Can't understand my poor credit rating

zombeana

Where am I going wrong?

I have no defaults on my credit record, I did from 2006 but they've now all come off.

I have 2 current accounts, one has £1000 overdraft and I go in/out of that each month. One has £500 overdraft but I don't use it.

I have 1 store card with a few hundred on which I always pay minimum to and will setlle this month. Limit is £1500, got £400 on it.

I had a credit card for 3 years (Capital once) which I always paid on time, I stopped using it so I closed it last year.

I have a phone contract always paid on time.

My credit comes up as Very Poor and I have once or twice in the past 18 months tried to get a decent credit card, I am always rejected.

I am on the electoral roll since Jan 2014.

What the hell is wrong !! I want to get a mortgage in 6-12 months I stand no chance at this rate...

[Deleted User]

Living in overdraft and minimum payments on a store card are probably the main reasons, along with high utilisation.

Lenders will have additional criteria - salary for instance - which may be causing you problems.

Candyapple

Possible factors:
Less than 3 years at your address
No other lines of credit outside the 1 store card and phone contract
Age of any existing / settled accounts not old enough?
Low salary?

zombeana

Less than 3 years on the electoral roll yes, but been there 6 years, with 1 year renting and moved back again.

Settled accounts all gone now. None show on the report. Current acc 20+ years old, store card 3 years ish

25k salary so not too bad.. at a loss!

The only thing I can think of is when my partner and I split we closed a joint account and halifax incorrectly changed my address to his and his to mine. I complained and was compensated £250 and his address showed on my report for months - in fact it still does. I contacted the ombudsman who said the bank has reported to the CRAs and I just have to wait. Is this really causing me all this hassle still? It was January this happened!

[Deleted User]

Is he still a financial associate? If so, that may also not be helping if he's having credit problems.

MummyPig_2

Can you get a credit card from your bank - a higher credit card limit would look good, I know you've been declined in the past, but you could approach your bank and appeal if declined.

wileycat

Percentage of credit being used does help to be low...its weird to leave C/C's with nothing on but they seem to like it!

Also I'd work on putting current accounts in credit for 3/6 months - as they also seem to like average x months credit balance in current account.

zombeana

Deleted_User wrote: »

Is he still a financial associate? If so, that may also not be helping if he's having credit problems.

He is still linked, but due to the halifax error (we are still showing as having a joint account 6 months after closing it) it wont allow me to file a notice of dissociation.

However his credit should be good. I managed his money when we were together :rotfl: He had 2 CCs with huge limits, 5k and 6k - used to put our petrol on each month and pay in full. Had a loan of 5k which should almost be paid off. So can't see him being a problem ?

I'll try for the 123 credit card with santander again, have just got the current account so fingers crossed.

Thanks for the advice all

MrSilk

zombeana wrote: »

However his credit should be good.

Should?..How do you know?, I'd push for the disassociation as soon as possible if you hold no joint accounts at present.

zombeana wrote: »

Had a loan of 5k which should almost be paid off

Again, speculation without knowing the hard facts.