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Credit Rating bad luck?
tmel
Posts: 2 Newbie
Okay so firstly,
I'm 20-years-old and I want to boost my credit score. The only proper loan I've ever taken out is a "peer2peer" of £250 but I'll be paying that off completely at the end of the year (I've never missed a payment). However, this hasn't shown up on CreditExpert and I was wondering will it show up only when I've paid it off completely or is it just 'hidden'? Kind of sucks because that could be boosting my score.
Secondly,
I've got a credit card to boost my credit score but as they only gave me a £300 limit it's made my score go down even more. So I guess I'll just have to wait until the limit goes over a thousand right? And as I've changed to TSB it's gone down even more as my average account is now 11 months...
I know it's not actual bad luck it's just me doing things without thinking them through but if anyone could give me some advice that'd be great.
I'm 20-years-old and I want to boost my credit score. The only proper loan I've ever taken out is a "peer2peer" of £250 but I'll be paying that off completely at the end of the year (I've never missed a payment). However, this hasn't shown up on CreditExpert and I was wondering will it show up only when I've paid it off completely or is it just 'hidden'? Kind of sucks because that could be boosting my score.
Secondly,
I've got a credit card to boost my credit score but as they only gave me a £300 limit it's made my score go down even more. So I guess I'll just have to wait until the limit goes over a thousand right? And as I've changed to TSB it's gone down even more as my average account is now 11 months...
I know it's not actual bad luck it's just me doing things without thinking them through but if anyone could give me some advice that'd be great.
0
Comments
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You might find this article helpful.
http://www.moneysavingexpert.com/loans/what-credit-scores-mean?_ga=1.10568756.1463191134.1357129108
Don't worry about the score. Getting a credit card and using it sensibly is going have a positive impact on the way lenders view you.0 -
Just read it and yeah thanks that helped. But even still for the first part do you know if the loan will come up eventually? Because I think that would improve it a lot. Even though it doesn't mean as much as I thought.0
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No - if you don't see that loan yet then it means that the Peer2peer lender you borrowed from does not report to that particular CRA.0
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You are the second poster today who thinks his credit score is bad because his total available credit is less than £1000.
The reason your score has dropped is because you have recently obtained a new credit card, not because the credit limit is below £1000. Use your one and only card sensibly and your credit score will go back up.0
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