Best credit score possible with a Default?

Tacopowell

On my Experian report I've got a satisfactry default, one I acknowledge is of my doing and as its started in 2011 I still have a few years for it to be cleared but my question is how badly can this effect my rating? Or

What's the best score possible with a default?

Currently around 500, pigeon holing me as "very poor"!

It'd be nice to know I could get credit to help improve things

throwoff

Right now in this economy?

Not a chance, not unless you want to go sub-prime, Vanquis or one of those lenders and then you are running a risk of slipping into a horrible cycle of interest/charges if you miss a payment.

Once the default is on accept it, 6 years is the wait then you can start again with a reasonable credit provider.

Perhaps a mobile contract would add ticks to your file which would help in the long term but since the crunch unless you want to be ripped off.

Sorry if this is not the news you wanted, a friend of mine works for the CAB and was telling me recently it is amazing how many people sit down and say they want to save their credit files. Sad fact is it is too late, they are damaged and the damage lasts 6 years. Concentrate on what you can do, pay off any debt, if you have none build some savings.

Palookaville

I've got late payment markers and a default date from 2011 and I'm scoring 789 which is fair.

Tacopowell

Thanks the replies!

I now feel what will be will be!

I've learnt my lesson and won't make the same mistake again!

now just a case of working on the credit score!

Of course Vanquish or any high % credit will be a big no no!

I'll take my time with Phone contracts and such, as pointed out!

Look forward to hitting the 700's!

Cheer peeps!

The_Boss

Tacopowell wrote: »

On my Experian report I've got a satisfactry default, one I acknowledge is of my doing and as its started in 2011 I still have a few years for it to be cleared but my question is how badly can this effect my rating? Or

What's the best score possible with a default?

Currently around 500, pigeon holing me as "very poor"!

It'd be nice to know I could get credit to help improve things

The Experian credit score means almost nothing so you shouldn't worry about it changing too much.

Experian_company_representative

Not quite. The Experian Credit Score rates your credit report data based on the scorecards we build for many lenders. So it's a useful guide to how a typical lender will assess your credit history. What you have to remember though it's that lenders assess a wider selection of data than just your credit report and have different lending policies. For this reason you have to see the score we can give you as a guide but never a guarantee. Tomorrow's Martin Lewis Money Show looks at credit scores in detail so you may want to tune in!

James Jones

The_Boss

Experian_company_representative wrote: »

Not quite. The Experian Credit Score rates your credit report data based on the scorecards we build for many lenders. So it's a useful guide to how a typical lender will assess your credit history. What you have to remember though it's that lenders assess a wider selection of data than just your credit report and have different lending policies. For this reason you have to see the score we can give you as a guide but never a guarantee. Tomorrow's Martin Lewis Money Show looks at credit scores in detail so you may want to tune in!

James Jones

Then why have people with multiple defaults reported 'excellent' Experian scores when a lender would score this down or could even reject an applicant depending on their criteria?

Where does your score take into account salary, time with employer, outgoings etc, all of which are needed by a lender to determine how they score you? Yet when investigating on the Experian website there is no transparency of what other data lenders will use and that your score is not the whole picture. It is deliberatly sold in a misleading way (including in the recent TV adverts). You only have to see the number of people who complain about a good or excellent score that are turned down for credit to see how Experian are misleading people.

The_Boss

All from Experian's website :

Your Experian Credit Score

Your credit status in a number! Your Experian Credit Score is based on the information provided in your Experian credit report and is given as a number ranging from 0-999. The higher your score, the more likely you are to get better credit deals

This is not necessarily the case at all. What if you have an excellent "Experian score", a salary of £10k and apply for a loan of £15k? What if you have an excellent "Experian score" but are unemployed, work part time or are on benefits? What if you started your new job a month or so ago?

Do you also not agree that "Your credit status in a number" is incredibly misleading since it is not the whole picture?

What does your score mean?

Your Experian Credit Score is a snapshot of your current credit status. It is important that you check your credit score regularly to help minimise the damage that mistakes and potential fraudulent activity can have on your creditworthiness.

Why do you advise this when it is not necessary to check your credit score regularly to determine mistakes or potential fraudulant activity? Is it because it costs about £13 more than your statutory report, which it is important to check regularly?

Take control and improve your score

Your Experian Credit Score is constantly changing along with your circumstances. View your credit score history to see how it fluctuates over time. If any factors are affecting your score, then our tools will flag up both the positives and negatives, allowing you to take action and improve your score.

Why is there no transparency in what other data lenders use as well as your own, and that therefore your 'credit score' is irrelevant by itself?