How long does it take to improve your credit scoring???

Sparkles81_2

Hi,

My husband has recently found out that his credit scoring is not good, and he is regarded as someone with a fair credit score.

As a result we cannot get a loan that we wanted to get.

On speaking to an underwriting from the Halifax, he said the reason my husband's credit score is low is because of a missed mortgage payment back in December 2006.

This is true we missed our 30th December 2006 mortgage payment as my husband's work paid everyone late (mixed up on there part). I remember ringing the mortgage company and telling them this and forewarning them that the payment would be late. I duly rang and paid the mortgage as soon as my husband was paid. The mortgage company (C & G) said everything was fine and all was well.

Apparently they have marked our credit file as a 1 month in arrears (number 1 is marked there, or other payments say 0), which is wasn't it was just late by about 5 days.

My husband did one of those free credit file things, so we have this on our file.

Any advice as to how to improve our crediting scoring would be great.

Many thanks

Yargo1

Hi , I cant answer your question, but would be very interested in what the others , who will surely be on soon, will say. I have had to miss a payment this year and I didnt think about it being on the credit record once it was paid, albeit late. Hope you get some good answers that i can use too!

never_too_late_2

have you checked with websites like http://www.equifax.co.uk/ and http://www.experian.co.uk/? maybe even try calling their customer services for more info?

my understanding was that 1 missed payment did NOT adversely affect your credit score. if you've checked your credit record (and your husband's) and this is the only '1' showing in several years of debt repayment, i would hope it didn't have any bearing at all.

you can always add a notice of correction to your credit file which creditors can see. maybe that will help?

i suffered from bad credit for many years as i missed tons of minimum payments on cc's and eventually settled several debts via collection agencies. it stayed on my record for 6 years but i was able to get a loan after about 4 maybe and a mortgage with only a slightly higher interest rate after 5yrs. and i added a notice of correction which i suppose now i can remove ;-) companies are itching for me to take out loans and cc's now but i'm trying my best to pay the debt back so staying clear...!

good luck and let us know what you find out,
NTL

angelavdavis

Sparkles,

We have responded to your other post too:

http://forums.moneysavingexpert.com/showthread.html?p=5787713&posted=1#post5787713

shelovestobuystuff

Late payments are shown on your credit file for 12 months so if you were late with the payment in Dec 2006 it will be Dec07/Jan-8 before this disappears.As far as I know only big things like a totally missing payment ,stopping paying altogether or a ccj is noted for 6 years.Do check that everything on there should still be on there,its only updated if the company you owe or owed money to updates it.I recently discovered an overdue and long since paid open uni amount was still on my record(paid in full 8 years ago).I have to send them a letter with all my details and a copy of the part of the credit report with that on it so they can update it.

angelavdavis

Yes you are right about that - just checked my own Experian file. Of course, my problem was that I closed the account while the missed payment was still visible - that's what caused my confusion!

Sorry, having a blonde moment (apols to brainy blondes out there!)