'Fair' credit score with Experian - how to improve?

adamck

Hi All.
After recently being declined a joint mortgage, i need to work on improving my credit.
My credit file was 'Very good' almost excellent, but i was made aware of a missing address off my file which then showed i had a default...

After lots of chatting to Vodafone, the default was removed and it is now a satisfactory account with no late or missed payments.

My credit score then went back up, but only to 'fair' which is odd as it was much higher before the default was added then removed.

So... i need to try and bring this back up to very high again.

Whats the quickest way?

I have never owned a credit card or had a loan... i do have a PCP hire purchase for £13k.

I also own a motorcycle (insurance), rent a house and have all the bills coming out of my account via DD.

Whats the quickest fix for improving my score in a short period of time?
Credit cards? Loan? Prepay cards?

Jason_Bourne_2

I don't think the score or rating doesn't matter tbh, it's the content of the file that really matters.

As long as everything adds up (address name electoral role etc), low number of searches and you pay on time then you will have more than a good chance of getting credit at a decent rate.

BugsyBrowne

Forget about your silly score Experian sold you!

It's what's on your credit file that's important.

A lender wouldn't give a monkeys what your score is with Experian as each lender will score your application in their certain criteria .

adamck

Spoke to experian, was told that taking out any credit cards would be detrimental to my score in the short term and will only improve my score after 10 months.

According to experian, my score is more than ok for mortgage applications.
Must just be my partners report

BugsyBrowne

adamck wrote: »

Spoke to experian, was told that taking out any credit cards would be detrimental to my score in the short term and will only improve my score after 10 months.

According to experian, my score is more than ok for mortgage applications.
Must just be my partners report

You asked a question earlier I replied and you've come back with this old tripe of a post.

adamck

How is that tripe of a post?
Im pretty sure that Experian know what they are doing!
You are correct about the score not meaning anything as its a score that is only visible to me and experian.
But they did tell me that taking out credit cards would be detrimental to my credit file for at least 10 months as its a new credit account, it would only improve my credit after 10 months.
Is this information correct? or are they lying to me for no reason what so ever?
Do you work for a credit reference agency?

marathonic

adamck wrote: »

Is this information correct?

No

adamck wrote: »

or are they lying to me for no reason what so ever?

Not for no reason whatsoever - the reason is to make sure that you think their premium service is worthwhile when compared to a £2 report

adamck wrote: »

Do you work for a credit reference agency?

We normally get suspicious that someone works for a company when they have overly-glowing reports of that company. Not when they play down that companies services.


There are many, many threads where people talk of their scores. Some of these threads have responses from Experian Representatives. The standard response to Experian is to tell them the score is useless.

I have never seen Experian come back arguing that the score is useful. They simply know that it is an argument they cannot win.

DCFC79

adamck wrote: »

According to experian, my score is more than ok for mortgage applications.
Must just be my partners report

Are Experian lenders ?

No they aren't so take what they say with a pinch of salt.

adamck

OK, so if i have 15 settled credit accounts, no missed payments or late payments and no defaults on my file.
Ive rented for 4 years+ and have 2 vehicles, 2 mobile phone contracts and plenty of direct debits etc...
The only outstanding credit i have is a hire purchase for my car.
I doubt a lender would find an issue with my credit file.

My partner has a settled default, and a few missed payments on a credit card 4 years ago... so it will have been her credit score...
Or am i still wrong?

marathonic

adamck wrote: »

OK, so if i have 15 settled credit accounts, no missed payments or late payments and no defaults on my file.

All this is fine.

adamck wrote: »

Ive rented for 4 years+

Some lenders prefer homeowners but, for a mortgage, the fact that you're currently renting shouldn't impact you.

adamck wrote: »

have 2 vehicles

Irrelevant unless they are on credit. If they are on credit, it's a negative.

adamck wrote: »

2 mobile phone contracts

Fine if you have no missed payments

adamck wrote: »

plenty of direct debits

Irrelevant to a credit file.

adamck wrote: »

The only outstanding credit i have is a hire purchase for my car.

If the total available credit, excluding mortgage, exceeds 50% of your income, you may run into trouble. That 50% includes the available credit if you were to be approved for whatever credit you are applying for.

adamck wrote: »

My partner has a settled default, and a few missed payments on a credit card 4 years ago... so it will have been her credit score...

That's extremely likely. This is especially true if you didn't have a large deposit - 25%+. Some lenders can ignore older missed payments if there's a large enough deposit. Best to see a mortgage broker in this situation as opposed to applying directly.

The_Boss

Oh dear...still we have questions talking about the Experian score and no sign of a sticky thread explaining why they are pretty irrelevant.

(no criticism of the original post)