Devastated by Experian credit score! (:

Andy_Ches

BULLIONBOY wrote: »

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)

?

What I'm saying is that your 'Experian' credit score is completely irrelevant. The content of your credit file and its history is.

BULLIONBOY_2

Voyager2002 wrote: »

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.

So is it unlikely i will be able to consolidate this amount into one loan?

Andy_Ches

BULLIONBOY wrote: »

So is it unlikely i will be able to consolidate this amount into one loan?

I would perhaps think not in this current economic climate.

lelsavage

my credit rating was 610 and was still classed as poor.

iscrimger

The original poster has a lot of accounts and presumably a lot of credit since their history began 7 months ago.

I'm not sure why you would need all those things in 7 months, it also depends how much of your credit you are using. Things like loans, cars etc are all set in stone. But credit cards & catalogue accounts are not so the value can vary.

With so many searches & so many new accounts in just 7 months, as a lender I'd be very concerned about your intentions and ability to pay the debts back should the worst happen and you lose your source of income.

My advice. Stop spending, if you're not spending then why even have the accounts - you're doing more damage having them and not using them. Close some accounts and don't be fulled by higher purchase offers of 0% for 6 months or Buy now pay in 2010. These seem like good deals and generally are if you pay the amount back straight away - after the initial period the interest rate is often far higher than that of a credit card or personal loan.

I still find it very concerning that in 7 months you have so many accounts. I'd consider you a very risky borrower at the minute. The fact you 'chose to' apply for all these is quite frankly proof you appear to be a reckless borrower.

NickX

iscrimger wrote: »

Stop spending, if you're not spending then why even have the accounts - you're doing more damage having them and not using them. Close some accounts and don't be fulled by higher purchase offers of 0% for 6 months or Buy now pay in 2010. These seem like good deals and generally are if you pay the amount back straight away - after the initial period the interest rate is often far higher than that of a credit card or personal loan.

This is rather judgmental. I have 23 credit accounts at present and am not suffering any finanical hardship whatsoever.

Why pay funds to someone now when you can defer payment until 2010 and earn interest on the funds in the meantime ? No brainer to me.

iscrimger

NickX wrote: »

This is rather judgmental. I have 23 credit accounts at present and am not suffering any finanical hardship whatsoever.

Why pay funds to someone now when you can defer payment until 2010 and earn interest on the funds in the meantime ? No brainer to me.

I'm not disputing these deals can work for you.

Just because someone may have 23 credit accounts doesn't mean they'll be in financial hardship - however the more accounts you have the more impact it has on your overall rating. The average amount of accounts a lender expects to see on a persons report is between 6-10.

The more accounts you have the more credit you have available to you. When a lender see's this they will be less likely to offer you more credit based on what you already have access to. If you are using all of the credit available to you they are unlikely to lend you more and your score will be lower.

If you apply for further credit on top of your current 23 active accounts you may find a lender declines your application - depending on the value of the accounts. A lender will consider the impact if you lose your source of income and how you expect to reach payment for these 23 accounts.

The original poster seems to have a poor attitude towards borrowing.So many accounts in such a short credit history will no doubt raise concerns to any lender. Your 23 could be over a far greater period of time.