Credit Score

Oatcake

Sorry if this is the wrong forum.

Just checked my credit score... its ranked at a 'Poor' 641'

But now my credit cards and loans are paid off, how long will it take to improve?


:money:

Andy_Ches

Hi

The experian credit score is an overview of how experian see you and your credit history.

It does not represent how lenders see you as they all have different lending criteria.

By all means, use it as a rough guide but your credit status as a whole will improve with payments on time, few credit searches, making sure your on the electoral roll etc.

Paul_Herring

Oatcake wrote: »

Just checked my credit score... its ranked at a 'Poor' 641'

Don't put too much faith in that number - see http://forums.moneysavingexpert.com/showthread.html?p=18953927#post18953927

TheEffect

In January, my Experian score for 550ish, I got turned down for a CapitalOne Classic card. Last month, my Experian score was 0, and I got accepted for the CapitalOne Classic with £100 limit.

Experian score means nothing.

Mightyowl

Yeah as stated above the Experian scoring is random. I searched my file on May 08 and got a score of 981, that was with just one entry a basic Natwest account with no overdraft and no other credit! Applied for 1 Credit card and got declined!!
Fast forward to December 08 with the same bank account showing plus a Next account started Aug 08 and Argos account started in Sept 08 and it drop my score to 779 thats with no missed payments. Anyway i opened a Barclays current account in Feb this year and closed the Natwest one it then went upto 889.

davethorp

Save your money and use my free (well optional payment of £2) calculator that will generate a score every bit as useful and accurate as the scores the CRAs generate.

LINKY