Credit report advice

Aarons_mummy

Hi all this is my first time on MSE so please go easy on me lol!

Have looked around but can't find the answer to what I'm looking for so was wondering if anyone could help me

I'm 20 tomorrow yay! have always been great with credit and paying it on time etc only have 1 account with Royal Bank of Scotland who is owed £307 because they kept snowballing charges on me without notifying me that a DD had continued after I had changed it over to a new account (was not changed in time to be taken off my new account) anyway I have a credit card that I pay every month, bank account with an overdraft of £200, a catalogue account which I have £150 left payed off by xmas and 2 others which are unused, 2 mobile contracts payed on time every month and no other credit have never had any loans etc.

I was refused for a loan for home improvements so checked my credit report which shows all credit I have is satisfactory apart from RBS which shows I missed/late payment on my credit score it is showing as 167 and very poor.

What I want to know is if I only have 1 account and the rest of the credit is satisfactory how can my account be very poor and a big risk - unlikely to pay credit?! when I pay everything owed on time ever month?!

If anyone could help me I would be entirely grateful

TrickyDicky

Are you on the electoral roll?

The credit score you have given means absolutly nothing - lenders make their own assessment of your report - they dont use the number you have.

I guess your current credit limits are quite low, and the fact you have a small balance on your catalogue and overdrafts that arnt dissapearing very quickly probably means you wouldnt be able to afford a home improvements loan on top of what you have already,

Aarons_mummy

TrickyDicky wrote: »

Are you on the electoral roll?

The credit score you have given means absolutly nothing - lenders make their own assessment of your report - they dont use the number you have.

I guess your current credit limits are quite low, and the fact you have a small balance on your catalogue and overdrafts that arnt dissapearing very quickly probably means you wouldnt be able to afford a home improvements loan on top of what you have already,

yes I am on the electoral roll.

Thing is tricky dicky we are able to afford to repay a loan etc on our monthly budget. The catalogue will be paid off I could have paid it off this month but thought paying it up would help my credit limit showing that I repay every month with no missed payments. My over draft is only £200 and I rarely touch it so I don't understand why that would refuse me a loan?!

Is there anything I can do to rectify this and get my score up etc?!

Tixy

Try reading this article - http://www.moneysavingexpert.com/loans/credit-rating-credit-score

but most lenders have severly cut back on lending/upped their lending criteria. They are wary of loaning anyone too much, did they say why you were refused - sometimes its due to affordability, sometimes due a high amount of available credit, sometimes due to being very near all credit limits, so based on the % of your available credit you are using.

Were you trying to get the loan soley in your name? Are you financially linked to anyone (joint loans or mortgage etc?).

Did you tell them the loan was for home improvements? I assume you don't owen your home (as you don't mention a mortgage) is that correct?

Aarons_mummy

Tixy wrote: »

Try reading this article -
but most lenders have severly cut back on lending/upped their lending criteria. They are wary of loaning anyone too much, did they say why you were refused - sometimes its due to affordability, sometimes due a high amount of available credit, sometimes due to being very near all credit limits, so based on the % of your available credit you are using.

Were you trying to get the loan soley in your name? Are you financially linked to anyone (joint loans or mortgage etc?).

Did you tell them the loan was for home improvements? I assume you don't owen your home (as you don't mention a mortgage) is that correct?

No one could give me a reason as to why I was refused just general reasons.....

I don't have a mortgage or anything we rent but are intending to take out a mortgage after the tenancy ends in a couple of years, was to make home improvements, finance a new car and pay of my catalogue, and partners existing debts. I soley applied for £3000 if that helps.

I have a joint bank account but nothing else, patner has been paying off debts from when he was 18 and wil be cleared by next year june as he has a consolidated loan through his mum,

On my report it says I have 864 used 24% and over £1500 remaining the used amount includes the mobile contracts though I'm sure that's the only way I can see it would be that amount as 150 and 200 overdraft doesnt obviously come to that amount....

thanks for the help and the link wil have a look