Really poor credit score...

lilian1977

...and I'm not 100% sure why. I've had a lot of problems in the past but am now only 1 month away from being debt free :T

However, I recently paid for my credit score through Equifax and it came up at 247.

Some bits from my report:

I appear on the electoral roll and have been at the address for 3 years.

I have a default to Barclays on my account, at my previous address. The default date is blank but the red D shows on August 2004. Satisfied 19/10/04. Will this drop off in August or October 2010?

I have taken out a Capital One credit card and now have 9 months of on time full payments.

The loan I am about to pay off (2 years early) shows 8 months of on time full payments.

I have had 2 searches on my account in the past 6 months, both from my current bank, probably just for my second current account that I opened so I could separate my food bills.

No CCJs.


My question is - is it just this default that's ruining the credit score? It seems very harsh! Is there anything else I can look at that might help?

Thanks guys x

lilian1977

Anyone? I've sent an email to Equifax but not heard back yet.

bathgatebuyer

Unfortunately a default will have such an impact on your credit score. It highlights that you have note been able to keep to a credit agreement. The Halifax wrongly served a default against me it was the proverbial kiss of death as far as my credit score went. When it was removed (after I complained to them) things became much better.

I have noticed that when you settle a credit agreement and pay it up, you will have a boost to your credit scores (mine went up by about 100 points or so), but the impact of the default will way outnumber that.

lilian1977

Thank you for that. I guess I will just have to wait until the end of next year

lilian1977

Just wanted to ask an additional question - will the default on my account be looked at as a default full stop or will they take into account that it was in 2004 and everything has been fine since? We really want to buy at the end of this year and it won't have dropped off by then...