Credit Repair Help needed Please

Debbiem

Ive just got my credit rating from Experian and it shows me in the very poor catergory for a credit score.

There are no defaults, or CCJ's showing, but i do seem to be showing a lot of 1 status's for late payments ?

Is there anyway i can improve my rating ?
Can i get any of these late things removed ? IE one lender shows all green buttons but underneath it says in 36 months number of status 1-2 is 5 !!

Also if i have dormant credit accounts (2004) as in no longer used is it better to leave them there or to cancel them ?

Thanks in advance

happyformonths

Hi,

Were you late making the payments?

If their information is incorrect and you made the payments on time, then you can ask them to correct it. If the information's correct and you were late paying, I'm afraid there's nothing you can do. You can ask them to add "explanatory notes" to your credit file but I believe this isn't viewed particularly kindly by credit scorers (just my belief from things I've read).

On the second point, yes I would close dormant accounts.

Hope this is some use.

HFM

frugglewump

The number of 1s will only drop off with time unless you can prove that they were wrong & raise a dispute.

As far as the unused credit goes - it is usually recommended to close old accounts unless there is a good reason (e.g. egg anniversary) as it reduces your potential maximum debt.

Credit companies are less likely to loan money (or give lower limits) to someone who can run up debt on other cards as they think you aren't such a safe bet to be able to pay back everything. Of course, this is dependent on your income.

Other things affect your score as well - have you been on the electoral roll for the last 6 years. This is where spelling errors can be a problem - I had to prove i was on the register at 1 student address but that the person had put me on the register as McLauren not Maclaren.

keeleyuk

Query it anyway, I had a few things wrong on mine that were changed.

Can anyone advise if an account is closed should it show a credit limit still ? I posted this before but the heading is rubbish and I have had no responses. The account shows settled but the credit limit same. I have others like this that I have not closed.

frugglewump

keeleyuk wrote:

Can anyone advise if an account is closed should it show a credit limit still ? I posted this before but the heading is rubbish and I have had no responses. The account shows settled but the credit limit same. I have others like this that I have not closed.

Well all of mine still show the limit. It's the "Settled" that's important.

keeleyuk

Thank you,