credit isn't bulding

Legacy_user

hi i need some advice.

i had a default on my phone contract when i was 18... now 26 its still affecting my score?

i have a captal one credit card with £600 on with a £800 limt always pay more ever month never missed a payment. also have two car cars on a flex car plan with halifax never missed.

also own 3 houses out right. but still my credit score is 533?

can anyone help ?

burlington6

Your credit score is a worthless number. Forget about it because no lenders use it

Candyapple

Re-building your credit history takes time. If there are no late payments and all your other loans, cards etc are being repaid on time and showing as such across all 3 credit reports then there is nothing further you can do except give wait patiently.

Why do you hold a balance on your Capital One card? It would look better on your credit file if you perhaps set up a direct debit to clear the full balance every month. Remember if you are using the card and then paying the balance before your statement has updated, it will be reported to the credit reference agencies as though you are not using your card.

[Deleted User]

Your score of 533 seems right.

It's calculated as follows ---

your age (26) times the number of card you have (2) = 52
take this away from your credit card balance (600) = 548
take away your age when you got your default (18) = 530
add on the number of houses you own (3) = 533

I think that's the formula they use, or just as accurate, in any case.

Candyapple

Deleted_User wrote: »

Your score of 533 seems right.

It's calculated as follows ---

your age (26) times the number of card you have (2) = 52
take this away from your credit card balance (600) = 548
take away your age when you got your default (18) = 530
add on the number of houses you own (3) = 533

I think that's the formula they use, or just as accurate, in any case.

Genius! :rotfl:

System

will this impact me getting a mortgage? if i have a 50% deposit on a BTL?

Candyapple

hayes5 wrote: »

will this impact me getting a mortgage? if i have a 50% deposit on a BTL?

Firstly, what credit reference agency gave you the 'score'?

What did it say in their pointers as to why your 'score' was low?

System

Credit Rating
1 /5

Credit Score 533

and its noodle?

Candyapple

I'm guessing you have defaults / late payments / CCJs?

Are you on the electoral roll?

System

one default when i was 18. no ccjs and yes on electoral roll

Candyapple

You said you are now 26, the default would have fallen off your credit report 2 years ago.

So what are you not telling us as to why you have a poor credit 'score'?

Do you owe lots of debt or something?