Can't seem to improve score

Meridian4604

Hi,


I have been trying to gradually improve my credit score for the past few years. I have a few credit accounts (my energy, phone bill, a Next account, a credit card and my bank accounts) which are all paid every month with no problems, and never taken up to the limits.


However I have just checked my score for the first time since last April expecting great things, and it has even gone down a little! It is currently 282 on Equifax, so poor. It also lists my repayment conduct as poor even though I haven't had a missed payment for 50 months. Any ideas why this could be? I do have a default from an overdraft from nearly five years ago which I have been making monthly direct debit repayments on for around four years, could it really all be down to that from all those years ago still affecting it?


When might I expect it to improve, and what else could I be doing to improve it?


Any advice appreciated.

[Deleted User]

Your score has gone down as it is a meaningless number. It bears little resemblance to whether lenders are likely to advance you credit.

Do nothing to try to improve it, as you may as well try to knit with smoke, but focus on managing your credit properly and ensure that all data on your files is up to date.

Superscrooge

Meridian4604 wrote: »

Hi,



It also lists my repayment conduct as poor even though I haven't had a missed payment for 50 months. Any ideas why this could be? I do have a default from an overdraft from nearly five years ago which I have been making monthly direct debit repayments on for around four years, could it really all be down to that from all those years ago still affecting it?

When might I expect it to improve, and what else could I be doing to improve it?

Any advice appreciated.

A default and a missed payment is why you have a poor credit history.

As time passes the effect they have on your ability to obtain credit lessens. But they will stay on your record for 6 years.

Just keep making all your credit payments and your credit history will gradually improve

Thrugelmir

Meridian4604 wrote: »

? I do have a default from an overdraft from nearly five years ago which I have been making monthly direct debit repayments on for around four years, could it really all be down to that from all those years ago still affecting it?


When might I expect it to improve, and what else could I be doing to improve it?


Any advice appreciated.

Pay off the debt. Simple as that. Your credit history is a reflection of you. Lending money is a business not a charity. So very black and white.

Meridian4604

Thanks for the advice, I should only have a year left then before the default stops having such a bad effect. In the meantime I will continue paying it off, and continue to manage my accounts well.


I am about to start saving for a deposit so hopefully by the time I have it, I will be in a position to look acceptable to mortgage lenders.

TopperHarris

As soon as the default reaches 6 years it will fall off your credit file. Then the magical not worth a penny number will probably rise.

ViolaLass

Are you on the electoral roll?

Meridian4604

Thanks, hopefully it will improve my credit file in general then, noted that the number is not important. I am on the electoral roll however I have lived in my current house less than a year so maybe this will improve further when I have been at the same address for a longer period of time,

Maximum_Saving

I suggest try not to default again in the future. You will have the old details wiped off your credit file in 6 years. Keep on meeting all your payment terms on time. It is great that you are on the electoral roll. Did you tell them your previous address? The number is not important as different companies have these vary. Good luck.