Improving Credit Score

kevinwebster83

Hi all and Happy New Year!!

My fiancee has recently done a credit report in light of us applying for a mortgage however we were surprised to find out that her credit score is "very poor".

Using something called Noddle, she has a credit rating of 1/5 and a score of about 540 points.

My fiancee has a credit card which she uses and pays off regularly, as well as a car finance deal which she has never missed a payment on. She has previously had a loan which also never had a missed payment on. There are no defaults, CCJS, etc, etc - all electoral roll and address details are correct. Going back through the 6 years of history, there is nothing negative.

We're pretty much stumped as to why she would be given such a low score, given her usage of credit has been very good. The same report on Clearscore gives her a score of 410 with no negative factors indicating on her report.

Please could someone offer any advice on to what could be going on?

Thanks,
Kevin

emzky

I wouldn't put too much thought into the score. If the history is good then that's what lenders will look at. I have two different scores. My experian says 940 with a very good score and noddle is 3/4.

Thrugelmir

Lenders will use their own criteria to score you themselves. If you've nothing adverse on the file then don't be alarmed. Focus on getting yourselves in the best place financially in terms of the mortgage application.

20aday

Happy New Year.

This is why the credit "scores" offered by the three agencies aren't worth the screen they are displayed on.

As posted above focus on finding yourself in a stable position when applying for a mortgage.

I'd obtain the £2 stat. report from Experian to make sure all of the data is correct on there too.

kevinwebster83

Thanks all for your replies.

I've often wondered whether there is any value in the information they give. I've used Experian, Noddle, Equifax and Clearscore and they all give very differing scores - given that lenders use their own criteria anyway, whats the point of using the above agencies?

Focus on getting yourselves in the best place financially in terms of the mortgage application.

For my own personal circumstance, what would be of most importance prior to a mortgage application: eliminating any existing credit card balances or clearing small amounts on a couple of loans which are in my name?

Thanks,
Kev

Thrugelmir

kevinwebster83 wrote: »

given that lenders use their own criteria anyway, whats the point of using the above agencies?

Provides a source of income to the CRA's when people sign up to their monitoring services. That's the bottom line.

kevinwebster83

Noted, thanks.

Regards,
Kevin