Don't want to damage my good score!

MrMallen

Hi, hope you guys out there can offer some advice.

I have recently got my Experian credit score, its showing as over 900 and "Good".

I have two positive factors on there,
"The usage of your available credit indicates a lower risk"
and
"You have no recent searches on your credit report"

The negative points are,
"You have no successfully settled credit account"
and
"The value of your highest credit limit indicates a higher risk"

My initial thought is to apply for a credit card (that I don't need to use at the moment) but the extra credit will offset the "The value of your highest credit limit indicates a higher risk" problem.. If I do not get approved though wont this result in a "recent search" and damage my report?? Basically I want to know how to get rid of these negative points without damaging my good rating.

I was 20k in debt a few years ago with a poor credit rating and I have worked so hard to get back on track over a long period of time that I am now paranoid about causing any damage! I just can't see how to improve it further!


Thanks for your help!

tinkerbell28

Not even going to go there with the score. It's irrelevant.

With regards to the points which mention actual issues with your report. Which some lenders will factor in. That's all they see your report.


The negative points are,
"You have no successfully settled credit account" This suggests you've never settled an account fully as per the terms?
and
"The value of your highest credit limit indicates a higher risk" This is referring to your actual credit limits for products you have. It's suggesting the limits are low, and thus it could be viewed you're perceived as a risk. A new card won't help with this, unless it's got a good limit.

The_Boss

It's just Experian trying to justify their existance.

Out of interest, what do you think is the worst that can happen if your 'good score' drops? You don't have a credit rating so cannot damage it.

tinkerbell28

The_Boss wrote: »

It's just Experian trying to justify their existance.

Out of interest, what do you think is the worst that can happen if your 'good score' drops? You don't have a credit rating so cannot damage it.

IME, you're more likely to be accepted for prime cards at headline rates

I'm aiming for poor as I may get more favourable terms on the mortgage at this rate :beer: