Fair Credit Score?

spikethedee

Hi,

First post!

Just got my Experian credit report score thing and I got a score of 811 which it says is "Fair". I've never had a credit card, mortgage or loan as such, the only thing I've had is a £300 credit agreement to pay for a season ticket which has 4 months left and has always been paid.

I'm living with someone who admits they have a terrible credit history, although she does have a mortgage which she's never missed a payment on and 2 credit cards, both really close to their limits, but with payments every month slightly over the minimum. She doesn't appear to be linked with me on Experian from what I can tell.

With this info, and what it says is a "fair" score, I'm still not getting approved for a loan to help pay for a wedding. Any lenders, companies etc that you think this would be a good enough score to proceed an application?

I can give more details if needed.

Cheers,

[Deleted User]

are you on electoral role?one problem could be that you dont have much if any credit history,and dont forget you score means very little lenders have their own rules etc
have you applied for too many loans recently?
you could try a sub prime cc,use it every month but pay off in full to avoid the 39%apr,to build a credit history

BoGoF

Aaaargghhh.......please, please can we have a sticky or somthing that clearly says the CRA scores are utterly meaningless.

CLAPTON

your girlfriend has debts she can't pay off (only paying just above the minimum)
and you want to borrow for a wedding (I presume your own)
madness

Experian_company_representative

The score you get from CreditExpert rates your own credit report data only. UK average score is 754 so you're a bit above that. The score should come with advice on improving it, to help support future credit applications you make. The negative comment above alludes to the fact that lenders calculate their own scores and factor in other data such as income. But your creidt report score indicates that your current credit record could be strengthened, based on what we know about the lenders we work with. Here's some general advice borrowed from a blog I wrote recently for CCCS. Hope it helps.

Use some credit sensibly. Don’t take on more than you can afford, stay within agreed credit limits and make agreed repayments on time. Lenders typically shy away from people with blank credit histories and those with a string of maxed out credit cards and missed payments.
Space out any credit applications. Multiple applications suggest fraud or desperation.
Register to vote. Lenders use it to confirm your name, address and residential history.
If you do take on more debt than you can afford or your circumstances suddenly change, seek help quickly by contacting your lenders and, if necessary, a provider of free debt advice.
Get into the habit of reviewing your credit report on a regular basis, checking for the following:

• Make sure everything is accurate and up to date. Query anything that isn’t
• Review financial links to other people and ask for any outdated links (e.g. to an ex-partner) to be broken
• Look for accounts you no longer use and arrange to close them
• Arrange to explain any past missed payments using a ‘notice of correction’ if you think it might help for lenders to know the background.

James Jones

Tixy

spikethedee wrote: »

I'm still not getting approved for a loan to help pay for a wedding. Any lenders, companies etc that you think this would be a good enough score to proceed an application?

I can give more details if needed.

Cheers,

More detail would be useful.

How much are you looking to borrow? who have you applied to and been declined by?

Are you employed? how much do you earn?
Are you on the electoral roll at the address you live at?

Do you have any joint accounts with partner? have you applied for any joint loans or joint anything?
if you do then it would be worth checking your credit files with equifax and callcredit as well to see if you are financially associated on them.

spikethedee

I've been in my current job for 5 1/2 years, previous one for 8 years with no break in between. Earn £18000 give or take. Have been on electoral roll here since last year. No joint applications with my partner, but we do have a joint deposit account with no overdraft facility. I can't see her on my credit report thing when I look at the details.

As for how much - £4000 would be really helpful, £7000 would juts about pay for everything, so don't know if it makes a big difference in the likely outcome.

Have got a Santander current acount, who have declined an application last year.

Tixy

You could be associated on one of your other files even if you are not on experian - but if you know you haven't had any joint accounts then its unlikely.

Your lack of history is likely to cause you a problem, and usually it would be suggested to try your own bank - although obviously you've already tried that.

Did santander give an indication of why you were declined? How much did you apply for to them?

Given your income and very slim file I'd think a £7k is going to be very tough, you might stand a better chance at £4k.

How soon did you want the money? Ideally it would be useful to try to build up your credit file a little first - such as with a subprime credit card, but you'd need at least 3months, preferably 6 for it to make much difference.

spikethedee

No feedback from Santander, I wrote a letter to the appeals type people and got exactly the same letter back the second time, with a different date!

The joint account was opened under a year ago, but doesn't show up at all on the report I got this week.

Tixy

If the joint account doesn't have an overdraft then you shouldn't be linked. But the point I was trying to make was that experian won't show you everything and your file from equifax and from callcredit won't be exactly the same as the experian one. To get a full picture of your files its best to get all 3 files - or at least experian and equifax (as callcredit is much smaller) not rely on just one. Especially if you are having difficulties getting credit. (don't pay extra for the score though thats a waste of money - just the statutory reports are the bits you need to see)

kayleemegn

Are you having a joint account with your girlfriend or not and how much you want to borrow? If you are not having any joint account then you are eligible to get a loan approved and that too on a fair interest rate.

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