Noddle! I have ruined everything!

angelpye

Hi all, just checked noodle report and panic has set in....
My rating is 1!!!!

Following a break up I know I was a bit irresponsible but I am shocked at damage done in less than a year of emotional times. I was doing so well I could cry!

I have 2 bank accounts all saying 'ok'
2 mobile phone contracts all saying 'ok'
2 mortgages all saying 'ok' except one late payment on one which bank took verbal responsibility for.
2 credit cards:
Cc1 all ok except 3 late payments in last 7 mths plus 1 late 2 years ago
Cc2 5 late payments since April and 1 previous to that. Late payments have led to hikes in interest and reduced limit making it looked maxed out when was only at 50% of limit.


I can't believe I have smashed my credit rating after all the hardworking over last few years to build up. I could cry

Ex partner is financial associate and he will be so cross if finds out as he has always been perfect whole life! Mortgages have three years fixed rate do I have time to recover?

Think I might vomit!

mildredalien

Don't panic, the noddle rating system doesn't mean much at all really - in fact mine seems to go between a 2 and 3 seemingly at random, given that I haven't had any more credit or changes to my file in years but it can change from month to month!

It's probably currently low due to the recent late payments, often lenders will look favourably on a positive credit history in the last 12 months even if past years are a bit dodgy. The best thing you can do is take charge of your finances and make sure you keep up payments on time, reduce debts as much as you can and close down old files. You don't have any defaults or CCJs etc. on your file so it's not a disaster!

krustylouise

I know it's a shock as I too signed up to noddle yesterday and got a score of 1 and was totally disgusted and ashamed of myself, but I have just typed in a search engineer "noddle credit 1" and there are people in the same boat who have excellent credit. Try not to take it to heart, and perhaps buy a £2 report from experian?

HTH

accountingbod

At the risk of sounding like a conspiracy theorist (which i generally am not), when i have used Noddle i have noticed how it automatically tries to tie you in with products that suit your rating.

Now, if you had a rating of 5, you may feel more confident with going elsewhere for a product, but if you had 1-3 (mine was 3 and i have not missed a payment for over 6 years etc, no ccj's etc..) then perhaps it is being a bit harsh on purpose to encourage you to use products that they then think you will be suited for, thus earning a commission themselves.

I have no proof whatsover to back this up but i just came to mind and may be the reason why their scoring seems more severe?

OneLife_OneShot

It isn't the end of the world, I have a 1 but I have no late payment markers or anything just one default you don't even have one of them. Also Noddle wanted me to go to Amigoloans. Yeah right

The numbers are meaningless in the same way as Experians score out of 1000 also is. My dad who is mortgage free and never had a credit card/loan or phone contract in his life was given a 3. Its just a number they use to try and sell you stuff.

Just keep on busting debt & the lenders will see you are trying.

angelpye

Thank you guys for all the lovely supportive and speedy replies. I worked really hard to get to a good place and was rewarded with a good mortgage deal that meant we could get a good size home, so when I saw that I was panic stricken.
I know what I have done and that it's only me to blame but adjusting from a dual income has been hard and I was so emotional I kept missing the payment date - late ones on cc2 come after cancelling direct debit due to unauthorised increase payment schedule by 300%. Keep trying to set up standing order but they are being difficult as would rather a dd!

On top of this they are hiking interest as has been 6 mths since I think since last hike (which they did on first and second missed payments as there were enought gaps in time). Alternative is to set it for life at current but would they would close account and I don't know if that would look bad?

I am determined to pay it all off ASAP and then build up a reserve in a savings account, all this debt cycle makes me anxious and feel like I am letting the children down. I must be a responsible adult and deal with it!

Mildredalien sounds like if that's true and I behave from now on them mortgage may not be impacted or just a little. Gosh I hate this worry! I will also be making serious effort because on the whole I have just been paying minimal payments on cc2 and that can't look good either.

Feeling calmer if still tearful. I am great with all other aspects of parenting but this really makes me feel like a bad mom

fatbelly

angelpye wrote: »

I know what I have done and that it's only me to blame but adjusting from a dual income has been hard and I was so emotional I kept missing the payment date - late ones on cc2 come after cancelling direct debit due to unauthorised increase payment schedule by 300%. Keep trying to set up standing order but they are being difficult as would rather a dd!

Set up a direct debt with each credit card for minimum payment. Then manually pay on top of this what you can afford each month. This will ensure that you do not miss a minimum payment (as long as your bank account is within its T&Cs) and your credit history is preserved.

Ratings given by the credit agencies are meaningless. Now wait for one of their reps to come on and contradict that.