Confused by my Credit Rating

The_Boss

sugarplumfairy83 wrote: »

Just thinking about my original post again and bumping in case anyone can help with answering why the rating went from 1 to 2 in May but back down to 1 again in June?

I've since signed up with Equifax (can't get a free trial with Experian as I used them years ago) and this has confirmed that my 'rating' (which I know many here dispute even existing!) is rubbish

It doesn't exist. You're exactly the type of person Equifax and Experian like to make money out of because you believe their nonsense.

sugarplumfairy83

Thrugelmir wrote: »

Not sure what you expect. You've entirely defaulted on one account and made a partial settlement on another. So your account will be waving red flags at any financial institution. As this information is precisely what their internal systems are geared to detect, and the computer will say "no".

And nowhere have I disputed that. I started this thread with two very specific questions, one about making sure the right information was on my credit file and another to see if there was anything I could possibly do to improve my situation. I am fully aware the responsibility for my debt lies with me and I don't expect banks, or creditors in general, to be falling over themselves to offer me anything. The disagreement I had here was with another poster saying that the scores irrelevant.

sugarplumfairy83

The_Boss wrote: »

It doesn't exist. You're exactly the type of person Equifax and Experian like to make money out of because you believe their nonsense.

And yet none of them have ever had a penny out of me because I cancelled Experian before they started charging me and fully intend to do the same with Equifax. I'm making the most of the information I can find out for free.

The_Boss

sugarplumfairy83 wrote: »

And yet none of them have ever had a penny out of me because I cancelled Experian before they started charging me and fully intend to do the same with Equifax. I'm making the most of the information I can find out for free.

I said people like you who believe their nonsense, which you surely do because judging by this you're looking to "make the most of information" that means nothing.

sugarplumfairy83

I really didn't come on here to start getting into arguments with people. Thanks for the helpful input and advice from everyone.

thebritishbloke

Just to add a point here, you've asked what will help your report. Time. Unfortunately that is the only thing that you can use right now to help out your report.

Given the level of the default, I doubt you'll be accepted for any mainstream cards/products until they drop off your report in 6 years. You could probably get a sub-prime card in around 3.

JamieW24

Yes, just because someone doesn't appear to be as informed as yourself, doesn't mean you need to be so condescending.

Sugarplumfairy83 - I have spent a long long time repairing my credit and spent a lot of time researching the industry - FYI, I also have an experian report that I PAY FOR as its updated daily and I prefer it.

The scores are guidelines and many of the agencies say this somewhere on their sites or ts&cs, but who reads them right? So for example, my score on Experian shows average and on noddle shows 2/5 like yours did, however I have recently been accepted for a 29Month 0% BT credit card from Virgin Money (MBNA) and not too long ago a small ish loan.

A lender for example might see a default 5 years ago less significant than the credit reference agencies (I have a settled default due to drop off in 4 days) or a few credit searches in a short time no big deal where as the credit reference agencies criteria knocks you down a few of their points for it.

Its ultimately the lenders own criteria that matters, however, if you see that your credit report shows 10 credit searches (for actual credit, not insurance or ID checks) and a few defaults, you will unlikely get accepted for any credit other than the "poor credit" credit cards or payday loans etc.

FYI, when my credit was very poor, I managed to change bank accounts (to RBS), but of course had no overdraft etc (which I would never have anyway) so worth researching anyway.

Hope that helps a bit (and yes I am bored hence the lengthy reply).

J

JamieW24

thebritishbloke wrote: »

Just to add a point here, you've asked what will help your report. Time. Unfortunately that is the only thing that you can use right now to help out your report.

Given the level of the default, I doubt you'll be accepted for any mainstream cards/products until they drop off your report in 6 years. You could probably get a sub-prime card in around 3.

Would agree with this, was almost exactly the same time frame for me, although I could get credit again when the last default (settled) was within a few months of dropping off.