Making my credit better

Dbolton08

Hi, sorry if this is in the wrong section, just wanted abit of advice...

Basically I had bad credit and was struggling to get any credit, although I did not have a ccj, I had late and unsettled debts, which were eventually paid off... Endless credit searches etc etc...


About 2 and a half years ago, I took out a bad finance car loan, which was over 3 years (6months left) I have kept this upto date and have not defaulted etc... And during his time, around a 1 an half year ago I curiously went and did my online banking and applied for an overdraft and they gave me one upto £1000 which I thought was great, so couple of months later I tryed to bump it too 5000 but it wouldn't let me, but it did lt me go to £3000, which I have kept ever since, I did use the overdraft for a few months but I always paid the minimum payments etc, I never had any trouble from the bank for this,


About 4 months ago I tryed my credit search although it was not disastrous it still is showing to be poor... I would of thought after having good credit for 2 years with the finance an th overdraft that it would be looking in better shape, how long will it take me to get myself good credit? And I'm not currently using my overdraft, as I have more money in my account, so the £3000 is sitting there untouched, can anybody give me some advice what I should do


Shall I close the overdraft off and also paying my last 6months of finance early, will this help?...


I also noticed that the stuff I hd defaulted on years ago was still on my file, and I rung the loan company and they were satisfied that the loan was payed off and there was nothing they could do about removing the bad credit stamp...


What are y options, many thanks


P.s please ignore th bad spellings, my ipad keeps auto correcting wrong

soontobemrsg

When your old defaults fall off your credit rating will automatically improve providing that you continue as you currently are. This will be 6 years after the default date.

Dbolton08

Well iv just gone an done another credit check on checkmyfile.com

I'm abit confused (if anybody has used it would help)


I'm checking my credit score -


Call credit - 533


Equifax - 758

Then when I go to the public credit reports it says


Call credit 797


Equifax 797


Experian 797


So I don't understand which is my true credit score...

Dbolton08

Call credit

Your Credit Score & Rating based on your full Callcredit file and which reflects that used by lenders is:
533

.

Negative Attributes
Aged 25
1 Defaulted Account


Positive Attributes
No Court Judgments
On Electoral Roll
3 Clean Accounts

Dbolton08

Equifax


Your Credit Score & Rating based on your full Equifax file and which reflects that used by lenders is:
758

Negative Attributes
Aged 25


Positive Attributes
No Court Judgments
On Electoral Roll
5 Clean Accounts

soontobemrsg

Different lenders update different credit reference agencies. I wouldn't worry about the actual number as lenders will make their own decisions depending on how you fit their criteria and how high a risk they perceive you.

As I have previously said, as soon as the old default falls off your credit file will automatically improve.

Tixy

You don't have a 'true' credit score. Credit scores are sold by the 3 credit reference agencies but they are not what any potential lender sees.

You need to check your basic credit reports with the 3 credit reference agencies (i would do this direct and not use checkmyfile - checkmyfile doesn't even have access to your proper experian report) and check that all the information that is on them is correct.

When you apply for credit the potential lender may search any 1 or 2 or occasionally all 3 of the credit reference agency reports (not the score), and will make their lending decision on that combined with the information on your application.

The data on the 3 files won't be the same, as not all lenders report to all 3 agencies. So for example your loan may only appear on 1 or 2 of the files.

The public data for all 3 agenices only looks at whether you are on the electoral roll, whether you have any CCJs, and whether you have been bankrupt / in an IVA or DRO. This information should be the same on all files.

soontobemrsg

Tixy wrote: »

You don't have a 'true' credit score. Credit scores are sold by the 3 credit reference agencies but they are not what any potential lender sees.

You need to check your basic credit reports with the 3 credit reference agencies (i would do this direct and not use checkmyfile - checkmyfile doesn't even have access to your proper experian report) and check that all the information that is on them is correct.

When you apply for credit the potential lender may search any 1 or 2 or occasionally all 3 of the credit reference agency reports (not the score), and will make their lending decision on that combined with the information on your application.

The data on the 3 files won't be the same, as not all lenders report to all 3 agencies. So for example your loan may only appear on 1 or 2 of the files.

The public data for all 3 agenices only looks at whether you are on the electoral roll, whether you have any CCJs, and whether you have been bankrupt / in an IVA or DRO. This information should be the same on all files.

You said it so much better than I did!!!

Dbolton08

That that website is useless then,?

Tixy

Dbolton08 wrote: »

That that website is useless then,?

checkmyfile? I wouldn't use it. I would get the original date from the 3 credit reference agencies. If there are any queries / errors on your reports you have to go back to the proper agencies anyway.

The free trial might not hurt - but I certainly wouldn't pay £7.99 a month.
Far better to order statutory reports for £2 each from experian and equifax, and get your file free from noddle. even if you check them every month its still half the price checkmyfile charge. And you can see the information all 3 agencies have on you, and can see what a potential lender would be looking at when they do a credit search.