Default due to expire on credit file

helpdotcom

Hi

Does anyone know how much a default 'dropping off' my credit file will increase my credit score with Experian?

Thanks

The_Boss

Uncertain. Some people with defaults have an "excellent" credit score with Experian, so it's possble yours could go down or go up.

Not that it matters at all though, since the Experian "score" means naff all in the real world of assessing your credit worthiness what with it being a useless made up number.

helpdotcom

The_Boss wrote: »

Uncertain. Some people with defaults have an "excellent" credit score with Experian, so it's possble yours could go down or go up.

Not that it matters at all though, since the Experian "score" means naff all in the real world of assessing your credit worthiness what with it being a useless made up number.

Thank you for your post. So, what's the point of credit scores if they mean nothing?

I'm interested because once I have enough money saved I want to try and get a mortgage. I hear that it's really difficult so I want to try and make myself look like a good applicant to my prospective mortgage lender.

Many thanks

The_Boss

helpdotcom wrote: »

Thank you for your post. So, what's the point of credit scores if they mean nothing?

I'm interested because once I have enough money saved I want to try and get a mortgage. I hear that it's really difficult so I want to try and make myself look like a good applicant to my prospective mortgage lender.

Many thanks

It's not a "credit score" - it's an "Experian/Equifax credit score" and it's purpose is to make money for the respective company by playing on a myth that credit scores for individuals exist.

When you apply for a mortgage as an example, different lenders will assess your application differently, with different weightings for different factors, therefore no "one size fits all" approach will apply. They will also use data not stored on your Experian/Equifax credit files e.g. salary, time with employer and lots more.

shireknight

I brought my Equifax credit score and then brought it again one year later only to find it had gone down by one point 497 to 496 despite in my opinion now having a better credit history.

I asked Equifax why my score had gone down and they explained your credit score is actually an average figure based on everyone else's credit rating so they don't even really reflect how you are personally managing your accounts.

forgotmyname

bump to hide spam..

The_Boss

shireknight wrote: »

I brought my Equifax credit score and then brought it again one year later only to find it had gone down by one point 497 to 496 despite in my opinion now having a better credit history.

I asked Equifax why my score had gone down and they explained your credit score is actually an average figure based on everyone else's credit rating so they don't even really reflect how you are personally managing your accounts.

Where did you bring it to? Don't ever buy it - it's as nonsense made up number.

Summer-Sunshine_2

The Boss is right it made no difference to me and they wanted my work bkground etc..

Tixy

helpdotcom wrote: »

Hi

Does anyone know how much a default 'dropping off' my credit file will increase my credit score with Experian?

Thanks

If this is your only default/major negative then once it has dropped off your file you should straight away find it easier to get accepted for credit.

If you have other defaults/CCJs etc then it will likely make little difference.

In relation to applying for a mortgage - key things would be to pay all credit commitments on time, reduce any outstanding debts, get on the electoral roll if you are not already, be able to demonstrate that you have been saving each month (i.e. consider setting up a standing order to a savings account for a set amount each month)

Pcready

Every lender has a different way of calculating your credit worthiness based upon your ability to repay credit/debt. You do not have an actual 'credit score'. If you can show a good history of repayments, you are more likely to be accepted for credit.

Depending upon what you are applying for, certain lenders accept certain elements of 'bad credit' such as late payments, defaults or CCJ's. However, rate reflects risk, so you are more likely to get a better rate of interest, and be more likely to get accepted once the default leaves your credit file.