Credit Expert Report

James1980

Is it just me or is this strange.

When I look at my credit report it states the following 2 things.

The number of credit accounts you are using is high.

(I have 1 LOAN, 1 CURRENT ACCOUNT (with Overdraft), 2 Communications (mobile and home phones), 1 Fixed Term Deferred Payment.. which was for a Laptop on 12 months interest free but i decided to pay over 36 payments, this has been cleared in last few days)

So in Total that's 5 credit accounts, 1 recently cleared. then 3 others settled 3+ years ago.

Why do they say the amount of credit accounts I am using is HIGH?


the 2nd thing is.

Your borrowing on regular instalment credit has not reduced significantly over the last 12 months.

(this one, i sort of understand but its the first one which confuses me... going to assume this means, we got a loan 9 months ago + we use our overdraft frequently)

Any know what or why the 1st item is shown when it seems there are NOT a lot of credit accounts.

The_Boss

James1980 wrote: »

Is it just me or is this strange.

Nope - lots of us find their credit report advice strange!

Why do they say the amount of credit accounts I am using is HIGH?

Because they are trying to justify the existance of their monthly £15 product and they thing that pulling the wool over people's eyes with 'advice' such as this is worth the money.

In February I had two bank accounts, a mobile phone contract and 5 active credit cards showing on my credit files. I applied for three new credit cards and was accepted for all with good credit limits. So their generic advice would clearly be bonkers in my case and I had more than you. I've also got a settled loan and 7 settled credit cards showing on my files.

James1980

So they're good for general information on your account stuff, but for the actual advice they give with their big Red Writing and all that nonsense just ignore and carry on lol

The_Boss

James1980 wrote: »

So they're good for general information on your account stuff, but for the actual advice they give with their big Red Writing and all that nonsense just ignore and carry on lol

You've pretty much hit the nail on the head. Ignore the score too. Do be aware of your credit limits and used credit compared to your annual salary , your used credit compared to credit limits and keep the number of credit searches you carry out to as few as possible