Credit rating going into the red instead of black!?

Majestic

Hi,

Over the last couple of years, after realizing my credit file was a mess, I decided to sign up to Equifax and keep tabs on my file in a bid to improve my apparently poor score.

The reason my score was originally in the red was due to a disagreemet I had with Orange phone network and not then shortly after defaulting (£200) on a Capital One credit card, but nonetheless settled accounts.

I'm embarassed just writing about my pathetic and ill understanding of how, at the time, this would totally trash my credit score.

Anyway, fast forward four years. I have two credit cards accounts (not good I know, but they've helped improve my credit score), a mobile phone account, a broadband account, and a bank balance which hasn't incurred any charges in as long as I can remember (hooray for me, I know).

But yet on recent veiwing my credit score seems to be in worse shape then ever. As I say, i've kept everyting tip top since my younger days.

I then noticed on closer inspection, my old (defaulted) Capital One account had replaced my newer, well kept Capital One account, I was slightly miffed let me tell you. And then not the other day, my Broadband account which has also helped improve my score, totally disappears.

And my score is now back in the red.

I'm fed up to be honest, i'm paying good money to see my account when i'm notified of big changes via Equifax (such as accounts added or removed) and keep all my creditors happy with up to date payments.

I'm not expecting to see my credit score improve drastically overnight, but the effort and budgeting i've indugled over the last few years should return some improvement?

I'd just like to ask, what the bloomin 'eck i'm doing wrong?

Thankyou in advance

Majestic.

Lovella

Majestic,

I'm in the same boat as you so while I cant offer any insight I'm going to be interested to hear what people say. My CR is getting worse even though I have been paying all my creditors on time for years now. I'm in a DMP but that doesn't show on my CR (a good thing obviously). It's so contrary. Irritating though because if my score was better I could change my mortgage to get a much better deal. Very frustrating.

:mad:

TotallyBroke

The actual score means nothing, so do not focus on it. Equifax will score as one number, and the others as different numbers.
Most lending companies have their own internal scoring system. This will look at how much credit is being used, whether the credit is paid on time and if there are serious issues like ccj's, defaults etc.
So do not worry about the score itself.

Majestic

TotallyBroke wrote:

So do not worry about the score itself.

Thanks for your reply TB.

I've had a few people say this to me recently, but surely the score should be improving if i'm paying bills and such on time. Why have agreements been removed from my file, etc.

Bah, it's frustrating.

The whole reason i'm trying to improve my score is so that me and my girlfriend can aquire a mortgage, she works for Natwest and has told me we are eligible for £140,000 with our salaries.

Thing is, i'm not willing to even go to the bank to allow them to Credit search me from what i've seen on my Equifax file.

Pfft.

mistrey

I was in this situation, not knowing why I was getting turned down for credit, when it appeared I should have had a better credit rating,(got two well run for over 4 yrs current accounts, 2 mobile phone contracts etc) so I rang experian. They told me to check my linked addresses on my file and see if there were any I hadn't told them about. I went through and saw my Dad's address on there. I had used it as a c/o address yrs ago for a month (my dad emigrated 3 1/2 yrs ago). When I informed Experian and they added it to my file it brought up a Capquest debt, that i knew nothing about. So when I thought every month good credit marks were put on my file, all my good work was being done by a debt I had no knowledge of.

I would make sure your Experian file shows any possible address you could be linked to, this will bring up any debts you don't know are filed. IYKWIM