Credit score of 513!!! I don't understand

scooby75

Just got my credit score and I am, to say the least, well and truly p***ed off. The only thing against it is an account with Satander that I am disputing the amount owed - this is with the FOS at the moment so there shouldn't be defaults showing as I understand it. Anyway, I've put a note on my file explaining the situation.

My credit score report says lots of positive things - accounts paid on time, no CCJS, defaults etc, but then says in the bad points that I have several credit agreements and the amounts outstanding are high. This is what I really don't understand: I have in total:

1. Car finance because I don't have a spare £5000 lying about - payments made in full and on time - o/s is £2500 at the moment)
2. Car insurance paid monthly - on time in full each month (about £1800 a year).
3. Student account - in its overdraft limit (£2000) but managed well - never once gone over it.

And that's it! All other finance (e.g, interest free payments for white goods) are settled in full and on time as show as much.

I'm currently trying to apply for finance to replace my car on a better deal (meaning I'll be paying LESS money than I am now) - surely that puts me in a better category?

lee20010

least your score is better then mine

opinions4u

Have you actually paid money to a company to think of a number between 1 and 1000?

_Andy_

I love how egotistical people get about a random number

redpete

scooby75 wrote: »

I'm currently trying to apply for finance to replace my car on a better deal (meaning I'll be paying LESS money than I am now) - surely that puts me in a better category?

Maybe not - how does the new lender know that you will be getting rid of the finance on the current car?

scooby75

redpete wrote: »

Maybe not - how does the new lender know that you will be getting rid of the finance on the current car?

Because they'll be getting the car!

Anyway, in terms of "random" numbers, it may be made up or whatever, but if someone else is going to look at it and make a decision based on it, then its effects are very real.

opinions4u

scooby75 wrote: »

Because they'll be getting the car!

Anyway, in terms of "random" numbers, it may be made up or whatever, but if someone else is going to look at it and make a decision based on it, then its effects are very real.

The lender doesn't consider the number.

Merely the specific credit history within the credit file.

scooby75

Oh - never knew that! What's the point in the number then (which I didn't pay for - got it free trial and have cancelled!)? Looking at the history itself, it looks really good IMHO besides the one hiccup of Satander - green all over the place, but I still find I'm getting quoted high interest rates?

paddyrg

Don't worry, the number isn't important, it is the file that everyone will use. Credit Reference Agencies like to sell those meaningless numbers, but they aren't lending the money, so it means nothing at all. Lending decisions are taken by lenders looking at your file and assessing you for risk using their own credit scoring (which is obviously very private to them!)

paddyrg

scooby75 wrote: »

What's the point in the number then

To sell people something! Glad you didn't pay for it :-)

Apples2

What do you mean it looks really good besides one hiccup?

You can't go around in life ignoring hiccups. It's the hiccups which are putting you in the High Risk category.