Noddle 3/5

AngelOfTheNorth

Wondering if anyone can give more information about this. I've just checked my credit report using Noddle, all the information is correct. But I expected a better 'rating'. No defaults ever, at least one direct debit every month for over a decade, on electoral roll. I'm wondering if it might be looked on unfavourably that I've had 3 addresses in the last 3 years? Hoping to get a mortgage next year so plenty of time to sort things out.

MuddyFunster

I wouldn't worry, it's only a 'suggested rating' anyone who you ask to lend you money will make their decision based on raw data and not from any score a credit rating agency assign you.


I've only worked for one finance company, but we didn't use scores at all - the underwriting algorithm system simply said Yes, No or Refer - the underwriters as they were called had no say in it - if it said yes, they had to say yes, if it said no they had to say no - refer meant it had to be passed to someone senior to have a look at - this usually meant their was a NOC - which for us meant someone HAD to read it, which made it a much slower process, or their was a CIFAS warning (potential fraud issue) or conflicting information - it was NEVER a judgement call on the credit worthiness of the customer.

[Deleted User]

Just write 'My credit score is 5/5' on a post it note. Just as valid as anyone's else's score.

leuciscus

AngelOfTheNorth wrote: »

Wondering if anyone can give more information about this. I've just checked my credit report using Noddle, all the information is correct. But I expected a better 'rating'. No defaults ever, at least one direct debit every month for over a decade, on electoral roll. I'm wondering if it might be looked on unfavourably that I've had 3 addresses in the last 3 years? Hoping to get a mortgage next year so plenty of time to sort things out.

I had 3/5 at the start of the year with Noddle. It's now running at 5/5.


If you've not used your one month free Experian trial yet, sign up to that and that will give you a few more details.


Pointers:


*Keep any long term accounts open
*If you have a low value CC, ditch it
*Get a CC with a high limit, if you do spend on it, set it to pay off every month
*3 addresses in 3 years will have had some impact. Nothing to do about it really
*Check the accuracy of the data on your Experian file. Correct any mistakes


Don't worry too much about the Noddle report. Just get saving up a decent deposit and focus on demonstrating to your future potential mortgage provider that you are in control of your finances and budget.

pcman1985

Ignore the scores that the CRAs give you as they are meaningless, at least with Noddle the number they give you is free (technically you now get two [STRIKE]scores[/STRIKE] random numbers given to you from Noddle. One from 1-5 and one from 0-999 but they are not scores and have no effect on what type of credit you will be accepted for.
It's the information on your credit report that is relevant.

The_Boss

Deleted_User wrote: »

Just write 'My credit score is 5/5' on a post it note. Just as valid as anyone's else's score.

Great idea - or better still, write over it on the screen with a whiteboard marker :rotfl:

B0B

leuciscus wrote: »

I had 3/5 at the start of the year with Noddle. It's now running at 5/5.


If you've not used your one month free Experian trial yet, sign up to that and that will give you a few more details.


Pointers:


*Keep any long term accounts open
*If you have a low value CC, ditch it
*Get a CC with a high limit, if you do spend on it, set it to pay off every month
*3 addresses in 3 years will have had some impact. Nothing to do about it really
*Check the accuracy of the data on your Experian file. Correct any mistakes


Don't worry too much about the Noddle report. Just get saving up a decent deposit and focus on demonstrating to your future potential mortgage provider that you are in control of your finances and budget.

What difference does a high and low limit card mean ? Can the lender not just see what you have on it, not its limit ?

[Deleted User]

B0B wrote: »

What difference does a high and low limit card mean ? Can the lender not just see what you have on it, not its limit ?

They see your balance and limit. A high usage % will worry some lenders.

Experian_company_representative

Good advice from leuciscus.


James Jones

leuciscus

B0B wrote: »

What difference does a high and low limit card mean ? Can the lender not just see what you have on it, not its limit ?

On my Experian trial, it clearly showed the CC limit.


For Credit Reference purposes, lenders like to see high available credit (not necessarily usage) and a history of consistently paying the money back.


Low value credit cards (I had one with a £400 limit) should be eliminated. I now have one with a £4500 limit, which is better for the purposes of establishing a decent credit rating.


One of the other factors that is considered is the length of time you've had accounts / credit cards open. The longer you've had accounts, the more reliable you are considered.


For the OP


If you are looking towards establishing a decent credit score next year I would specifically:


* eliminate any low value CC's
* obtain one/two high value CC's (don't use them much) ASAP
* check your report for errors and correct them
* as importantly / more importantly, save a decent sized deposit and manage your finances properly. This is the single best thing you do.