Credit Improvement

tommy6000009

Hi,

I wish to improve my credit rating after finally growing up, getting married and wanting to be more responsible.

I've had a pretty poor rating in the past and thus I decided to sign up to Experian. I noticed I had three negative factors, one being I'm not on the electoral role, another being no successfully settled account and the last being a default.

The default cleared last month as six years had passed and thus my rating went from 623 to 658. I've applied to be on the voters register also and I hope that improves things but the remaining one - the no successfully settled credit account, I can't find a way to work on as I can't even get accepted by 'rebuild your rating' credit cards.(although I did take out a Sky account, which I'm paying every month, which doesn't show up. I guess that's not a credit account.)

I know for a fact I would pay anything and do anything to improve my rating but obviously these companies don't deal in promises.

Can anybody give me any advice, any way to just get one of these build your credit cards?

matttye

Ignore the numeric score (623) as that doesn't mean anything.

Being on the electoral roll will make a big difference. Hold off on making any more applications until you show up as being on the roll with all three credit reference agencies.

tommy6000009

matttye wrote: »

Ignore the numeric score (623) as that doesn't mean anything.

Being on the electoral roll will make a big difference. Hold off on making any more applications until you show up as being on the roll with all three credit reference agencies.

It really doesn't mean anything?

I suppose it's just more of a guide then? To see if you're improving?

Do you think I'd be able to get one of those build your credit cards after being on the electoral role?

matttye

tommy6000009 wrote: »

It really doesn't mean anything?

I suppose it's just more of a guide then? To see if you're improving?

Do you think I'd be able to get one of those build your credit cards after being on the electoral role?

The numeric score is just Experian's opinion of your credit worthiness in the guise of a number. We've seen people with defaults, ccj and bankruptcies on their credit file score in the 900s so take the score with a pinch of salt.

Lenders don't see the score, they only see the information on your account.

I think you'll have a much better chance. I've had several of them and I have two defaults and an arrangement to pay on my records due to come off early next year.

tommy6000009

matttye wrote: »

The numeric score is just Experian's opinion of your credit worthiness in the guise of a number. We've seen people with defaults, ccj and bankruptcies on their credit file score in the 900s so take the score with a pinch of salt.

Lenders don't see the score, they only see the information on your account.

I think you'll have a much better chance. I've had several of them and I have two defaults and an arrangement to pay on my records due to come off early next year.

Ah OK. Well according to my Experian file, I have nothing registered. 0 accounts. I have 56 searches on file, I'm going to let them run out, which most will over the next few months. I basically have nothing on my file. No idea what to do to improve it.

matttye

tommy6000009 wrote: »

Ah OK. Well according to my Experian file, I have nothing registered. 0 accounts. I have 56 searches on file, I'm going to let them run out, which most will over the next few months. I basically have nothing on my file. No idea what to do to improve it.

A phone contract can be easier to get than a credit card and will be reported, but definitely don't apply until the electoral roll issue is sorted.

tommy6000009

matttye wrote: »

A phone contract can be easier to get than a credit card and will be reported, but definitely don't apply until the electoral roll issue is sorted.

Interesting. A few years back, my wife took out two phones, one for her and one for myself. So I actually have a contract phone but in her name. Can I just get it switched over to my name?

modder25

matttye wrote: »

The numeric score is just Experian's opinion of your credit worthiness in the guise of a number. We've seen people with defaults, ccj and bankruptcies on their credit file score in the 900s so take the score with a pinch of salt.

Lenders don't see the score, they only see the information on your account.

I think you'll have a much better chance. I've had several of them and I have two defaults and an arrangement to pay on my records due to come off early next year.

Matttye is correct in what he says here...

I have a CCJ on my file and 2 months ago my experian score was 980... The CCJ is about to expire this month but I know friends who have near on perfect credit reports with Experian that have score of 700 or so.

I always thought the score meant something but I now know due to this forum that it definitely isnt the case.

tommy6000009

modder25 wrote: »

Matttye is correct in what he says here...

I have a CCJ on my file and 2 months ago my experian score was 980... The CCJ is about to expire this month but I know friends who have near on perfect credit reports with Experian that have score of 700 or so.

I always thought the score meant something but I now know due to this forum that it definitely isnt the case.

So basically I'm paying a monthly fee for nothing?

modder25

tommy6000009 wrote: »

So basically I'm paying a monthly fee for nothing?

There are a lot of people on the forum that would say yes and I would have to agree really.

I used to look at mine all the time just to see if my score was going up, but the score is meaningless and is just Experians guide on you not lenders.

What everyone needs to rememeber is that Experian dont lend you money and each lender has their own criteria when deciding to lend or not.

Hope that helps.

matttye

tommy6000009 wrote: »

Interesting. A few years back, my wife took out two phones, one for her and one for myself. So I actually have a contract phone but in her name. Can I just get it switched over to my name?

They might let you do that but it would be up to the company. I think it's unlikely they would but no harm in asking.

tommy6000009 wrote: »

So basically I'm paying a monthly fee for nothing?

It's still allowing you to check on your credit file.

The only time I would say it's potentially worth the money is before a big credit application (a mortgage) so that you can keep an eye on your credit files in the run up to the application and make sure there are no surprises. It's definitely not worth paying just to keep an eye on the score.

You can also just pay £2 and receive your statutory credit report in the post, but of course it takes time to receive it by post.