We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Defaults removed yet Credit Score the same? Why?
dazza1974
Posts: 1 Newbie
Hi, I have had 6 defaults and 1 delinquent account on my file - I have worked hard over the last few years to help improve my credit score - All 6 defaults have been paid off in full, 4 have been removed (6 year period complete) 1 due to be removed next month and the final one in October 2016.
Obviously I understand the delinquent account will still have an impact however I can't: understand why my score hasn't improved by 1 single point after clearing the defaults??
Can anyone advise me on what is happening or if there is anything I can do?
Many thanks
Daz
Obviously I understand the delinquent account will still have an impact however I can't: understand why my score hasn't improved by 1 single point after clearing the defaults??
Can anyone advise me on what is happening or if there is anything I can do?
Many thanks
Daz
0
Comments
-
It's because your credit score is influenced more by the tides and seasons than by your credit history.
Just concentrate on managing your credit well and ignore the score.0 -
Hi Dazza1974
Welcome to MSE
There are actually 3 credit reference agencies so it is worth checking all 3 to get the best picture of your score….you can sometimes do this for free or a small charge of £2 per report.
Credit files are quite complicated documents, the score is constantly influenced by many factors to give you your overall rating. These factors can be your age, whether or not you are a homeowner and/or on the electoral role, anyone you have financial associations with and, of course, your financial history. This may be why your score has not improved yet.
Our factsheet may help you understand your file(s) better and how to improve your score - https://www.nationaldebtline.org/EW/factsheets/Pages/05 EW Credit reference agencies and credit reports/Default.aspx,
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
As your 'score' is a randomly generated number it is unlikely to be changed by defaults falling off your record.
However, the fact that you are addressing these issues will improve that way in which lenders will view you and this will have a positive impact on your ability to borrow. Just keep running your finances in a responsible way and you will be fine.0 -
National_Debtline wrote: »Hi Dazza1974
Welcome to MSE
There are actually 3 credit reference agencies so it is worth checking all 3 to get the best picture of your score….you
Not it's not - the scores you refer to are a meaningless steaming pile of junk.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards