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What your credit score really means

edited 9 January 2019 at 3:57PM in Credit File & Ratings
377 replies 208.8K views
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  • zx81zx81 Forumite
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    That would be reasonable.  It's not a particularly weird scenario, given you're currently building up arrears.
  • clairek3265clairek3265 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    I am trying to act as guarantor for a house that my daughter is renting with student friends for the 2nd year of University; I am only guarateeing her portion of the rent by the way which is around £500 pcm. The problem is that the "agents" organising this told me in January that my credit check had come back amber; in some emails they say it is "low" so I am not sure what is going on. The response surprised me as I have a subscription with Experian and this puts me at 999, and others also have me in the "good zone". I have looked at Checkmyfile which I think they have used and there are no obvious problems there. I run my own business and my pre-tax profit has been very good for the last 5 years, so income shouldn't be an issue. We have a very low mortgage on our home. I have spoken to the agents many times and they keep saying they are looking into it, and will speak to the landlord but there has been no change. I cannot find out what is causing their data to be different to mine and it is really worrying me. How can I find out what they know that I do not? If there is an error, surely I have a right to be able to correct it? Do they have an obligation to share their report with me? Without this I cannot suggest the best way to deal with the situation and I wonder if this is a way to make us pay all the rent up front? Any thoughts?
  • jazzyjajazzyja Forumite
    132 posts
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    Can someone tell me why I struggle to get credit then when I havent missed a payment in years?? Zero defaults or ccjs or anything. Is it because of my credit card utilisation? Theyre over 50% but the amount of debt is small 
  • zx81zx81 Forumite
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    I am trying to act as guarantor for a house that my daughter is renting with student friends for the 2nd year of University; I am only guarateeing her portion of the rent by the way which is around £500 pcm. The problem is that the "agents" organising this told me in January that my credit check had come back amber; in some emails they say it is "low" so I am not sure what is going on. The response surprised me as I have a subscription with Experian and this puts me at 999, and others also have me in the "good zone". I have looked at Checkmyfile which I think they have used and there are no obvious problems there. I run my own business and my pre-tax profit has been very good for the last 5 years, so income shouldn't be an issue. We have a very low mortgage on our home. I have spoken to the agents many times and they keep saying they are looking into it, and will speak to the landlord but there has been no change. I cannot find out what is causing their data to be different to mine and it is really worrying me. How can I find out what they know that I do not? If there is an error, surely I have a right to be able to correct it? Do they have an obligation to share their report with me? Without this I cannot suggest the best way to deal with the situation and I wonder if this is a way to make us pay all the rent up front? Any thoughts?
    They mean that the score they've assessed you as is low, not the pretend CRAs ones.

    You can find out the data they are using as it is on your credit files 

    It's not a way for them to cut down their potential income by restricting rental to up front payers only, because that would be mental.
  • zx81zx81 Forumite
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    jazzyja said:
    Can someone tell me why I struggle to get credit then when I havent missed a payment in years?? Zero defaults or ccjs or anything. Is it because of my credit card utilisation? Theyre over 50% but the amount of debt is small 
    Income, utilisation of revolving debt, low regular payments, financial associates, ER and so on ...
  • jazzyjajazzyja Forumite
    132 posts
    100 Posts Second Anniversary Name Dropper
    zx81 said:
    jazzyja said:
    Can someone tell me why I struggle to get credit then when I havent missed a payment in years?? Zero defaults or ccjs or anything. Is it because of my credit card utilisation? Theyre over 50% but the amount of debt is small 
    Income, utilisation of revolving debt, low regular payments, financial associates, ER and so on ...
    How can they see my income and what payments I make? And can you please expand on financial associates? Thanks 
  • zx81zx81 Forumite
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    You'll tell them your income when you apply, your payments are visible on your credit files and a financial associate is someone who have a joint financial product with.
  • ju3t1n3ju3t1n3 Forumite
    3 posts
    First Post
    ju3t1n3 said:
    I have payment holidays on mortgage loans credit cards etc. But I figured out I would be better off if I got a load to put off all credit cards as the monthly payment would be a lot less. I got a good credit rating and had 90% chance on ClearScore and even on lenders website to get the loan I wanted. I applied and I got rejected. I discussed with the customer service of the lender and they said it is due to payment holidays. I cannot find any information to back this. Could someone help on this weird scenario please? 
    did you mention the payment holidays first or did they?
    I queried why they rejected and mentioned I had payment holidays and they said it was because of that
  • D3xt3r5L4bD3xt3r5L4b Forumite
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    aarons68 said:
    Avoid the obvious question of if its worth paying for
    ?
  • jazzyjajazzyja Forumite
    132 posts
    100 Posts Second Anniversary Name Dropper
     just a quick Q. If you're applying for say, a mortgage, would they see the most recent credit file? For example its taking a good few months for things to be updated on mine like card balances etc. Also things like defaults do they just fall off at the date or does it take so many weeks for the file to be updated so lenders could still potentially see a deafult after its past 6 years? Thanks 
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