Advice and Help with Credit Score

Ornatus

Hi Guys/Gals

I'm currently in the throws of sorting myself financially and so I'm starting with my credit score and trying to fill in the gaps of not only my knowledge but the gaps in my credit report.

So here are the hard facts, I'm using Equifax as the reference agency and my current credit score is 340 which is classed as poor. Looking at my credit report everything is showing as excellent apart from 2 blocks which are Electoral Roll and Credit Agreements.

Electoral Roll is showing fair because the roll is only showing me at my current address for 2 years where in fact I've lived here for 11 years, there is also no previous address in the section but in the linked addresses is my previous address, as far as I can see that's the issues with the Electoral Roll section.

The Credit Agreements section is showing as "Good" with 1 possible issue that I'm not quiet sure on which is as follows "You have 2 active accounts and 2 settled accounts on file at your current address. Credit grantors prefer that you have at least one or two accounts as part of your credit profile. Active accounts are preferred to settled accounts"

Any concerning these 2 issues would be a great help and thank you in advance.

forgotmyname

340 is meaningless... You paid for that?

My free score is much better. Well its free for a start and your score which is accurate at the time i post this message is one chocolate digestive biscuit.

Different companies have their own terms. If you apply to a company that prefer its customers to have zero credit options open. then your assumption of being a good risk turns to a bad one for that company.
Other companies may prefer settled accounts. Some may prefer you to have missed the odd payment because they can charge you late payment fees etc.

If data is incorrect then get it put right.

As for whats the best credit profile then it will vary and lenders are not going to tell you.

After a bad spell with CC debts i stopped having anything on credit. Everything was cash only. Yet my bank offered me a pre-approved credit card at a fairly low interest rate and an interest free period also.

When they offered me that i wouldnt have lent me a penny toffee.

The_Boss

I don't get this. Two threads about credit scores being utterly meaningless were at the top of the page and also explained why they are meaningless The article from MSE Helen Saxon was at the top of the page. Yet we have another "credit score" thread? Why?

Ornatus

Firstly, I haven't paid a single penny to get my score and report from Equifax and both were ordered using their free month trial and will be cancelled before the end of the first month.

Secondly, I understand there are 3 ways in which you are "scored" by a creditor, 2 of which are under my control and the 3rd which isn't so to speak, all I'm trying to do is cover every avenue possible. The only reason I quoted my credit score was to give people as much information as possible and yes I did read the article from MSE Helen Saxon.

As I mentioned in my original post, I am new to this, all im trying to understand is why using the MSE eligibility for cards that I'm declined even thou I've never missed a payment and that I've been with my credit card company for nearly 10 years without 1 problem in that time and hence why I thought to at least get the information concerning my credit score/report.

If someone would be kind enough to help concerning the 2 points in my opening post without accusing me of things and then ranting about it, it would be appreciated.

Thrugelmir

Electoral roll needs to be registered on every year. Once missed. There's no going back.

Ornatus

Thrugelmir wrote: »

Electoral roll needs to be registered on every year. Once missed. There's no going back.

Exactly the sort of knowledge I was looking for and thank you for not berating a new person on the forums. Ok, so there is nothing I can do about the Electoral Roll but I'm I right in thinking that the MSE eligibility check only takes into account the information on your credit report or just the little information you add?

Thrugelmir

Lenders will want prior history to be visible. As it's what links your financial history together. With gaps a lender has no certainty. As to what's lurking in the shadows.