Credit Report Help!

naff123

I'm really confused about my experian credit score which came back 550 at Very Poor
their reason is i may have several credit accounts in debt?

For one i have 1 Littlewoods account with a balance of £110 i pay back every week

and my credit card balance is only 2 pounds above the limit due to interest.

I pay all my bills on time i'm on the electoral roll i have only had 2-3 late payments and 1 default on my credit card ever!

I pay over the minimum and i earn 11 K Per Annum plus Bonus

But my credit score is so poor? Why So?

lisyloo

about my experian credit score

Well let me put you straight then.
You have paid for a meaningless number.
Experian don't lend money and lender make up their own minds.

their reason is i may have several credit accounts in debt?

In itself debt is not bad.
If you have too much aaccording to your income, are maxed out on your limits or have made late payment then that's bad.
Debt is fine if you manage it well.
It's poor management that's the problem.

and my credit card balance is only 2 pounds above the limit

Being over your limit is bad.
Interest is no excuse.

i have only had 2-3 late payments and 1 default on my credit card ever!

So you are currently over you limit, have multiple late payments and a default.
Some lenders won't like that I'm afraid.
If you want to borrow money, you need to play by the rules.

But my credit score is so poor? Why So?

Because your bad at managing debt.
You need to stay within the limits and make payments on time.
I would suggest you don't take on any more credit and concentrate on paying on time and making extra payments where possible.
This will improve your credit rating over time although it may take years.