Credit score help please!!

jopwo_87

Iv just checked my credit score with checkmyfile and bought the experian credit report with the score and seen that i have a score of 160 (!!!)

Now i have about £8000 debt which although iv been struggling to be paid off for the last 2 years, in the last 6 months i have not missed a single payment and have recently been offered a small loan by my bank which i have been paying off on time as well for the last 2 months.

Im not registered on the electoral role either.

Ok so my questions are.

1) How much will being on the electoral role boost my score by
2) Why is my score so low
3) Is this score universal to the other credit people, ie equifax and if not is it worth buying my equifax score as well.

Thanks in advance x

**Amy**

HI

Martin has a whole factsheet thingy on this that might help:

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

x

THE_LONE_RANGER_4

this whole score thing is just one big con and not worth the paper it is printed on , all companies have there own scoreing system there all different , its all down to how many debts you have , how many loans you apply for , defaults cj, married , single, kids, owner ,renter, job title , salary, postcode, etc etc etc . some firms will lend no matter how much debt you have , some will lend to high risk some will not .the whole scoreing thing i believe and many others do is just a scam playing on people who are worried about if they can get debt etc .
All you need to do is not over commit pay debts as and when due if you require a loan and your turned down it is becouse they thought you were high risk or you didnt tick the boxes that they have stipulated .

jopwo_87

Thanks for your replies so far
Can any one please answer the questions i asked pleassssseee lol
xx

**Amy**

jopwo_87 wrote: »

Thanks for your replies so far
Can any one please answer the questions i asked pleassssseee lol
xx

The link i gave pretty much answers your questions.

1) - I dont think anyone knows how much your score will go up by by being on the electorial role. There would be no harm in adding your name though.

2) As Martin says the scores are a way for creditors to see if you are a good "investment" i.e. if you are going to make them any money. It could be low because you have missed payments, got defaults etc (you will be seen as a "risk"). It could equally be low if you pay off your credit cards in full each month (as the creditor wont see you as someone they can "earn" from)

3) To be honest its not worth you buying a score at all.

The things that matter are that your accounts are up to date, that all previous addresses are listed and that you try not to have any defaults/CCJs/Missed payments on there as these are what really can affect your chance to get credit such as mortgages.

x

crazytim77

You asked:
2) Why is my score so low?

There are a few thing that could be pulling your score down. There is a lot of info on the web but I paid to go and see a top expert and this is what they said.

i) You need to make sure your credit data is not fragmented. This can happen if your personal details are not identical throughout. You should correct your data that has your middle name missing. Even using abbreviations inconsistently in your address can affect your chance of getting credit.

It is well worth sitting down and making sure your data on file is all perfectly identical.

ii) To start upping your score you need to show you are a responsible borrower. At every opportunity you need to use credit. In order to avoid paying interest you should find out which credit cards checkmyfile.com recommends to you on your report. If you can go for one with 0% interest, use it as much as you can, and always pay off the minimum balance.

I'm interested to know how much you raise your score. Let us know how you get on.;)