Feeling disheartened

No1Stoney

Hi everyone. I'll try to be as concise as I can here to explain my situation. Over the past 2 years I've been getting my debts down . Some family related debts and others from lenders. Me and my partner had £1100 debt to family, £1900 o/d on one account and £2600 o/d on another account. Plus a loan with about £1500 left paying £125 a month. Anyway I signed up to noddle to being with to see how my credit history was looking, and as I feared, it was showing very poor 1/5 etc etc. Everything on the file is correct though. Anyway, things progressed. Paid the family member off (perhaps should of started with lenders first, but we wanted to get the family straight first) then attacked £1900 o/d. Paid it off in about 12 months. Next was the loan but that was coming close to its natural end time. Ended up paying it off 2 months early. Next the £2600 O/D. Well last month I cut it in half in one payment, and I plan to have it down £600 on the 20th Feb. My noddle file showed 2/5 as things progressed, then as the loan got repaid it went to 3/5. I thought great. But this month (bare in mind noddle is about 2 months behind with its figures, last updated 31/12/2013) its gone down to 1/5 again! but nothings changed! If anything, its in a slightly better situation. Why is this?

I have read time and time again not to worry about credit scores etc but I cant help it. Companies look at these reports and they must have some influence somewhere surely? I just have no idea why its shot back down again. I'm trying to pay off everything so that I will be credit worthy once more. Just doesn't seem to be going my way. I'm happy to add any more info if you need it, just don't want to waffle anymore. Any advice would be greatly appreciated! Thanks

[Deleted User]

The score is completely irrelevant. You're clearly managing your finances better than previously and lenders will see that when they view your report. The fact that the random number generator has given you a 1 this month show how pointless it is.

If you want a higher score, just write 'My score is 5/5' on a post it note. It's just as valid.

No1Stoney

Thanks zx81. I know its daft to get annoyed with a number on a screen. I guess because no one really knows exactly what a lender will look for when applying for credit, you begine to wonder what as caused noddle to pull a 1/5 out of their bingo machine.

Thrugelmir

No1Stoney wrote: »

I guess because no one really knows exactly what a lender will look for when applying for credit,

Not rocket science. Carry on as you are as you are heading in the right direction. Good personal financial management skills are the key.

CreditCrunchie

I just want to say well done! You're an inspiration with the way you've been handling your debt

matttye

No1Stoney wrote: »

Thanks zx81. I know its daft to get annoyed with a number on a screen. I guess because no one really knows exactly what a lender will look for when applying for credit, you begine to wonder what as caused noddle to pull a 1/5 out of their bingo machine.

My Noddle score was 3/5 last month. This month it's 1/5 and the only thing that's changed is I've paid everything off in full as usual (phone contract, credit cards, etc.)

Ignore the score, it's basically a random number generator.

Joe_Bloggs

The Noddle score is very coarse and meaningless. The other free aspects of the service are worth a look.

May I also convey my admiration to No1Stoney for their determination in driving down their debt.

I expect my Noddle score to dip from a meaningless 5/5 to a pointless 4/5 when I transfer a current account later this month.

J_B.

No1Stoney

Thankyou very much Joe_Bloggs and CreditCrunchie for the feedback. I really do feel great, knowing that my debts are on their way out. I plan to be debt free by April! Thats a far cry from when I was owing ~£7000 2 years ago. Had been living in my overdraft for around 4 years until then. Which has wrecked my credit scores. I think thats the sole thing thats ruined it as my salary didnt even cover half the O/D limit. I have never had a late payment on the loan and always covered the o/d charges without fail ever. I'll keep plodding on, its NOT going to stop be wanting to clear my debts. Thanks everyone