Question about my credit score

smulx

I was discharged in 2010 and I've been trying to rebuild my credit as I'd like to try and get a mortgage when the bankruptcy drops off my file. Although there will always be a record of it somewhere and even after 6 years it will still cause me problems won't it?

Experian says my credit score is 995 and is regarded as excellent. The only negative point I have is that I have two defaulted accounts from 2009 that have now been settled. I have a credit card that I use for daily purchases and pay off every month. I was considering getting another one to use for the same thing just to help rebuild my credit, but is this worth doing? The report makes it look as though my score can't be improved further other than the defaults dropping off.

dojoman

Whilst BR is on your file your credit score means absolutely nothing.

tigerfeet2006

Have you checked the other credit reference agencies? Done the clean up?

https://forums.moneysavingexpert.com/discussion/677875

Having a bank account which reports to them helps, as does mobile phones, catalogues etc.

smulx

I'm aware that the bankruptcy trumps everything else right now. What I'm asking is, with my score being regarded as excellent, is there anything more I can do to improve it in anticipation of the bankruptcy dropping off next year.

I've done a clean up a while ago. I haven't applied for a phone contract yet as I didn't think I'd get accepted. I have a credit card, bank account and broadband service all getting added to the report monthly. I haven't tried using any catalogues as I don't think there's anything I'd want. Just not sure if anything else like another credit card would help or if it's only a matter of waiting for the 6 years to pass now.

Thanks.

tinkerbell28

I noticed the thread title. Some of you should pop over to the credit files board as I've noticed a few of you post false information, or put false hope on a score.

Now then let's take a look shall we. You are marked as excellent right? With two defaults and a bankruptcy on your file. Would you say that was excellent? Chances are with all that on your file. You'd be turned down for the most prime loans/mortgages/cards. Despite Experian saying your score says otherwise.

Lenders look at your data NOT your score, despite what others on this board will tell you.

Pop over to the credit card board, where you see people with "excellent scores" being turned down for prime cards, like clarity, tesco, etc. Experian says they are excellent, so why can't they get credit?

Well that's because lenders look at the data, they don't see the score, unless you take in a report for a mortgage app. Even then despite what people say on here, it's irrelevant.

That's why you get "fairs" or even "poors" getting prime credit cards, with 10k plus limits, loans and mortgages.

As experian may knock their scores for moving, getting a new mortgage, utilities, new accounts.

Considering some of the biggest factors in a lender scoring you, are your salary, your employment history, your marital status. How on earth can they asses peoples ability to get credit? You'll see how wrong it is on the finance boards.

Not to mention a lot of lenders will have their own criteria, their own scoring, their own target markets. Which for many prime lenders will be no adverse as mark 1.

Stop aiming for the mythical score and wasting money on it. Make sure your file is clean ready for drop offs and keep lines of credit open.

dojoman

tinkerbell28 wrote: »

I noticed the thread title. Some of you should pop over to the credit files board as I've noticed a few of you post false information, or put false hope on a score.

Now then let's take a look shall we. You are marked as excellent right? With two defaults and a bankruptcy on your file. Would you say that was excellent? Chances are with all that on your file. You'd be turned down for the most prime loans/mortgages/cards. Despite Experian saying your score says otherwise.

Lenders look at your data NOT your score, despite what others on this board will tell you.

Pop over to the credit card board, where you see people with "excellent scores" being turned down for prime cards, like clarity, tesco, etc. Experian says they are excellent, so why can't they get credit?

Well that's because lenders look at the data, they don't see the score, unless you take in a report for a mortgage app. Even then despite what people say on here, it's irrelevant.

That's why you get "fairs" or even "poors" getting prime credit cards, with 10k plus limits, loans and mortgages.

As experian may knock their scores for moving, getting a new mortgage, utilities, new accounts.

Considering some of the biggest factors in a lender scoring you, are your salary, your employment history, your marital status. How on earth can they asses peoples ability to get credit? You'll see how wrong it is on the finance boards.

Not to mention a lot of lenders will have their own criteria, their own scoring, their own target markets. Which for many prime lenders will be no adverse as mark 1.

Stop aiming for the mythical score and wasting money on it. Make sure your file is clean ready for drop offs and keep lines of credit open.

Great post, totally agree with you about this "credit score", it means absolutely nothing and is just a means for the CRA`s to get people to part with money.