Credit Expert - Disappointing score

longtermplanner

Obviously you need to sort out these old mortgage markers.

But also start using the credit card every month and paying it off in full every month. The more positive ticks you get, the better.

The_Boss

Eonel wrote: »

Your salary is obviously good - Experian will assume a much lower salary in their logic, potentially giving you a misrepresentative low score.

What does this mean? Experian don't factor your salary into their worthless 'score' at all (which is one of several reasons why it is worthlesss) so not sure what your point is?

YorkshireBoy

The_Boss wrote: »

What does this mean? Experian don't factor your salary into their worthless 'score' at all (which is one of several reasons why it is worthlesss) so not sure what your point is?

I don't know whether they do or not (although I used to be of the same opinion as yourself), but I think it's fair to say they could do...

http://www.experian.co.uk/consumer-information/detect.html

...if you're already on one of their databases due to previous credit applications with lenders who share application data with them.


Hopefully James Jones (Experian Rep) will pass comment?

chr24

Yorkshire Boy, sorry please let me ellaborate....

I was paying the £14.99 per month to credit expert. I logged in last night and found out my score was in the FAIR bracket with a score of 777.
It had no red marks against anything on my profile, so I was disappointed to find out a low score without any explanation.

Having came onto this site and found out about Noodle, I signed up to that and thats where I came across the Joint mortgage late payments/Financial association. - This wasn't illustrated on the credit expert website. Not sure at the moment if the disappointment actually lies with my score or if im disappointed in myself for not being vigilant to notice this.

Tinkerbell,
When the mortgage direct debit was set up in my name, there was no late payments. Always paid on time but from looking into it, when it was transferred into her name for the direct debit before the mortgage being transferred to her in full it appears to be 6 months of late payments which she assures me she paid on time and is going to provide bank statements....so I will need to write to the halifax to try and sort this out.

longtermplanner,

does that actually help your credit rating? - I have a friend who pays for absolutely everything on his AMEX card and then pays it off in full. I'd say he is more financially savvy than I but I did think about starting to do the same just to see how it goes. I'm just trying to get out of the old fashioned/traditional way of thinking that spending on my card is bad - BUT as long as I pay it off in full I dont see too many problems.

The main objective for me financially is in approx 1 years time I want to have £25,000 saved for a deposit for a house, no overdraft which I have just now, not many out goings except car/mobile phone etc so I can try and put myself in best possible position to buying a house.

Confusing and a mess I know....

CherlokHomes

YorkshireBoy wrote: »

I don't know whether they do or not (although I used to be of the same opinion as yourself), but I think it's fair to say they could do...

http://www.experian.co.uk/consumer-information/detect.html

...if you're already on one of their databases due to previous credit applications with lenders who share application data with them.


Hopefully James Jones (Experian Rep) will pass comment?

Pretty sure that's within the scoring process with lenders 'not' scores calculated within customers memberships.

James jones has repeatedly said his credit score they sell to the general public don't take in people's salaries.

chr24

could any of the experts there tell me about car finance then...

I'm currently on one of these P.C.P deals where at the end of the term you have options to pay the balloon payment and keep the car, hand the car back and take a new one or hand it back and walk away.

My current deal runs out in a couple of months and I'm handing the car back to walk away from that manufacturer.

However, I am getting a new car from a different manufacturer and again its on one of these PCP deals.

Again, I've never missed a payment and never any late payments, but my question here is do these PCP deals damage your profile instead of having straight forward finance to owning the car out-right after the finance term?

Before anyone lectures about wasting money on new cars and depreciation, its my vice....don't drink and don't go out much so need to spend money on something and this is it (I get enough of that lecturing from the folks and new gf!)

tinkerbell28

chr24 wrote: »

Yorkshire Boy, sorry please let me ellaborate....

Tinkerbell,
When the mortgage direct debit was set up in my name, there was no late payments. Always paid on time but from looking into it, when it was transferred into her name for the direct debit before the mortgage being transferred to her in full it appears to be 6 months of late payments which she assures me she paid on time and is going to provide bank statements....so I will need to write to the halifax to try and sort this out.



Confusing and a mess I know....

That's your problem. You still had a joint mortgage and trusted her to pay it until it was settled. This may have been a mistake on your behalf. She paid late according to the Halifax. That effects you too. As you are a name on the mortgage, whoever pays the direct debit it is your liability also to make sure it is paid in full on time.

If she DID pay late, you'll be screwed they won't remove it which is going to make getting a mortgage difficult with mortgage arrears on your file. Even if settled.

PCP deals aren't great. Personally in your shoes, I'd be putting the money towards a good broker and a bigger deposit.

chr24

I think this is the case.....I will need to see her bank statements and write to the halifax for an explanation to find out more details.

As for the car deal tinkerbell, Everyone says I should stop wasting money on cars but as I say, everybody has to have their vice in life and thats mine. Maybe I should say to myself this will be the last "good/nice" car that I will have and after this 1 I'll settle for an old run-around instead.

tinkerbell28

chr24 wrote: »

I think this is the case.....I will need to see her bank statements and write to the halifax for an explanation to find out more details.

As for the car deal tinkerbell, Everyone says I should stop wasting money on cars but as I say, everybody has to have their vice in life and thats mine. Maybe I should say to myself this will be the last "good/nice" car that I will have and after this 1 I'll settle for an old run-around instead.

The thing is though. If she DID pay the mortgage late. You will have on your file, unable to be removed 6 months of late payments for a mortgage.

Which is going to make getting a mortgage VERY hard. Especially with only a 25k deposit. That is only 10% on 250k. You need to work on upping your deposit and watching unnecessary things like expensive cars. As you may well be looking at sub prime and checks are stricter.

I guess you have to make a choice if it does stand the mortgage was paid late. Car now, or house next year if you chuck everything at getting a deposit, so you are more likely to get accepted.

CherlokHomes

chr24 wrote: »

I think this is the case.....I will need to see her bank statements and write to the halifax for an explanation to find out more details.

As for the car deal tinkerbell, Everyone says I should stop wasting money on cars but as I say, everybody has to have their vice in life and thats mine. Maybe I should say to myself this will be the last "good/nice" car that I will have and after this 1 I'll settle for an old run-around instead.

I've wasted thousands on cars but I'm happy apart from the few thousand I now owe again on another one I bought.