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What your credit score really means

edited 9 January 2019 at 3:57PM in Credit File & Ratings
367 replies 207.9K views
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Replies

  • DCFC79DCFC79 Forumite
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    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.
  • 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,
  • zx81zx81 Forumite
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    It depends on your total balances, limits and income, as well as the usual credit file factors.
  • 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
  • DandytfDandytf Forumite
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    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.
    sc dmp 2012 13k Dec 2019 11140 paid 80% approx.-Next Update Early Jan 2021
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    Mid 2019/20-Virgin Money e-saver reward 18 -T.b.c.-Closed reverting to e-saver 14.
  • edited 5 October 2015 at 4:27AM
    frankie2014frankie2014 Forumite
    1 posts
    edited 5 October 2015 at 4:27AM
    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
  • 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?
  • DCFC79DCFC79 Forumite
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    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.
  • fermifermi Forumite, Board Guide
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    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to [email protected]

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