Credit Score of 785, My Bank won't give me an overdraft

Danniboi_2

Hi All

I'm a little confused with my credit score, I've paid off £6k in debt since 2014 when my ex partner left me with lots of debt, I had her dissociated with me and paid many things of entirely, I have an outstanding default from the waterboard of £480 and a HSBC disputed charges account of £524, a little over £1k total and that's coming down month on month via agreements in place, my credit score just jumped from 724 to 785

Yet even with all the improvements and no attempts to get credit in over a year my bank won't give me a £50 overdraft. My account is always in good standing and always in credit, I did have a £2500 OD before but now not even £50...

What am I doing wrong? What does my credit score mean, I only have one negative factor remaining as detailed above.

With thanks Dan

[Deleted User]

The score means nothing, unless Experian are happy to lend the money themselves.

The defaults on your file will make it difficult for you to get mainstream credit.

Danniboi_2

Deleted_User wrote: »

The score means nothing, unless Experian are happy to lend the money themselves.

The defaults on your file will make it difficult for you to get mainstream credit.

I have a mobile phone contract which I've had for a while, no issues with that, I've also been offered a credit card but I'm not really in need of the credit, is that a bad move?

The default on file is now at a balance of £0
While the water bill has dropped by 2/3rds it's original value, is it just a time thing? should I just be patient? Thanks for the reply, and if Experian want to loan me money, I'd be jazzed with that

[Deleted User]

If you can get a credit card, and use it sensibly - ie spend regularly and pay off in full each month - then it will help to demonstrate good financial behaviour.

As the defaults get paid off and get older, lenders will view you more positively.

curious_1

So are we right to assume once a debt has been paid off fully and it is removed from one's file. Chances of obtaining credit will be improved on a large scale?

DCFC79

curious_1 wrote: »

So are we right to assume once a debt has been paid off fully and it is removed from one's file. Chances of obtaining credit will be improved on a large scale?

If it's gone from your credit history then yes lenders don't see it.

MEM62

Danniboi wrote: »

What does my credit score mean
Absolutely nothing

Those that generate you score do not lend you money. It is therefore completely meaningless.

The refusal is probably because you still have balances that are in default. Also your negative history is still very recent. Once you are back on track a combination of time and running your finances prudently will improve the way that potential lenders view you.