What your credit score really means

DCFC79

Greertops wrote: »

My credit score is appearing very differently on different websites which is concerning me. On check my file / Experian it is coming out at around 780 and 3/5 stars. However when I created a noddle account today it is showing as 1/5 and around 520. Is there any reason they would show so differently?

Well your score means !!!!!! all, not all lenders search all 3 reference agencies, some will look at 1 and some will use 2.

bmcdonagh

Hey guys,

I'm just wondering if the number of credit accounts you have opened (even if not used) has a negative impact on potential creditors? So i have three credit cards, one with a small credit limit (used every month for work expenses and paid in full at the end of each month), one with a large credit limit and outstanding balance of only 2.5% of the limit and one that has not been used for almost 2 years (it has a high APR, but helped me build a credit rating early on) - should i close the one i don't use?

I always thought that having high credit capability but not using it (or settling it each month) was better?

Would appreciate any thoughts.

Thanks,

[Deleted User]

It depends on your total balances, limits and income, as well as the usual credit file factors.

bmcdonagh

Hey,

Thanks for the reply.

With regards to the credit cards i am talking about, the total balance on 3 cards is £220 and the total credit limit is £15,000.

I am just wondering, is it better to close one of the accounts (the one i have not used for almost 2 years) or leave it open?

Thanks

Dandytf

Please don't fall into an unexpected trap with your available credit.

I had 6.5k (approx 90% available credit) until I was unemployed for a few weeks (I was 37 working since 16)

It cost me 'more' in temp usage to eventually bringing my car unto road standard and traveling cost to new job.

I didn't know what to do other than use available credit, 12-18 moths it cost a fortune.

I only had the various cards as I was using 0% deals for a few yrs.

I regret not closing most of my cards-1500 total credit would have been more than enough for me prior to unemployment.

frankie2014

Hi there I have been living overseas and plan on returning next year. I have about 4.5k in unpaid debt that is with collection agencies but no ccjs. We have a property in the UK which we had some defaults on our mortgage last year but all is ticking over now and has been since January this year. I intend to repay all debt in the next 6 months but my question is will I ever get another mortgage again? We want to buy a family home in the next 2 years. Thanks

tomcat212

I recently began using ClearScore to get my credit score, I dont understand how their numbers relate to other scores I have used? Is there some sort of translation of Call Credit Scores to Experian?

DCFC79

tomcat212 wrote: »

I recently began using ClearScore to get my credit score, I dont understand how their numbers relate to other scores I have used? Is there some sort of translation of Call Credit Scores to Experian?

The scores aren't seen by lenders so don't focus on them.

fermi

https://twitter.com/ExperianExperts/status/665220126195630081

LarryWood

I have the same doubt. But the replies posted over here was really informative...