Credit rating shock

Jamsterthehamster

Hi
Until recently I was a classed within a good credit rating, however due to crippling over draught fees I got into a bit of bother, however I never missed payments on loans or mortgages, or direct debits.

Now, I have cleared both over draughts, paid off my bank loan early and my only other borrowing is now my car finance and mortgage. I am now in credit, no credit cards, no loans.

I was refused a current account switch today, so checked my credit rating.... 1 out of 5 :eek: ( free site beginning with N)

As I've just ( this week ) cleared my debts (£4000) how long...if at all will it take for my rating to improve?

Grateful for any help.
Thank you.

[Deleted User]

Doesn't matter. The score is an arbitrary number that bears no resemblance to your likelihhod to get credit.

Keep managing your credit within its terms and you're fine.

Check the info on all 3 files to make sure everything is accurate.

Fruit_and_Nut_Case

Jamsterthehamster wrote: »

( free site beginning with N)

You're allowed to say Noddle.

Jamsterthehamster

What an awful site noddle is. Funny that there is no contact telephone number also, nor can you cancel your account.

Thrugelmir

Jamsterthehamster wrote: »

.if at all will it take for my rating to improve?

Time heals as the saying goes. At the moment you are on parole. So forget about switching accounts for a while.

The_Boss

Credit rating shock? People don't have credit ratings, so not sure what the shock is?

Jamsterthehamster

Thanks Boss.

It really worries me that I was unable to switch a current account ( in credit) HSBC to First Direct...they were 'unable' to give me a reason why, hence checking the site.

tinkerbell28

When you say bother, what do you mean? Did you "restructure" your payments for a while?

Jamsterthehamster

Thrugelmir

Thank you.
I know parole depends on the crime, but how long should I leave it?

Jamsterthehamster

Tinkerbell28

I was caught up in an over draught hell. A few unexpected bills...Basically couldn't keep up with charges so I went overdrawn a lot. Charges ate my wage...snowball effect.

tinkerbell28

Jamsterthehamster wrote: »

Tinkerbell28

I was caught up in an over draught hell. A few unexpected bills...Basically couldn't keep up with charges so I went overdrawn a lot. Charges ate my wage...snowball effect.

Yes what I mean is, how is this reflected in your credit file? If it has been reported as unsatisfactory account conduct as you've been going over your agreed over draught.

Only time can heal that and a new bank will be wary if the conduct is recent.

I don't agree with scores in general...but for even noddle to say it's a 1. I'd place a bet on there being markers on your file.

You need to read the data, not look at the score.