Credit Rating

BaronB

Hello

I have been paying off debts now for a few years and things are getting better. I earn a decent wage, am on electoral role, have had my job for 2 years. My debts total around £8k but I do switch my credit cards. I haven't taken on any 'new' debt in about 3 years.

My credit rating according to Noddle is 1/5.

Why is that?

Thanks

[Deleted User]

Doesn't matter, The number's not important.

But is the 8k a lot compared to your salary?

Saints2011

Have a look at my signature...

KingElvis

Late payments? CCJs? Payday Loan markers?

All these things will drag your financial rep down into the toilet.

BaronB

Wow. Uber-quick responses! Quite amazing. Thank you.

£8k on a £36k salary which actually when you look at it does look bad. I don't have any issue making repayments though which moves me on to answering next question - no late payments, no CCJs, no payday loan markers. Granted, I had rather a lot of 'fun' at university but those days were 10 years ago. I have been as good as gold these last 6-7 years. Never go over overdraft limit. A veritable financial angel.

Is it it purely amount of debt then?

Saints2011

Have a look at this link for other factors

Credit scorings about profit not risk

Tixy

Scoring / rating by the credit reference agencies is not something to get concerned about.

But have you looked at what data is on your noddle report - do you have many credit accounts showing on that report? It may be that very few of your current / past lenders report to noddle.

BaronB

Thanks. Yeah - I have looked at that bit still left me a bit confused. My switching might have caused an issue and certainly the amount doesn't look good. It was racked up at a time when lenders were chucking money at me a few years ago. We'd struggle to get close to that debt starting from scratch now.

BaronB

Thanks, Tixy. Everything is up to date. The accounts that are closed are closed on there and figures for current debt all up-to-date. As you say - perhaps better not to worry about it. I may switch credit cards in a few months but other than that I am not planning on taking anything new on. Better to just concentrate on getting the debt down, I guess.