Clearscore ratings

lrc_2

MSE Insert:

Check our Clearscore info and credit score guide for more help.

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My credit rating is obviously going to be low since I'm young and don't have much of a credit history.
I've had a credit card for the past few months now and always paid it off on time. However now clearscore has started to drop my score purely because the actual amount of credit I have is apparently low and using over a certain % of it. Even though I got it purely to use it to build up a credit history and now I feel like I'm doing it all wrong . I've had an overdraft for over 2 years which I've never had any issues with paying and the water bill seems to show up on my account, which I've never missed. Yet the score is still low. It's beginning to feel next to impossible to build up a score due to my age and needing credit to get more credit.

I want to apply for a contract with 02 and everything they ask for is right - on the electoral roll, no cc judgements etc, however am I likely to be rejected just for not having much of a credit history?

Hazzinho

You're only concern is that the data is accurate, the scores mean very little only you see them, lenders have their own criteria.

SnowTiger

lrc wrote: »

I want to apply for a contract with 02 and everything they ask for is right - on the electoral roll, no cc judgements etc, however am I likely to be rejected just for not having much of a credit history?

O2 offers credit. ClearScore doesn't.

O2's view of your credit report may differ to that of ClearScore.

O2 uses Equifax to credit check, so they will use the same data as ClearScore. However, they won't be aware of the score ClearScore gives you. O2 will credit score you using data provided by Equifax and yourself.

andyfromotley

Different products have different requirements with regard to granting credit. A mobile phone contract for example will be much easier to obtain than a mortgage. (there is an interesting article about this on the main MSE site by Martin.)

Stop worrying too much about your credit score (as pointed out this is really just indicative of how the CRA's view you generally. Its often inaccurate and is seen by no one else) just carry on with your life, pay your bills on time, run your finances well and you are very unlikely to encounter any problems