"Medium Risk" Credit score, and low Bank score

karina2011

Hello,
I bank with Lloyds and 2 years ago I had a problem as the bank showed me as a "risk" client, so signed up for IDAware, which monitors my credit score. I know it's a bit of a waste, but well, at the time it reassured me to have this service to try and find out why my score was low.

My Credit score has been around 600, which puts me as a "Medium" risk. I have credit card debt which I'm paying by paying one first, and the minimum on the other 2 until I clear the first card. I never miss a payment.

The Bank now has me as a score 9 - which is the lowest score. They say it's related to my credit score.

I don't understand. I know paying the minimum will affect my score, but I am trying to close one card first, and have enough money to pay my bills and food.

What else could be affecting my score? I am on the electoral roll, I removed my ex from my files as we split up and he was crap with money so didn't want that affecting me..

This is making me anxious because I never miss any payments, but I still have a crap score.

Thanks for your help
Corinne

You-kip

Its not related to your score its related to what lloyds currently knows about you and how you run your exsisting account.
Whether you pay the minimum or run round circles 10 times only the computer at lloyds will decided when they reduce your Risk.

karina2011

Thanks You-kip

Great...
So, there's nothing I can do? The annoying thing is that they tell me that I'm a 9, but that they cannot tell me why I'm a 9.

You-kip

karina2011 wrote: »

Thanks You-kip

Great...
So, there's nothing I can do? The annoying thing is that they tell me that I'm a 9, but that they cannot tell me why I'm a 9.

Are you CPD (credit policy decline) at lloyds on any of their credit products?

Tixy

How well are you running your lloyds bank account?
Have you had your card or DDs declined at all recently? do you have an overdraft? do you use it every month?
Do you have a regular income being paid in to the account?

karina2011

She showed me the screen and they cannot offer me anything 9I didn't ask for anything, but she said "At the moment because of your score, we can't offer you any overdraft extension, or loan, etc)

Is that what CPD is?

You-kip

karina2011 wrote: »

She showed me the screen and they cannot offer me anything 9I didn't ask for anything, but she said "At the moment because of your score, we can't offer you any overdraft extension, or loan, etc)

Is that what CPD is?

Phone them up and ask if credit policy decline has been stuck next to any of their lending products.

karina2011

Tixy

I have a Classic Account with them, where my salary is paid every month, and all my direct debits come out from. It has a £600 OD facility, I'd use on average I use £100 of it.
I have a "Cash Account" - just an account with a debit card that I use to monitor my personal spending
I also have an eSavers account with some money in for emergencies. For example, i had to spend £400 at the dentist, so I use money from my savers to pay the dentist until BUPA reimburses me, and then I put the money back into my savings account.

Shall i get rid of that cash account?
Shall I not use my OD at all?

Thanks

Cycrow

try and keep out of your overdraft as best you can

if you are always using it, then it looks bad

You-kip

Cycrow wrote: »

try and keep out of your overdraft as best you can

if you are always using it, then it looks bad

Stop talking nonsense mate I was a 3 when I joined lloyds then went to a 4 and now back to 1 and regularly hit my planned overdraft not by much but I still hit it.

karina2011

You-kip, can I ask how many accounts you have with them? Similar to me? or just a current account?
i'm trying to understand how they calculate these numbers. After reading similar posts, I think I'll never find out. But to me, it is stressful being told i have a poor internal record, when I'm not missing payments or fully using my overdraft. And my account is moving every month.

Actually, I was on maternity leave from February to June, so my income was lower than usual...could this have affected it??