rating - confused/irritated

misteracp

Circs - employed - aged 39, home owner - no mortage.

So, in short, in late 2007 I was left with a approximately £37,000 debt from an ex.

I struggled to repay, so repaymen schemes were set up with a Debt Advice Charity and all 6 debtors(creditors?) agreed and accept these repayment amounts.
ALWAYS met the agreed repayment, and every year, increased the agreed amount (in recent years by more than triple the agreed amount), which resulted in paying off of these debts earlier that expected.
Most of them were paid off in full last year, the final 2 this year, the last being March).
Annoyingly, one company, Capital One, refused to deal with a 'default from 2009' which was they were requesting more than the agreed amount so served a default. This hopefully drops off this October.
Upon advice, I applied for a 'rebuilding' credit card (Vanquis), in order to spend little, repay in full, in order to build up the rating. Accepted and am spending £100 ish per month and repaying in full.

The past few months I have been keeping my eye on my rating, as I desperately need to change my car (which I need to commute in), on Experian....with alarming/upsetting results.

08/06 - 923. A nice surprise!
11/06 - 962. getting there
27/06 - 996. Excellent - very happy especially after the past 7/8 years!
24/07 - 972. eh???
14/08 - 962. what's going on?

I've checked the document trail and despite me now being clear of these debts, paying back my new card on time in full, it's going backwards!
I used search engine comparison site to renew my house insurance - seems that has gone against me. My work carry out annual checks on employees - that has gone against me.
Appears having this credit card is going against me too.
Have gone from a very pleasing high rating, to a risky rating in 2 months when surely, the risk should be stabilising?

Tixy

Don't worry about the rating/score. Nobody ever sees the rating except you.

What lenders judge is the information on your credit report itself.
Searches by employers and insurance companies won't impact on a potential lenders lending decision.

The old default until it drops off will impact you far more than these current scores in the 900s would suggest with most lenders.

Is the credit card the only current credit agreement on your file (excluding the old default)

misteracp

yes, it's the only credit card I currently have on file.

all others are closed/settled

Oddly, Capital One offered me another credit card 3 days after I cleared / paid off the agreement on the old one (cleared 33 months early than plan) which I said I would if they cleared the default.....they said they couldn't but would give the a £4000 limit (double what it was!)...

The Vanquis is only £100 but fine for me

Very frustrating as even my own bank, Santander said it would be unlikely to give me a loan, and Tesco, who I have my contents and car insurance with, rejected my application too. Wasn't even a great amount (£5k, over 3 years)

Tixy

If the vanquis limit is only £100 then I would keep your monthly spending on it to less than £50.
Its not likely to make a huge difference given the low figures, but in general its best not to look like you are maxing out your available credit.

Once the default has gone from your file it should make a big difference to being accepted for a loan or finance on a car.

misteracp

my apologies - the limit is £1000, but I usually only spend £100 or so...

many thanks - roll on October!