Credit ratings !

richard1600

Hello all,

not sure am in right thread but here goes,,
for the last few months a have been knocked back for mortgages so i went to check my credit score,,, it was very poor which i did not understand as all my accounts i have never missed a payment,, i have had a steady high income job for a long time now and not a single defualt anywhere,, so i looked into this, i was given 3 reasons why:

not on electorial registger,
i have several credit agreements where balnces are high,
have made 3 or more credit apps in last 6 months,

so i have now registered to vote and that will be updated next month, i have 10 accounts according to experian and in total i owe around £3500, but never missed payments and clear £1800 a month so i dont understand when it says outstanding is high. and the credit apps where for rejected mortgages,
my score is very very low, in the bottom bracket,,

any advice would be great as i dont see my self in debt and have never had problems and yet becuase my score is so low i cant get a mortage,,

whatatwit

Hi, I don't know too much about how the scoring system works, but whilst the balances are not high, what is the available amount.
Maybe you should look to closing some or at least reducing the credit limit as this could be what is affecting your score.

mcjordi

get on the electoral register, pay down some high balances

poorandindenial

If you weren't on the electool register that will have hit your credit score hard. Another thing that can take it down a bit is if you haven't lived in your current home for very long.

You said that you have ten accounts according to experian, do you actually have all these? If you have a load that you haven't used for a while then get them closed down.

Martin has a calculator thingy for seeing what your rating should be, you can play with different bits to see what the impact is. I'll try to find a link.

richard1600

thx so far,, the next 2 months balances will be cleared, i have even got a low rate credit card (which i hate) purely to increase my score.
how much does being on the electoralial register really affect the score ??

poorandindenial

Found it - there is a blue box about two thirds down

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

poorandindenial

richard1600 wrote: »

thx so far,, the next 2 months balances will be cleared, i have even got a low rate credit card (which i hate) purely to increase my score.
how much does being on the electoralial register really affect the score ??

I would have thought quite a bit as it proves to them where you live (and therefore where they can get their money back from) but I am no expert. It may well be that there is a combination of two or three things that is knocking you down in terms of lendability.

richard1600

just used the calculated and answered truthfully as per my report and it says i should be medium,, yet according to experian i am near the bottom ?

poorandindenial

No-one actually uses the score that Experian produce, it is just vaguely indicative. Each lender will have their own criteria that they will 'score' against so I wouldn't worry about coming up differently.