Credit Score

tedglen3

Hello, I just checked my credit reports and found out that I made late payments 4 months in a row for a mobile phone contract at the start of 2008.

All my other payments are up to date; this is the only negative thing on my reports.

How much will the effect my application, I have 25% deposit.

The credit score with credit expert is 943

neenmarie

You have an excellent credit score so it shouldn't be a problem! How much do the late payments total? I was told that banks don't look at anything under £150.00. Good Luck:j

Funkygibbon

The credit score is pointless. Don't waste your money.

neenmarie

Funkygibbon wrote: »

The credit score is pointless. Don't waste your money.

When you say the credit score is pointless what do you mean? I thought most banks run checks on you and look at experian or similar companies. We just applied for extra borrowing on the mortgage but were turned down because of hubby's credit file, they can't tell us what exactly it is on there but it was turned down because for the credit score.

[Deleted User]

neenmarie wrote: »

When you say the credit score is pointless what do you mean? I thought most banks run checks on you and look at experian or similar companies. We just applied for extra borrowing on the mortgage but were turned down because of hubby's credit file, they can't tell us what exactly it is on there but it was turned down because for the credit score.

Everyone you apply to for credit will work out their own score based on the info you give them and the credit report. The SCORE you get from the credit reference agencies is meaningless because you have no idea how the bank or other financial institutions work out their scores, however the report is not.

Check that you are on the electoral register, and for any anomolies on yout report.

Check out Martin's info on credit scoring etc:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score?dd

tedglen3

Could someone advise if the four late payments are going to cause a problem.

Thanks for help so far

TrickyDicky

neenmarie wrote: »

When you say the credit score is pointless what do you mean? I thought most banks run checks on you and look at experian or similar companies. We just applied for extra borrowing on the mortgage but were turned down because of hubby's credit file, they can't tell us what exactly it is on there but it was turned down because for the credit score.

Thet will be under their own credit scoring system

A few years a go I spent the summer printing off experian credit reports for people getting car loans. I saw people with scores of less than 400 accepted and people with over 900 declined. Its all do with a person's history, current debt and at the end of the day the underwriters gut feeling.

Agency scores are a way for them to monetise their data to ordinary punters who otherwise dont know about the £2 reports.

Experian_company_representative

We build scoring systems for many of the high street lenders. The scores we make available to individual customers are calculated using similar calculations, although they are retricted to your credit report whereas lenders' scores boil down a wider selection of data (income etc). While the credit report scores are still a useful guide, they are not and never can be a definitive indication of whether any particular lender will accept or refuse an application.

James Jones