Credit score - pls help

simon2010

Hi there

I would appreciate some advice about my credit score. The current score is 489! As you know this is very poor. I have not been great but I have not defaulted on anything.

Mortgage – up to date

I have 29 records in ‘my account information’. 22 of which are settled in full and always up to date with payments. Here’s the downside:- last year (april,may,june) I got behind on my Barclay loan, and it went to a four on my credit file. It is now settled in full.

6 other current outstanding records:-
Cap 1 – up to date but have gone other the limit on serveral occasions. £1500 limit
O2 – phone – always up to date
Littlewoods - £1500 owing, up to date
Next – up to date, owe £164
Barclaycard – up to date owe £184
Provident – up to date, owe £1000

Approx owing: £4500 – excluding mortgage. Work ft, good income.

Would all of the above return a score of 489? How can I improve it? Anyone else had similar problems?

Many thanks in advance.

Apples2

Lenders will look at your files and use that data along with a whole host of their own data before deciding to lend to you.

The people who have awarded you a score of 489 are not money lenders, so it is of no consequence what magic number they come up with. Nobody else cares what it is.

You can see ALL you need just by looking at the credit file details (no need to wast money on pointless scores).
the late payments will affect you negatively, and will continue to do so until they drop off your files (after 6 years).

Aside from that, it is about your debt to income ratio, salary, personal circumstances etc. etc. nobody knows exactly, each lender uses their own super secret formula before accepting/declining you (and deciding what APR to offer should they accept you).

r1chscott

Hi, are you looking to get more credit? If not, then don't worry about the credit score, as it's basically meaningless.

If you are looking for credit then keep making payments on time, clear what debt you can, make sure your available credit isn't higher than approx. 50% of your salary, make sure you're on the electoral roll and the information held by the credit reference agencies is correct. That should tidy it up and make you look like a better risk.

But most importantly, if you are going to take out more credit check yourself against Martin's money mantra! http://www.moneysavingexpert.com/shopping/money-mantras

Hope that helps, Rich.

Saints2011

Apples2 wrote: »

Lenders will look at your files and use that data along with a whole host of their own data before deciding to lend to you.

The people who have awarded you a score of 489 are not money lenders, so it is of no consequence what magic number they come up with. Nobody else cares what it is.

You can see ALL you need just by looking at the credit file details (no need to wast money on pointless scores).
the late payments will affect you negatively, and will continue to do so until they drop off your files (after 6 years).

Aside from that, it is about your debt to income ratio, salary, personal circumstances etc. etc. nobody knows exactly, each lender uses their own super secret formula before accepting/declining you (and deciding what APR to offer should they accept you).

Thank you Apples took the words out of my mouth :T

Hazzinho

Using a payday lender suggests you are struggling and is a flag to lenders to avoid. If you also always make minimum payments that is another alert you are just about managing your debt. If you have an associate in the same situation a further negative.

Mara69

I suspect the 27 pay day loans might be having a teeny tiny adverse affect

simon2010 wrote: »

I have had 27 loans from Quick quid in the past and never had a single problem (always paid on time).

I would never ever recommend you get a PDL though, you have to be desperate!