Experian Report as clear as mud (and no score)

Justwokeup

Hi all,

I have just checked my experian statutory report (which annoyingly shows no score), and seen that my bank account is on there, and my last mobile phone contract, and that's it! I have a loan with the open uni, a current phone contract, as well as insurance and broadband contracts that are nowhere to be seen! Is this a bad thing? How can I get them to show on experian? They are not on noddle either.

Also, I have 3 (late payment?) markers on my overdraft from December, one 2, and 2 1's. How long will these take to disappear off my report?

Also, Noddle suddenly dropped from 3/5 to 1/5. This was in November, so before these overdraft markers went on. Other than these I can see nothing on experian or noddle which would explain my bad credit before this point. Is it simply that I don't have enough credit? I don't have any credit cards etc (never been accepted - haven't applied in over 2 years).

I want to apply for a mortgage in 2 years. Do I stand any chance with my report standing as it does?

I'm loathe to pay any more money out, but I am yet to see my Equifax report. Is there a free way of doing this?

Thanks

YorkshireBoy

Justwokeup wrote: »

Also, I have 3 (late payment?) markers on my overdraft from December, one 2, and 2 1's.

They're not late payment markers, as you suspect...they're markers to show you were either over your O/D limit or they had to bounce payments to keep your account in order. The numbers relate to the number of consecutive months the situation has existed.

How long will these take to disappear off my report?

Up to 6 years, depending on whether you continue to hold the account or close it. If you keep it running they'll fall off sooner (assuming the current reporting format continues).

I'm loathe to pay any more money out, but I am yet to see my Equifax report. Is there a free way of doing this?

I'm sure if you visit their website you'll find a way of viewing it for free.

[Deleted User]

Why do you want the score?

We can issue you one here if you like.

Justwokeup

I know different companies use different methods so the score doesn't really mean much in real terms, but other than on noddle I've never seen mine anywhere so I would be interested to know.

@Yorkshire, are those markers better/ worse than late payment?

I'm just trying to size up what I can do to get perfect credit within 2 years.

Thanks

YorkshireBoy

Justwokeup wrote: »

@Yorkshire, are those markers better/ worse than late payment?

They both tell prospective lenders that you've breached your account T&Cs. The current account markers may be viewed more negatively, since in one of the scenarios you took, or attempted to take, money that was not yours!...as opposed to simply forgetting to pay your £25 minimum payment on a £400 credit card debt, for example.

I'm just trying to size up what I can do to get perfect credit within 2 years.

You won't have "perfect credit" in that timescale because the damage will remain for up to 6 years from the transgression dates(s).

Justwokeup

I don't have any credit cards. The markers are for going over my agreed overdraft when the bank took fees for an unpaid direct debit and sent my account on a 2 month charges bender. I'm currently getting this sorted out with them (they repaid all the charges as they were down to the bank's error) and can only assume the markers came from there.

Does this mean I won't have any chance of a mortgage within 2 years?

Thrugelmir

Take at a look at the savings schemes operated by Halifax and Nationwide targeted at FTB's. Saving with a lender is a way of building a score. Far better than credit usage.

Are you registered on the electoral roll?

Justwokeup

Thanks for the response. I registered on the electoral roll in April 2013, but it wasn't (still isn't) showing on my credit file. I spoke to the council 2 days ago and they said I am due to be added to it on Monday!! I am still showing as being on there for my last address (which also took almost a year to show up).

I was under the impression nationwide were one of the most strict when it came to mortgages? I bank with them but had discounted their save to buy scheme because of this. I am wondering if Halifax is the same.

Would having those schemes help my credit file anyway?

Thrugelmir

You'll find all lenders have stringent lending criteria at high LTV levels. Mainstream lenders will use highly automated scoring systems. Whereas smaller lenders such as regional building societies will have a more hands on approach. If you need guidance through the mortgage maze. Then find yourself a good local mortgage broker.

Justwokeup

Thank you. Why would it be high LTV? We will have up to 35% deposit for something around £200,000.

Can anyone advise that has been in this position, as to what to do next? Obviously I plan to keep my file as clean as possible, but if there is anything I can pro-actively do to improve it before I even consider talking to a bank or broker about mortgages - will a save to buy scheme help build credit? I can't apply for credit cards or loans so that is out, but what about pre-paid cards that offer credit building? Anything else?

downhillfast

Justwokeup wrote: »

I can't apply for credit cards or loans so that is out, but what about pre-paid cards that offer credit building? Anything else?

Why can't you apply for a credit card? Even a high APR card maintained faultlessly (paid off in full every month so no interest) would be perfect for building a credit history