Credit scoring question

weedav

Hello,

My credit score is poor - I have recently been refused loans and credit on a few ocasions. The bank loan I did receive is at quite a high rate - ditto my credit cards. Never mind, they're going to be gone soon.

Now, this really isn't to do with my financial management - I have never misssed any payments, and I easily pay my bank loan installments.

Having checked my experian file I am pretty sure that the cause of my low credit score is my address history. In two and a half years I have had six addresses.

I don't intened to apply for credit in the near future, but should I be worried about my score? When my credit cards are paid off in February and I cancel them, will it wipe my credit slate clean? Do they disappear off my record? Or will my address history still count as a negative? If there are no credit cards connecting me to these addresses can I say that before I lived at my current address I lived in the family home?

I ask because I may apply for a mortgage in the relative future.

Any help much appreciated!

Ta
Dav

wigginsmum

Settled debts will stay on your file, at least for a while; I checked mine yesterday and there were old settled details on there from 1998 and two address changes ago. It does sound like your address changes are the issue; obviously the longer you can stay in one place before applying for a mortgage, the better it'll look. How long have you been with your current employer? The mortgage companies will take that into account too.

Jules

Pauls

Are you registered on the Electoral Roll?, if not this could be part of your problem

PokerPortal

weedav wrote:

If there are no credit cards connecting me to these addresses can I say that before I lived at my current address I lived in the family home?

I ask because I may apply for a mortgage in the relative future.

If you tell the mortgage lender that you lived in your family home before your current address and on the credit report they see 5 other addressess after you lived in the family home, you will have a hard time getting a mortgage I think.

weedav

I guessed that would be the answer. I suppose I will just have to keep in one place for a while!

Been working at the same place for 3 years now though

YorkshireBoy

wigginsmum wrote:

Settled debts will stay on your file, at least for a while; I checked mine yesterday and there were old settled details on there from 1998...

Shouldn't 'settled' accounts automatically fall off your report after six years, ie 2004 in your case?