Understanding my rating

davethedavedave

I recently got my credit report and I am trying to understand which parts of it are the cause of my low score.

My score is currently 573 which is not very good and I want to improve it.

However the only negative marks I can see on it are. A money laundering search by pay-pal when I was selling some goods on eBay. And also I missed 2 payments on a personal loan about 15 months ago, however it should be noted the loan was settled in the prearranged time.

Would anything I mentioned above have a adverse affect on my credit rating? and if so what would be my best course of action to try get that changed?

Any advice would be greatly appreciated by my self


David

EssexHebridean

*bump*

Anyone able to help?

pink_princess

Mines around the same score yet I've never defaulted or missed a payment.So you have me confused about mine now.Sorry I'm of no help.Are you on the electors role?

davethedavedave

I have been on the electrol roll now for 7 years, and the only negative marks I can find are this missed payments which i mentioned earlier on. I wrote to my bank today to see if they could remove the entry from my credit file.

brian_723

davethedavedave wrote: »

I have been on the electrol roll now for 7 years, and the only negative marks I can find are this missed payments which i mentioned earlier on. I wrote to my bank today to see if they could remove the entry from my credit file.

I doubt they will remove them as they are a true fact ,you can however add to you file and put an explanation i think ,but can not see it making much difference .I was not aware credit score existed as every lender rates borrowers on different things .

Are you debt free ,if so maybe using your credit card and paying it off every month without missing will help show you to be more credit worthy .

[Deleted User]

reading this on the main site might help you understand. http://www.moneysavingexpert.com/loans/credit-rating-credit-score

The score that you mention is meaningless as all creditors apply their own scores - the credit report that they see at the three credit reference agencies are what's important. Check these and make sure all the information they hold on you is 100% accurate

As the missed payments get older your credit worthiness will improve.

As advised above making sure that you have a good credit history is important, so spend a little on a credit card every month and then pay it off in full every month (thus not needing to pay any interest). This will help you build up good credit history.

Also other factors lenders will take into account when deciding whether to lend to you or not include: income, income multiples, the ratio between any credit you already have to your income, the ratio any credit you have available to you (whether you use it or not) to your income, whether you are on the electoral role, employment status etc etc

HTH

D9