Devastated by Experian credit score! (:

Andy_Ches

benf90 wrote: »

Regardless of whether they were all accepted or declined... why on earth would anyone need to apply for 17 different credit accounts within 7 months?!

Bank Account, Credit Card, Car Purchase, Mortgage, Hire Purchase, Catalogue etc etc could all add up.

BULLIONBOY_2

Right, i have recently joined Experian to find out my credit score as i need to take out a loan to cover my Debts...
I don't have a mortgage and earn £28,000 PA (work full time, been there 5 years), never defaulted on anything, never missed a payment, and all payments to credit cards have been made on time for the last 3 years...

Recently i have had to pay for 3 courses i wanted to do to better my self in my work costing £7000, and i payed for the courses/fees on Credit cards.

I currently have £15,000 worth of debt which i want to put into 1 loan, i have £6000 outstanding on my car, and the rest on cards and overdrafts.

Yet my credit score is 687 (poor)...

How do i get around this because i am a good customer who always pays my debts, at the moment i am paying well over the odds on all my cards etc and just want to pay one loan.

Guess my question is 'HOW CAN YOU GET A BETTER CREDIT SCORE AND SORT YOUR FINANCES OUT WHEN YOUR A PERFECT PAYER WITH A LOW SCORE!!!'...Seems strange.

The loan repayment for £15,000 will be around £300 PM, and i can afford this easy, leaving me £1000 PM spare as i have very low outgoings..

I am on the electoral role
I vote
I pay my way
never defaulted
never missed a payment

and i am pulling my hair over these credit card charges now!!

love_the_messenger

Andy_Ches wrote: »

Bank Account, Credit Card, Car Purchase, Mortgage, Hire Purchase, Catalogue etc etc could all add up.

And let's not forget mobile phone, personal loan etc too! Also when I applied for a credit card limit increase and an OD limit increase, I got credit checked yet again. The credit searches really rack up.

Andy_Ches

love_the_messenger wrote: »

And let's not forget mobile phone, personal loan etc too! Also when I applied for a credit card limit increase and an OD limit increase, I got credit checked yet again. The credit searches really rack up.

Very true and it is your own personal decision on how many credit products to apply for

love_the_messenger

BULLIONBOY wrote: »

I vote

Whether or not you actually vote has nothing to do with your credit score. The important thing is just to be on the voters roll.

BULLIONBOY wrote: »

I pay my way

What do you mean by this and what does it have to do with your credit score?

Isn't the fact you are (I'm presuming) £15,000 or more in debt going to adversely affect your credit score?

Andy_Ches

BULLIONBOY wrote: »

Right, i have recently joined Experian to find out my credit score as i need to take out a loan to cover my Debts...
I don't have a mortgage and earn £28,000 PA (work full time, been there 5 years), never defaulted on anything, never missed a payment, and all payments to credit cards have been made on time for the last 3 years...

Recently i have had to pay for 3 courses i wanted to do to better my self in my work costing £7000, and i payed for the courses/fees on Credit cards.

I currently have £15,000 worth of debt which i want to put into 1 loan, i have £6000 outstanding on my car, and the rest on cards and overdrafts.

Yet my credit score is 687 (poor)...

How do i get around this because i am a good customer who always pays my debts, at the moment i am paying well over the odds on all my cards etc and just want to pay one loan.

Guess my question is 'HOW CAN YOU GET A BETTER CREDIT SCORE AND SORT YOUR FINANCES OUT WHEN YOUR A PERFECT PAYER WITH A LOW SCORE!!!'...Seems strange.

The loan repayment for £15,000 will be around £300 PM, and i can afford this easy, leaving me £1000 PM spare as i have very low outgoings..

I am on the electoral role
I vote
I pay my way
never defaulted
never missed a payment

and i am pulling my hair over these credit card charges now!!

Although your payments are up to date and are on electoral roll etc, it could be the volume of used credit...i.e. £15k that is being used. I have one debt, £900 which is on a credit card on Credit Expert classes this as a high balance outstanding. In anycase the credit score is Experian's view of your file, not the actual lender and their score is not actually taken into consideration when applying for credit, but the content of your file is.

BULLIONBOY_2

love_the_messenger wrote: »

Whether or not you actually vote has nothing to do with your credit score. The important thing is just to be on the voters roll.



What do you mean by this and what does it have to do with your credit score?

Isn't the fact you are (I'm presuming) £15,000 or more in debt going to adversely affect your credit score?

I know it's a lot of money, but a lot of people borrow that for a Car, i chose to buy a cheaper second hand car and better my self in work.
£15,000 on three cards and a loan is getting a bit daft now with the interest i have to pay, and i just wanted to get one loan 'Bish Bash Bosh' done, £300 or so a month, nice and easy, all in one payment coming out of my account and get rid of these cards!!!

Will lenders turn me down with a score like this?
Will i have to go to one of them back street joints and ask 'Biffa O'fist' for a 'Easyloan', agreeing that he can remove some of my organs if i miss one payment on his 'Easypay system' (10001% interest or ya Liver..)

I bank with Natwest, got a Loan with Mint, if i ring these guys and tell them my cercumstances will they most probabley turn me down, and if they do, my score will get worse?

Can't see i way out, might Visit 'Biffa' on Saturday

BULLIONBOY_2

Andy_Ches wrote: »

Although your payments are up to date and are on electoral roll etc, it could be the volume of used credit...i.e. £15k that is being used. I have one debt, £900 which is on a credit card on Credit Expert classes this as a high balance outstanding. In anycase the credit score is Experian's view of your file, not the actual lender and their score is not actually taken into consideration when applying for credit, but the content of your file is.

So is that Experian report a load of old tosh really?
I have looked at my report and yes i have a lot of available credit used, but i am on the electoral role, i work and always have, and all my accounts are satisfactory (never missed a payment, never defaulted)

?

I_know_my_ABC_and_my_CMYK

benf90 wrote: »

Regardless of whether they were all accepted or declined... why on earth would anyone need to apply for 17 different credit accounts within 7 months?!

My point exactly

Voyager2002

BULLIONBOY wrote: »

So is that Experian report a load of old tosh really?

Yes, but...

From what you have posted, the amount you owe is equivalent to more than six months' gross income. The credit industry aims to get people to owe about three months' income. So any application you make is likely to be seen as an attempt to over-extend yourself dangerously (they don't think that you might be trying to roll over existing debt) and so treated as high risk.