cc as i need one for car hire, which one would be best for my circumstances? I have no searches on my history.

martyn1983_2

Hi there, I currently have a few defaults on my credit file, some of which date back to 2008/2009. A couple of these still have balances on them, which I am in the process of paying off monthly. I have considered asking for a settlement figure, but I am wary of this as it will show on my credit file as 'part satisfied'. However, what I am thinking is, is it better that I pay these off with a settlement amount, as I am led to believe the account will disappear off my credit file on the 6th birthday of the default. This will alllow me to use the left over for other debts.

Can anyone advise if it is wise for me to do the above as the 'part satisified' will drop off in a year or so..

scorpioyorks

Hi, I wonder if anyone can help? I am in the process of cleaning up my credit report. I signed up for the free 30 day trial at credit expert and my report score was 788 (fair), then it increased to 906 and I was in the good banding. I have quite a few defaults which have matured and am contacting the lenders as the defaults aren't correct. I have used the clean up guide on mse and am writing to the lenders. One has replied and is updating my account and I am having difficulty with the other lender.

Out of interest I decided to sign up to check my file. com and now I wish I hadn't as my score on there is 1 star and scoring at 309. My question is will lenders check credit expert or do I need to improve my score with call credit and equifax? (at check my file . com) I am wanting to improve my credit rating and buy a house in the next 3 years.

Hazzinho

Scores mean nothing and have no factor in your being accepted, lenders don't use these, just make sure the information is factually correct. Check my file is a waste of time use the agencies direct, get the £2 report off Experian and Equifax and use Noddle to get the CallCredit report for free.

To be attractive to lenders ensure you're on the electoral roll and ensure your debt is less than 50% of your gross annual salary. You also need a history of managing credit to show you are trustworthy. You'll probably need those defaults to drop off which happens 6 years after the default date.

scorpioyorks

Thank you Hazzinho, that's very helpful. Yes it says i'm not on the electoral roll so I have contacted the council to amend this. I am going to contact the ombudsman as I have defaults on my account which aren't correct (went bankrupt in 2011 so all debts shouldn't have defaults continuing until 2013) Have contacted the bank involved twice now with templates from mse but to no avail, so the ombudsman it is.

Any suggestions why the agencies scores vary so much though? The details are the same and 906 and 309 are very different. The only thing I can think of is that my ex husband is linked to the check my file reports and he isn't on the experian report.

I have also got a form to fill in to disassociate him from my finances. Feeling more positive about it all than I did yesterday, thanks again.