Help with credit score pls

Madhatter2

Hey members,

My mate asked me to show him how to see his credit file as he is interested to see how good it is, So I showed him how to do it and he created an account with noodle.

Once he got in he was shocked to have a score of 1 out of a possible 5!

I looked through it for him and it should be pretty good.

He has 1 loan for £4k which he only owe £280 on and will be paid off fully in the next 2 months. He did have a few late payment marks. About 6 "paid 1 month late" He swore he never made a payment late but after investigation he found out that when changing banks the original bank messed up the DD. I have told him to get a letter and to send that to the lender to see if they can amend the file as the late payments was genuinely not his fault.

He has a catalogue account which was opened with a balance of £500 and he has paid that off and been closed. All green ticks next to it.

He also has a credit card "capital 1" Which shows as an original balance of £100 limit then increased to £200 then to £500 and then to £1000. all payments have green ticks to them and the account has been paid in full and closed.


Thats all he has on his file.

He is on the electroll and the credit file reports that.

He does have a lot of searches on his file which I told him could have a negative impact but said I wasnt sure as the enteries are for, Car insurance. There are loads.

He has had other credit, like a mobile phone contract which has ended and he did not renew which does not show on the file and a small loan of £2000 which he has also paid in full but does not show.

He recently applied for a phone contract and was approved and also opened a new bank account with halifax (Reward + current account)

I told him this a positive thing as if he truly had a score of 1 then he would get a flat decline.

So here we are, I cannot understand why he has such a poor score yet only has a few late payments which was 2 years ago and the rest are good but can get line of credit.

I told him not to apply for a loan etc until we got to the bottom of it as if he gets declined because he has a bad score it will have another negative impact on his file.

He is wanting to get a car on finance so needs to know that the chances of getting accepted are very high before applying.

He is on a modest wage around £1100-200 a month working for a security firm.

Any help or advice would be greatly appreciated and I hope this all make sense

Thank you in advance

The_Boss

The Noddle score is worthless. Ignore it. But 6 missed payments will concern lenders, so if the bank doesnt agree to change them then it's likely that they will have problems getting mainstream credit or good deals.

Thrugelmir

It's the individuals responsibility to ensure payments are made on time. If there's 6 on the record then down to the borrower themselves.

StuC75

Credit Scores are meaningless (from reference agencies..).. Is he on the electoral register at current property?.

How old is your friend? as it seems quite a sparse credit file.. Its usual for insurance quotes to show several entries as each place does a check - these are usually flagged differently to a full credit search..

Could you clarify the loan status, you imply he paid late 6 months ago but it has been 1 month late ever since..did he completely miss a months payment, are you sure its paid by direct debit (as most banks would only claim these when upto date so would not continuously run 1 month behind!).. Or is it paid by Standing order? and so the money isn't being received through on time?.. which can be quite common...