Equifax score of 294. No credit accounts. Linked address weirdness. Any ideas?

arctic_monk

Hi all,

I've got a 30-day trial with Equifax and a horrible credit rating to fix.
Help me MSE, you're my only hope!

Problem 1: I have no credit accounts, which apparently is dragging my credit score down. Any recommendations?

Problem 2: My previous address is incomplete, and my current address is duplicated as a linked address, also incomplete. My block of flats has a shared letterbox, which means the post office records don't take the flat number into account. Should I bother to fix this?

The likelihood of me getting a mortgage is slim to none. I seriously appreciate any help given. Thanks for reading!

Tixy

Is that no active credit accounts, or no credit accounts at all?

The usual way to start to build up a credit history is with something like a credit card or even a mobile phone contract or catalogue account.

A credit card is ideal as it doesn't have to cost you anything. I'd consider taking out a credit card and using it for a couple of transactions each month (they don't need to be large) and then paying in full each month when the statement comes.

You could try applying at your own bank for a credit card, or if you are not accepted there could try a subprime credit card, which are more easy to be accepted for. Have a read of this - http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

In terms of your current address - are you on the electoral roll? and does that show on your report? when you apply for credit use your address as it shows on the electoral roll.

Are you in a position where you are hoping to get a mortgage soon?

arctic_monk

Thanks for the speedy reply Tixy.

I have no credit cards, and haven't had any for around two years. However I have a long-term mobile phone contract, as well as utlilty and insurance accounts which use credit and spread the cost with direct debit. I'm always up to date with payments, but Equifax don't seem to have taken these accounts into account. Possibly on account of my address situation.

Thanks for the link for the subprime credit cards. I'll probably need one.

I am on the electoral roll. It's useful to know that the agencies use the address as it appears on there. My previous address is recorded altogether incorrectly in that case. I wonder how I should go about amending addresses with Equifax! Any ideas?

I'm not planning on a mortgage in the immediate future, just trying to lay the financial foundations for a successful application somewhere down the line.