Credit Score Good, but can't even get a business account opened!?

Ciwan

Hello Friends

I took out an Experian Statutory Credit Report for £2 to see what terrible things I've done. Only bad thing I was able to find was some missed payments / going over my assigned overdraft limit from 49 to 60 months ago. Two transgressions to be precise.

For fun, I also took out an Noddle Free Credit report and to my surprise that shows that I have a Credit Score of 5 out of 5! See below:



How good is my credit situation? Should I be able get a business account at one of the main street banks? Cause none are offering any to me

When companies and banks do a Credit Score on me, does the system they check tell them how long I've been in my overdraft? Or does it simply tell them (like the Experian report does) what payments I've missed, and whether I've been making the payment on time or not.

I'm really confused as to why I'm getting refused a lot of stuff, even though I seem to have an OK Credit Score/History?

Any help and advise would be greatly appreciated.

Thank You

DCFC79

No one despite what they say does a credit score on nor can they see your credit score, only you can see that. I suspect any lender who carries out a credit check on you will see details of when you entered your OD but it might not even have much of an impact.

Even though your history is ok it doesn't entitle you to be accepted everywhere.

Did you just apply for a business account ?

Should really do business plan and see a business advisor at a bank.

Ciwan

Thanks for the reply DCFC79. I read somewhere that a Credit Score (the actual number) doesn't mean much because each company has their own formula of working that number out. Is that true?

If yes, then my guess is that all companies can "see" stuff about my finance, for example, how many loans I have, how many credit agreements am I currently under-taking ..etc.

Of the things they can "see", is my current account balance one of them?

And yes, I only applied for a Business Account, no overdraft or anything special requested.

Dobbibill

Hi Cowan,

You are correct, that score is meaningless. You need to look at the next category down, Financial Account Information, and below that the Short Term Loans, this is what companies see but it isn't just from your Call Credit Report, check Experian and Equifax too. Equifax can be checked free on on a website called ClearScore.

They will view all accounts / credit agreements, missed payments, CCJs, defaults etc and use that information to score you internally on their own system.

What is your credit history like? This is what they'll be looking at.

HTH

Ciwan

Thanks Dobbibill, I went ahead and checked on ClearScore too, here is my score on that:



Under Financial Account information on both sites, I don't have any loans or mortgages. I have a Credit Card but I always make regular monthly payments to that (above minimum payment).

Not sure what else to be looking for!

[Deleted User]

That score is no good as it has a 3 in it.

Ciwan

lol :rotfl:

MABLE

According to my last score with Experian I am only fair, Clearscore 430 and Noddle 4/5.

However this did not stop me in getting a £15K loan from NW with an apr of 3.4 percent.

Just goes to show how useless these scores are.

Ciwan

Is NW NatWest or Nationwide?

What I really want to know is, does these credit reports tell how long I've been in my Overdraft? On my Experian Report, I can't see anywhere that would tell me how long I've been in my Overdraft.

So can companies see anything that isn't listed on my Credit Report? for example my current account balance and how long it has been in the negatives?

Pixie5740

As has already been said, you need to look at the Financial Account Information of your credit reports. Under current account it will list things such as the status (is the account being managed in accordance with the terms of the account), the balance history and your overdraft limit history.

Ciwan

I did go to Financial Account Information tab, but couldn't see much other than my Credit Card listed, but now I've click the plus icon to the right (I missed that originally) and now I see this:



I don't have any Loans, so that section is blank. But further down under Other Accounts I have 3 things listed, two of them are my regular Current Accounts, but one is something called Hutchison 3G UK! I've no idea what that is, but again click the plus icon to expand, I see the following:



Now I'm no expert in Credit Reports, but that looks OK to me! Could it be because my balance is showing as £0 that I'm being refused in a lot of places?

My guess is balance is showing as zero because I am in my overdraft!